Got a lot of likes. A week later, the same guy. Gun latch again.

People liked this. I believed everybody was intellectually objective and honest. I didn't

understand why I couldn't convince people of almost mathematically analytical arguments regarding

markets. After years, I realized people want to be told what to do, told what to think.

And it just made me think of CTAs, you know, we have these arguments, we have this math,

we have these performance and the track records records and no one wants to listen and believe

in what we do and it sounds frustrating. And then we're prone to say, well, we're not doing a good

job of making this argument. No, we're doing a fine job. It's just that people can only

handle what they can handle and believe what they can believe,

and they're going to be heavily influenced by recent performance.

And to that point, Jerry, you know what they say.

They say that a compelling offer is 10 times better than a convincing argument. And I think that's really what,

you know, our industry as a whole have been trying to do for many years. We're trying to convince

people that, you know, what we're doing is good for an overall portfolio. But I do think we need to

maybe change a little bit and start thinking in the

terms of how do we make the convincing, or the, sorry, the compelling offer instead. How do we

phrase that? How do we talk about it? Now, of course, I've heard you often say, well, you know,

what do you don't like the diversification? Don't you like the discipline, the risk management? I mean, of course, people

would say, yeah, I do like that. That does sound well. But it is, you're absolutely right. I mean,

trying to convince people of something that they maybe not really are ready to believe is,

you know, that's a hard thing to do. A follow-up to that was reminded me of some studies I've read that try to explain the performance

of trend following and why it works.

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