Trend Following, 5th Edition

I’ll admit: I approached *Trend Following* skeptical of its 34-hour runtime, assuming it’d be a bloated rehash of technical analysis clichés. Instead, it’s the most *alive* investing audiobook I’ve heard—largely because Covel treats finance like a contact sport. His narration interruptions (think of them as audio footnotes) are where the book’s soul lives. When Richards’ smooth voice outlines a trend-following rule, Covel might cut in with, *“And this is where 99% of traders chicken out,”* his gravelly tone dripping with exasperation. It’s jarring at first, but it works: the back-and-forth forces you to engage, not just absorb. The production isn’t flawless. Some transitions between narrators feel abrupt, and Covel’s ad-libs occasionally step on Richards’ rhythm. A tighter edit could’ve shaved off an hour without losing impact. But the raw energy is intentional—this isn’t a book about *theory*; it’s about the psychological warfare of trading. The chapter on “drawdowns” (where Covel dissects how even legendary traders stomach 30% losses) had me pausing to scribble notes. And the final section, where he eviscerates passive-indexing evangelists with their own data? That’s the kind of heresy that’ll either convert you or make you throw your phone across the room. Either way, you’ll remember it.