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.

The bankman has arrived.

Like so many scandals in most of my adult lifetime, and I'm going to name a few, I might not remember them all.

Enron, long-term capital management, the dot-com bubble, the big short, made off, and now the bank man. What a list. Now I have a unique

perspective on the bank man. I don't know everything there is no about crypto like I really

give a shit. I don't have to know everything there is to know about high finance like I really

give a shit. But I do know something

about the price. And the price is a magical factor. It reveals so much. And all of those names

that I just rattled off, something very interesting about the price. Price relative to the scandals and the people that were trading at the same

time who are not part of the scandal. Just regular people putting their money at risk, trying to

make a profit. One of the things that I was fortunate to stumble upon early in the 90s was the idea,

and especially in the futures markets, of a winner and a loser, a zero-sum game.

The winner takes what the loser does.

Now, I first saw this in a German metals firm that was trading crude oil futures, I think in 1993,

and I'm sure I'll mess up the pronunciation of this German firm, but I believe it was called

Metallgousel Scheldshaft. Don't laugh at me. But when I saw that firm and I saw their

trading implosion in 1993, trading crude oil futures,

I eventually figured out that there was somebody on the other side. Of course, there's somebody on

the other side. It's a zero-sum game. So this German firm was losing money, and I was able to

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