This is trend following radio where great thinking comes alive.

Nobel Prize winners, legendary traders, bestselling authors, and the pros that know what drive us irrational human beings.

I am your host, Michael Covel, not filtered, raw, honest.

That's my passion.

I want to talk performance today, specifically big performance, and how things have changed over time, how the narrative has changed over time.

Back in the day, I still recall seeing all that trend following performance in the 1990s from a John Henry who now owns the Red Sox and the Liverpool football

team, to a Bill Dunn, to an Edsacota, to the Turtles. All of these people, all of these

operations were shooting for massive returns. Now, they were kind of flying under the radar a little

bit. They were not well known.

They were not well known outside of Wall Street circles. But then some things started to change.

For example, Paul Tudor Jones, 1987, he makes an absolute fortune. Jack Schwager's book,

Market Wizards, tells everybody about some of these

great traders for the first time. Then we get into the dot-com bubble, an era where the average

American was thinking, damn, I just made 100% on the NASDAQ by buying and holding for the year

1999. So everybody was geared up on big returns.

It was normal, or especially normal in my world, that people were making this much money.

Huge returns.

And something started to change during the big short time period, the real estate build up to 2008.

You could see the narrative was changing.

Instead of trying to make 100% in a year or 50%, now the masses were told, if you just sit there like a good little boy eating your

oatmeal, you might get fucking 10% on the year.

This was the deal.

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