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.

Let me start with this.

If you can't think, if you can't think, if you can't judge and you can't decide, you can't do, I'm going to start

this episode with that and I'm going to end this episode with that.

As a setup, my first public speech on behalf of trend following was in the fall of 2004,

maybe four to five, six months after my first book Trend Following came out.

I was invited to speak with a couple gentlemen at Leg Mason's offices in Baltimore.

These guys were not the bigwigs, but whatever, they liked my book

trend following, so I'll go talk with them. And at the end of that little presentation, we just

were sitting around talking to three of us at lunch. They asked me if I wanted to go upstairs.

I didn't know what that meant. They opened a door, and I quickly realized that Bill Miller,

one of the more famed investors in the last 25 years, was speaking. I looked over to my right, and Michael Mobison, a great analyst,

was sitting to the right, and Mobison motioned for me to sit down. Miller looked at me, who I had

never met, and I'd never met Michael, and said, Mike Covell

is here to speak with you today.

And there was, I don't know, 100, 200 people in the audience.

They looked like trainees, young kids.

So I gave a little presentation, off the cuff.

Basically, Miller put me on the spot, and I had to present.

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