I've got some mailbag questions. The first one. I'm curious about the indicators used in

trend following. If many people learn and follow trend following, do the indicators used in

trend following change? Do they lose their effectiveness? Question mark. I replied, people are irrational,

markets are inefficient, trends never irrational. Markets are inefficient. Trends never stop.

Trend following is timeless. There is zero evidence it stopped working because people drive markets and trend following captures that.

What's amazing is this desire to find a hole in the entry part of a trend following system

is timeless in of itself. I've seen it for a very long time where people focus on how do we enter a market.

And then, as this person writes me, it must be so top secret, it must be so fragile

that if anyone knows about it, it will stop working.

Ladies and gentlemen, and I'm not picking on this person,

but the Turtle experiment, the Bill Duns of the world, the David Hardings of the world,

the Larry Heights of the world, the Palma Vanees of the world. Show me where trend following is stopped.

I mean, yes, every five years there's a trend following is dead article.

Trend following no longer works article.

And every damn time, those are proven wrong.

Every damn time, it's proven that it's just some reporter who does not know their asses from a hole in the ground who's just pontificating. You might be

thinking, hey, this guy, Mike, it sounds like he's pontificating too, except I do the research. I do the work. And everyone, I mean

everyone across my books and podcast, can see that. So there is some expertise in my words,

and it's backed by the work. But to take another angle at this,

the idea that an indicator would stop working,

an entry mechanism would stop working.

I mean, sure, if your time frame is some very short time frame,

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