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 Coval.

Not filtered, raw, honest.

That's my passion.

Consider this little thought experiment.

Can you deal with it?

Four years.

1%, 1%, 1%, 1%, 50%.

Those are your annual returns for a four year stretch.

Could you accept it?

Could you accept that even if buying and holding the S&P was something entirely different?

So the majority of people just trusting the system, trusting that stocks will go up forever,

trusting that there will never be another

50% drawdown, buying and holding stocks, trusting that.

Could you live with 1%, 1%, 1%, 1% plus 50%?

Could you live without consistency?

Now, of course, there's no consistency in S&P performance either, but we have to pretend there is because that's what the majority of people pretend.

So I'm not here to debate that particular point right now.

But most people like to imagine they can get consistent returns.

Where this comes from, I don't know.

There's nothing about the human condition, human behavior, buying and selling in markets

...