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.

My guest today is Richard Smith.

He is chairman of the board and executive director of the

foundation for the study of cycles. Now, before you get confused, given my background, I first met

Richard a few years back in an event in Las Vegas. I actually had no idea when this episode was

coming together that it was the same Richard.

But I'm happy to have him on because at his foundational level, he has the trend following

mindset. He has the stop loss mindset. And look, at its heart, at the inception of this podcast, having the trend following mindset,

trend following traders on this show is what I do. That's who brought me to the table.

That's who brought me to the game. Are all you traders out there that enjoy these kinds of

conversations. Without any further delay,

let's jump right in with Richard Smith and discuss cycles, discuss trends, discuss risk management,

discuss behavioral finance and all those fun things that go along with this subject that my life has been built

around. Without any further delay, let's been on this show many times,

did not seemingly connect me very well in terms of I just trusted his recommendation. I figured,

well, I'll look up Richard when it's time to talk to him and I'll do my homework like I do before all of my guest interviews.

And then I start going through your stuff and I'm like, hold on. Hold on. I know this Richard. I know this Richard. I was having a drink with this Richard at a cafe or a lounge in Vegas two years ago.

That's right. That's right. Crazy. Crazy small world, right. I still

remember that week, though, in the sense that I had to take three flights to get to Vegas coming

...