If you think about that with the carry trade, situations where you're losing money or you're forced to reduce risk, that's happening in a world where volatility is spiking.

So in a world where basically everyone is trying to reduce risk, so the cost

of kind of managing your leverage in that world can be quite high. That's the unique part of it,

is that the drawdowns happen at really bad times, really expensive times to have to close

your positions and things can get away from you,

I think, especially fast, whereas you might have drawdowns at times where, you know, other people

are not drawing down and therefore it may be easier for you to kind of manage the leverage in that

sort of situation. You're not having everyone looking to reduce risk at the same time.

Imagine spending an hour with the world's greatest traders. Imagine learning from their

experiences, their successes, and their failures. Imagine no more. Welcome to Top Traders Unplugged,

the place where you can learn from the best hedge fund

managers in the world so you can take your manager, due diligence, or investment career to the

next level. Before we begin today's conversation, remember to keep two things in mind. All the

discussion we'll have about investment performance is about the past, and past performance

does not guarantee or even infer anything about future performance is about the past, and past performance does not guarantee

or even infer anything about future performance. Also understand that there's a significant risk

of financial loss with all investment strategies, and you need to request and understand

the specific risks from the investment manager about their product before you make investment

decisions. Here's your host, veteran hedge fund manager, Niels Kostrup Larson.

Hey everyone, and welcome back to another edition of Top Traders Unplugged,

where today Robert Carver and I are joined by Kevin Coldiron, who is a co-author of the book, The Rise of

Carrie, which we'll be diving into today. But first off, Kevin, thanks so much for joining us.

...