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.

You can't write eight books about the topic of trend following, covering all these different managers, these different hedge funds, cross decades, and not think about the name Ray Dalio.

Now, of course, Dalio has been a little bit mysterious over the years. Unusual reporting.

He gives unusual pronouncements. A very interesting and tense guy. I have not had the chance

to interview him, but I have observed him and his words. And when you look at trading, when you look at traders, you want to think about their track

records. You want to think about the words of the manager. And you want to think about alignment.

Are things aligned? With Dallio, I could never find alignment. I cannot find anything that made sense. There are some very cute

YouTube videos and there are stories about central banks and there are these perfect sign waves

that move up and down between empires.

And I trust, at least this is the implication, I shall trust that Ray Dalio knows something that I don't know that you don't know and that everyone else doesn't know.

And his money under management and his performance shall be the proof that he knows something

that we don't know.

That's the story.

Now, with trend followers, it doesn't work that way.

I mean, some trend followers might try to be mysterious, but at the end of the day, I have

found trend following words, the words from the

traders themselves, and the performance often align, or they do align in many cases perfectly.

And it's very easy to understand.

There's no mystery.

...