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.

Reaching back into my past today, I want to give you a little bit of something called a simple heuristic.

A phrase coined by my guest today. My guest today that I'm reaching back into my past to pull forward.

There's two interviews on this podcast. That guest is one, Gerd Gingrenzer. Gerd has a great psychological

foundation, a psychological foundation that you can use 100% to your trading and money-making

benefit. So what's a simple heuristic? Look at the price data. Now you can attempt to figure out how you got to the

price data, all the inputs, or you can just use the price. The price is the simple heuristic.

That's all you need. And that's the kind of insights you get from a guy like

Gerd Giganrenzer. Without any further delay, I hope you enjoy these two episodes of Gerd Giganrenzer

on my podcast. Today in the show I have Gerd Gigorinza.

Gerd is the director at the Max Planck Institute for Human Development in Berlin.

He's a former professor of psychology at the University of Chicago.

Gerd is also the director of the Harding Center for Risk Literacy.

That would be the David Harding Center for Risk Literacy.

Our conversation today is about heuristics.

And for those of you that trade, for those of you that invest,

and for those of you that just want to navigate risk and

uncertainty in your life, my conversation with GERD is intriguing. Frankly, I find it fascinating.

I find the topics that he goes into fascinating. His work is the foundation, the philosophical

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