The fourth one that you cite, which I often think is kind of the biggest one, or maybe the one we're just, at least in our industry, I think we talk the most about when we talk about why it makes sense to consider managed futures or trend

following and that's emotion it's such a big one yeah maybe you talk a little bit more about

i mean ice also spoke with andrew low on the podcast and he's also talked about you know the

challenges with the emotion but i'd love to hear your your thoughts about this area as well and what you found to be

kind of the key, key points when it comes to dealing with emotions as an investor, I guess.

Yeah, the Andrew Lowe episode was great.

I listened to that and I'm a big fan of his work.

So emotion is interesting because emotion overrides cognition pretty dramatically.

So when you look at studies of investors who are under duress, like investors who are under stress,

we find that they lose 13% of their cognitive capacity.

So like effectively 13% of your IQ. And you got to think that,

you know, some of us, some of us don't have 13% to give, right? We need, we need every last

shred of brain power that we've got. And so emotion overrides that thinking and it causes us to make poor decisions. There's a

couple of things we can do around emotion, right? The first is be a quant, basically automate

doing the right thing and set in place the stopgaps that we talked about earlier. I think

learning about emotion and learning to handle it, because I think

things like trend and momentum and other things actually ride with human emotion. You can use

human emotion in your favor. And I think there are some examples of even ways that we can do that

in an investment standpoint and

from like a saving and planning our financial lives. You know, I cited a study in my first

book that talked about low-income savers who looked at a picture of their children before

making a financial decision saves two and a half times as much as those in a control group.

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