Jun 27, 2026 · 1 hr 34 min · 8 segments
A special two-part episode. The trend followers are joined by two Marines, Mark "Moose" McGrath and Ben Ford, to walk eight strategic ideas from the old military thinkers and ask one question at each…
Rich BrennanHostAdam HavrilivHost
Ben FordGuest
Mike MelissinosGuest
Jerry ParkerHost
So let's start with setting up a process to understand war and setting up a process to understand the markets.

Every plan we make for war and the markets, this is where it falls apart when it comes to reality.

So I'm going to provide a short context on the topic before we deep dive into the question.

The soldier draws it up in the briefing room where the orders are given to the men.

The trend follower builds it in the back test where the system shows beautiful returns on past data.

It's the small stuff that goes wrong the moment you act, the delay, the mix up, the thing that does not behave the way the plan assumed.

Now, Boyd wrote about it 50 years ago, and it is still the first thing that breaks any plan.

Tell us about a fill that went against you, a real one, where the price you got was nowhere near the price the system expected.

Well, it was a big day in 1992, and I had only been trading for a few years, and it was the day of the British election, and the Tories and John Major unexpectedly won the And I had to go into the office at 3 o'clock in the morning and liquidate my positions in the gilt, the short sterling, the footsie, and the British pound.

in the dark and I was pulling into my driveway and I just had a little talk with myself, what kind of person I was going to be and how I was going to react to this.

So a very shocking situation where I just had to go in and put one foot in front of the other and get the job done and get back in bed.

So let's start with setting up a process to understand war and setting up a process to understand the markets.

Every plan we make for war and the markets, this is where it falls apart when it comes to reality.

So I'm going to provide a short context on the topic before we deep dive into the question.

The soldier draws it up in the briefing room where the orders are given to the men.

The trend follower builds it in the back test where the system shows beautiful returns on past data.

It's the small stuff that goes wrong the moment you act, the delay, the mix up, the thing that does not behave the way the plan assumed.

Now, Boyd wrote about it 50 years ago, and it is still the first thing that breaks any plan.

Tell us about a fill that went against you, a real one, where the price you got was nowhere near the price the system expected.

Well, it was a big day in 1992, and I had only been trading for a few years, and it was the day of the British election, and the Tories and John Major unexpectedly won the And I had to go into the office at 3 o'clock in the morning and liquidate my positions in the gilt, the short sterling, the footsie, and the British pound.

in the dark and I was pulling into my driveway and I just had a little talk with myself, what kind of person I was going to be and how I was going to react to this.

So a very shocking situation where I just had to go in and put one foot in front of the other and get the job done and get back in bed.
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