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.

One of my favorite guests, and this is not a surprise for you out there that listen regularly,

is Ed Sikoda. He's appeared twice in this podcast. I highly recommend you listen to both episodes,

especially the second one. To paraphrase Ed, and first, I think first heard and Jack Schwager's original Market Wizard's book.

But Ed has this expression, and I might be saying it a little bit wrong, but it's something

to the effect of everybody gets what they want, win or lose.

And he was talking about the markets.

And what he meant was, if you're a constant loser in the markets, you actually want that.

Because you are not going out and finding the wisdom of those that are successful.

So if you keep losing and your strategy sucks and you don't seek out the wisdom of those that came before you, you want to keep losing.

You're kind of a masochist.

On the inverse, if you are an ongoing winner, perhaps you've figured something out.

You want to win.

You've put the time and effort in to becoming that winner, the education

to become that winner. So I give Mr. Sakota credit, kind of like the Zen master up on the hill,

Yoda, so to speak. A lot is embedded in that statement of his. Now, today I want to share some examples of Ed's wisdom.

Now, the first is an audio clip.

It's an audio clip of the CEO of the CME Group.

This is the formerly Chicago Mercantile Exchange, the Chicago Board of Trade all rolled into one, now called the

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