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.

I just love that opening song.

Phil Spector, as crazy as he was, locked up in jail for the rest of his life for killing somebody,

that man could do wonders in a studio.

His music, phenomenal.

That opening song, though, was not Ronnie Spector, was not Phil Spector's

wife. That was a South Korean girl group that I saw on the internet and I thought their take

was just awesome. It put me in a good mood, so I let it play a little bit longer.

That mood they put me into, that mood is mission critical for good investing, good

trading.

You want to be in that secure middle of the road, not to up, not too down place.

Mentally, that's where you want to be.

The science is all in.

I just thought that was a great place for me to start today.

But what I really want to dig into is a subject that I've touched on before.

The activist billionaire investor, Bill

Ackman, his hedge fund of note, and his investment in the company, the pharmaceutical company,

valiant pharmaceuticals. What a mess this has been. What an absolute disaster this has been.

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