Fill The Gap: The Official Podcast of the CMT Association

This episode of Fill the Gap features a live Fireside Chat with special guests Robert J. Farrell and Walter Deemer moderated by Frank Teixeira, CMT, CFA. Recorded at the CMT 2024 Midwinter Retreat in Tampa, FL on February 1, 2024. This live episode of Fill the Gap breaks from our normal format with a rare glimpse at a conversation between two Wall St. Legends. Their conversation delivers a broad perspective on the industry’s use of technical analysis throughout the illustrious 50 year careers as colleagues, clients, and friends. One of Institutional Investors most highly decorated research analysts and first President of The Market Technicians Association (now CMT Association), Robert J. Farrell will share insights on how he implemented the toolkit of technical analysis to understand market behavior, fund flows, positioning, price action and the character and direction of public markets. Joined by Walter Deemer, who got his start into finance on Bob’s famed Merrill Lynch research team before moving to the buyside at George Tsai’s Manhattan Fund during the “go-go years” of the late 1960s. Walt then led technical research at Putnam in Boston during the Nifty Fifty era in the early 1970s alongside other technical giants Bill Doane at Fidelity Investments and Bill Diianni at Wellington Management. These colleagues explore what it takes to be an effective contrarian investor, how to communicate technical concepts to a broad audience, and how the discipline has evolved. Enjoy Episode #37 of Fill the Gap with special guest host Frank Teixeira, CMT, CFA! Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast. For complete show notes of every episode, visit: https://cmtassociation.org/development/podcasts/ Give us a shout: @dlundgren3333 or https://www.linkedin.com/in/david-lundgren-cmt-cfa-63b73b/ @_TBone_Pickens or https://www.linkedin.com/in/tyler-wood-cmt-b8b0902/ @CMTAssociation or https://www.linkedin.com/company/cmtassociation CMT Association is the global credentialing authority committed to advancing the discipline of technical analysis in the financial services industry. We serve members in over 137 countries. Our mission is to elevate investors mastery and skill in mitigating market risk and maximizing return in capital markets through a rigorous credentialing process, professional ethics, and continuous education. CMT Association formed in the late 1960s with headquarters in lower Manhattan, NY and Mumbai, India. Learn more at: www.cmtassociation.org

Kick off the new year with a big picture look at the global macro backdrop for investors. In Episode 36 we are fortunate to glean insights from Gina Martin Adams, CMT, CFA who shared with us how distortions in the economy driven by the global pandemic are still playing out with bizarre consequences. Gina Martin Adams, CMT, CFA, is the Global Head of Portfolio Strategy and Chief Equity Strategist for Bloomberg Intelligence, a unique research platform that provides context on markets, industries, companies, and government policy, available on the Bloomberg Professional Service at BI. Gina provides top-down perspective on the equity market, sectors and industries with a multi-disciplined approach that utilizes fundamental, quantitative and technical analysis. She is a familiar face to many on Bloomberg News, and has been recognized for portfolio strategy, technical strategy and economics in Institutional Investors’ All-America Research survey. Enjoy this interview with one of the top minds in global equity strategy and understand how technical analysis adds clarity to in a most unpredictable investment landscape. Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast. For complete show notes of every episode, visit: https://cmtassociation.org/development/podcasts/ Give us a shout: @dlundgren3333 or https://www.linkedin.com/in/david-lundgren-cmt-cfa-63b73b/ @_TBone_Pickens or https://www.linkedin.com/in/tyler-wood-cmt-b8b0902/ @CMTAssociation or https://www.linkedin.com/company/cmtassociation CMT Association is the global credentialing authority committed to advancing the discipline of technical analysis in the financial services industry. We serve members in over 137 countries. Our mission is to elevate investors mastery and skill in mitigating market risk and maximizing return in capital markets through a rigorous credentialing process, professional ethics, and continuous education. CMT Association formed in the late 1960s with headquarters in lower Manhattan, NY and Mumbai, India. Learn more at: www.cmtassociation.org

It's time to turn up the Volume! Our special guest this month is one of the most prolific contributors to the technical analysis body of knowledge today and arguably the world's foremost expert on volume analysis. Buff Dormeier, CMT asserts that volume - when used correctly - is the most important factor in any portfolio manager's toolkit. We dig deep into the intricacies of volume data and how it informs the message of the market vis a vis price. We got a glimpse of the painstaking efforts Buff takes to decompose the reported data sets and reconstruct cap-weighted and dollar-weighted volume for his analysis at the index, sector and single security levels. But most importantly, Buff shared how he thinks about managing investments not just with offense and defensive strategy, but with "special teams" to capture the explosive moves at key market turning points. You've probably guessed, but volume is the key factor in making those all-important decisions. Our favorite quote from one of Buff's recent presentations was: "If Price action is the DNA of the market, then volume is the RNA of Price" which helps decode and activate the critical information we can glean from price action. Enjoy Episode #35 of Fill the Gap with award winning author, magnanimous advocate, and Chief Technical Analyst at Kingsview Investment Partners, Buff Dormeier, CMT. Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast. For complete show notes of every episode, visit: https://cmtassociation.org/development/podcasts/ Give us a shout: @dlundgren3333 or https://www.linkedin.com/in/david-lundgren-cmt-cfa-63b73b/ @_TBone_Pickens or https://www.linkedin.com/in/tyler-wood-cmt-b8b0902/ @CMTAssociation or https://www.linkedin.com/company/cmtassociation CMT Association is the global credentialing authority committed to advancing the discipline of technical analysis in the financial services industry. We serve members in over 137 countries. Our mission is to elevate investors mastery and skill in mitigating market risk and maximizing return in capital markets through a rigorous credentialing process, professional ethics, and continuous education. CMT Association formed in the late 1960s with headquarters in lower Manhattan, NY and Mumbai, India. Learn more at: www.cmtassociation.org

The barrier to entry for online "fin-Influencers" is incredibly low, but responsible professional technical analysis covers an immense body of knowledge. In this episode, we dig into the complexity behind John's technical mosaic and the multi-factor models he uses. Yet, the simplicity with which he communicates market conditions and portfolio construction to his institutional clients cannot be overstated. While understanding "the health of the market" allows portfolio managers to responsibly take on risk for clients while maintaining situational awareness of market fragility, ignoring intermarket relationships and bottom-up trends leaves precious alpha off the table and presents career risk. Considering the ~60% rally of US equities off the LTCM low in 1998 to the peak in March of 2000, a lack of breadth is not reason enough to avoid market risk. The long and winding road of John's career on Wall St. allowed him to learn from many notable practitioners from his early days at Lehman Brothers to more recently as a buy-side technical strategist at Fidelity (FMR). He outlines a fascinating genealogy of technical analysts in his "family tree," which he takes great inspiration from and aspires to pay forward that is rooted in Robert J. Farell's Merrill Lynch technical research group. John is a huge advocate for technical analysis, where he is an adjunct university professor and an executive board member of the CMT Association. Enjoy this insightful, informative, and hilarious episode of Fill the Gap with John Kolovos, CMT, CFA! Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast. For complete show notes of every episode, visit: https://cmtassociation.org/development/podcasts/ Give us a shout: @dlundgren3333 or https://www.linkedin.com/in/david-lundgren-cmt-cfa-63b73b/ @_TBone_Pickens or https://www.linkedin.com/in/tyler-wood-cmt-b8b0902/ @CMTAssociation or https://www.linkedin.com/company/cmtassociation CMT Association is the global credentialing authority committed to advancing the discipline of technical analysis in the financial services industry. We serve members in over 137 countries. Our mission is to elevate investors mastery and skill in mitigating market risk and maximizing return in capital markets through a rigorous credentialing process, professional ethics, and continuous education. CMT Association formed in the late 1960s with headquarters in lower Manhattan, NY and Mumbai, India. Learn more at: www.cmtassociation.org

Jonathan Krinsky, who holds the Chartered Market Technician (CMT) designation, is a Managing Director and Chief Market Technician at BTIG. Before joining BTIG, Mr. Krinsky was the Chief Market Technician at Bay Crest Partners, MKM Partners and Miller Tabak & Company. Earlier in his career, he held a role within the Equity and Derivatives Sales & Trading Group at Miller Tabak & Company. Jonathan provides clients with actionable technical commentary on U.S. and global equities, commodities, interest rates and currencies. Jonathan looks at the market on a global basis, taking into account inter-market relationships, sentiment and seasonality, in addition to traditional technical indicators based on price. Jonathan is a regular contributor on Financial Sense, Bloomberg, CNBC, Seeking Alpha, and MarketWatch. He graduated from Penn State University. Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast. For complete show notes of every episode, visit: https://cmtassociation.org/development/podcasts/ Give us a shout: @dlundgren3333 or https://www.linkedin.com/in/david-lundgren-cmt-cfa-63b73b/ @_TBone_Pickens or https://www.linkedin.com/in/tyler-wood-cmt-b8b0902/ @CMTAssociation or https://www.linkedin.com/company/cmtassociation CMT Association is the global credentialing authority committed to advancing the discipline of technical analysis in the financial services industry. We serve members in over 137 countries. Our mission is to elevate investors mastery and skill in mitigating market risk and maximizing return in capital markets through a rigorous credentialing process, professional ethics, and continuous education. CMT Association formed in the late 1960s with headquarters in lower Manhattan, NY and Mumbai, India. Learn more at: www.cmtassociation.org

Will value catch up to growth’s steady trend, or will growth fall from its leadership perch? Can Europe finally accelerate after breaking through its year-2000 peak? Can Energy finally become an investable sector again? Find answers to this and much more in the latest interview from Fill the Gap! Ari Wald, CMT, CFA joins us in Episode #32 where we explore the detailed and comprehensive market research behind Oppenheimer’s head of Technical Analysis. Before getting into markets, Ari walks through the “genealogy” of his career with influences from mentors like Andrew Burkly, Charlie Blood, and Sam Burns. These Wall St. veterans shaped Ari’s research process from contrarian views looking for turning points and mean reversion in every chart, to the trend-following outlook anchored on the momentum factor which he delivers today. Throughout Ari’s career the toolkit has been consistent and the focus on objective, quantifiable tools has been the hallmark. From Brown Brothers Harriman to Wolfe Research and now Oppenheimer, Ari has added tremendous value to his institutional clients and to the CMT Community worldwide. Most importantly, his thorough bottom-up review of thousands of securities combined with a historical appreciation for economic cycles and big picture view on the state of the investable environment provide clients with a repeatable disciplined process they can rely on. Enjoy the latest interview with your co-hosts David Lundgren, CMT, CFA and Tyler Wood, CMT. Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast. For complete show notes of every episode, visit: https://cmtassociation.org/development/podcasts/ Give us a shout: @dlundgren3333 or https://www.linkedin.com/in/david-lundgren-cmt-cfa-63b73b/ @_TBone_Pickens or https://www.linkedin.com/in/tyler-wood-cmt-b8b0902/ @CMTAssociation or https://www.linkedin.com/company/cmtassociation CMT Association is the global credentialing authority committed to advancing the discipline of technical analysis in the financial services industry. We serve members in over 137 countries. Our mission is to elevate investors mastery and skill in mitigating market risk and maximizing return in capital markets through a rigorous credentialing process, professional ethics, and continuous education. CMT Association formed in the late 1960s with headquarters in lower Manhattan, NY and Mumbai, India. Learn more at: www.cmtassociation.org

How do the tenets of trend following apply to private equity and venture capital? What does Eminem’s final rap battle in 8Mile have to do with client communications strategies? How could macro volatility be a helpful landscape for active investors over the coming 18 months? Find answers to these and so much more in the latest episode #31 of Fill the Gap! This month’s featured guest is past CMT board member, author, OCIO, asset allocator and voracious lifelong learner, Clint Sorenson, CMT, CFA. Clint is a Co-Founder of WealthShield LLC and has long been dedicated to innovating and accelerating the investment landscape. His unique system leverages proprietary quantitative strategies, by fusing together behavioral finance, fundamental and technical analysis. This month’s fast-paced conversation covers a ton of ground, so buckle up and sharpen your pencils for an interview that will impact your way of thinking about every aspect of your investment strategy! Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast. For complete show notes of every episode, visit: https://cmtassociation.org/development/podcasts/ Give us a shout: @dlundgren3333 or https://www.linkedin.com/in/david-lundgren-cmt-cfa-63b73b/ @_TBone_Pickens or https://www.linkedin.com/in/tyler-wood-cmt-b8b0902/ @CMTAssociation or https://www.linkedin.com/company/cmtassociation CMT Association is the global credentialing authority committed to advancing the discipline of technical analysis in the financial services industry. We serve members in over 137 countries. Our mission is to elevate investors mastery and skill in mitigating market risk and maximizing return in capital markets through a rigorous credentialing process, professional ethics, and continuous education. CMT Association formed in the late 1960s with headquarters in lower Manhattan, NY and Mumbai, India. Learn more at: www.cmtassociation.org

Technical Analysts know that "timing is everything." This month's interview could not come at a better moment as the global discussion around cryptocurrencies, decentralized finance and digital assets again takes center stage. Our longtime friend, past CMT Association Board Member, and exceptional market analyst Jamie Coutts, CMT, CFTe is the Crypto Market Analyst for Bloomberg Intelligence. His knowledge of market structure, on-chain analytics and macro context for this emerging asset class is unparalleled. Whether you are a maximalist, a dabbler, or even for those vehemently opposed to cryptocurrencies, the context provided by Jamie in this interview is critical knowledge for all financial professionals. With the launch of BlackRock's new Bitcoin ETF, Citadel's new crypto exchange, a steady clip of regulatory announcements, and institutional adoption/adaptation on the rise crypto is again at the forefront of national and global conversations. Stay informed. Fill the Gap in your knowledge of the space. Enjoy episode #30 of Fill the Gap with special guest Jamie Coutts, CMT, CFTe. Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast. For complete show notes of every episode, visit: https://cmtassociation.org/development/podcasts/ Give us a shout: @dlundgren3333 or https://www.linkedin.com/in/david-lundgren-cmt-cfa-63b73b/ @_TBone_Pickens or https://www.linkedin.com/in/tyler-wood-cmt-b8b0902/ @CMTAssociation or https://www.linkedin.com/company/cmtassociation CMT Association is the global credentialing authority committed to advancing the discipline of technical analysis in the financial services industry. We serve members in over 137 countries. Our mission is to elevate investors mastery and skill in mitigating market risk and maximizing return in capital markets through a rigorous credentialing process, professional ethics, and continuous education. CMT Association formed in the late 1960s with headquarters in lower Manhattan, NY and Mumbai, India. Learn more at: www.cmtassociation.org

Craig Johnson, CMT, CFA joins Fill the Gap for Episode #29 where we explore the detailed and comprehensive technical process the Piper Sandler technical research team takes every month to produce informed investors. Craig issued a contrarian bullish call on the S&P 500 going into 2023 based solely on the information provided by the markets. Using classic trend analysis, his team simply highlighted the series of higher highs and higher lows appearing in the equity index. But their process is revealed in the 300+ pages of the “Informed Investor” research report which delivers in-depth analysis of sectors, industry subgroups and a healthy appreciation for relative strength. Craig has a deep appreciation for the analysts who preceded him at Piper Sandler including Steve Leuthold who sadly passed in March, 2023, and Ed Nikoski who Craig worked with closely before his retirement. There is a strong technical analysis community in Minnesota which now includes Ralph Acampora, CMT. However, he reflects on the advantage of being outside New York where independent thinking and contrarian viewpoint can flourish based solely on the message of the market. This episode also explores some remarkable alternatives to home heating in the depths of Minnesota’s sub-zero winters! Enjoy this conversation with Chief Technical Strategist and former president of CMT Association, Craig Johnson, CMT, CFA. Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast. For complete show notes of every episode, visit: https://cmtassociation.org/development/podcasts/ Give us a shout: @dlundgren3333 or https://www.linkedin.com/in/david-lundgren-cmt-cfa-63b73b/ @_TBone_Pickens or https://www.linkedin.com/in/tyler-wood-cmt-b8b0902/ @CMTAssociation or https://www.linkedin.com/company/cmtassociation CMT Association is the global credentialing authority committed to advancing the discipline of technical analysis in the financial services industry. We serve members in over 137 countries. Our mission is to elevate investors mastery and skill in mitigating market risk and maximizing return in capital markets through a rigorous credentialing process, professional ethics, and continuous education. CMT Association formed in the late 1960s with headquarters in lower Manhattan, NY and Mumbai, India. Learn more at: www.cmtassociation.org

Fill the Gap LIVE: Tenets of Trendfollowing This fireside chat was broadcast live from midtown Manhattan on April 28, 2023 as episode #28 of Fill the Gap: the Official Podcast of CMT Association. One of the famed Turtle Traders groomed under Richard Dennis, Jerry Parker has continued to thrive through multiple market cycles as a systematic trend-following manager and CEO of Chesapeake Capital. Co-host of Fill the Gap, David Lundgren explores Jerry’s time-tested approach to trend following, and what it takes to succeed, both as a portfolio manager and business owner, using this “simple but not easy” style of investing. Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast. For complete show notes of every episode, visit: https://cmtassociation.org/development/podcasts/ Give us a shout: @dlundgren3333 or https://www.linkedin.com/in/david-lundgren-cmt-cfa-63b73b/ @_TBone_Pickens or https://www.linkedin.com/in/tyler-wood-cmt-b8b0902/ @CMTAssociation or https://www.linkedin.com/company/cmtassociation CMT Association is the global credentialing authority committed to advancing the discipline of technical analysis in the financial services industry. We serve members in over 137 countries. Our mission is to elevate investors mastery and skill in mitigating market risk and maximizing return in capital markets through a rigorous credentialing process, professional ethics, and continuous education. CMT Association formed in the late 1960s with headquarters in lower Manhattan, NY and Mumbai, India. Learn more at: www.cmtassociation.org

This month we discuss the rangebound markets and rotational landscape through the lens of technical tools, quantitative screens and multiple timeframes with Institutional Equity Research Analyst, Mark Deriet CMT, CMT. "Paper > Rocks," stoicism and many many charts await listeners of this March episode of Fill the Gap! Be sure to download the chart-pack from the show notes here: https://cmtassociation.org/podcast/fill-the-gap-episode-twenty-seven-with-mark-deriet-cmt-cfa/ Mark Deriet, CMT, CFA, MA Economics | Analyst, Institutional Equity Research | Quantitative & Technical Analysis | Cormark Securities Inc. Mark Deriet is the Quantitative and Technical Analyst for Cormark Securities Inc (previously Sprott Securities)., a leading Canadian independent investment dealer. Mark is the recipient of the Brendan Wood TopGun award for Technical Analysis for more than 15 consecutive years. Mark served over 10 years on the buyside combining both fundamental and quant/technical analysis into his investment process. In this role Mark was able to interface with many technical research analysts incorporating tools and concepts into his top-down approach. Having earned both the CFA and CMT designations, Mark appreciates the pros and cons of both disciplines. Investing primarily in Europe and emerging markets, Mark developed screening tools to isolate leaders and laggards across the vast array of securities within his mandate. Over the past 17 years, Mark has served in a sell-side role at Cormark. Representing their first foray into the technical and quantitative research arena. While in his current role at Cormark, Mark developed research products including top-down macro indicators to identify opportunities in sectors, industry groups and among various factors as well as bottom-up stock screens. When not chasing fresh powder in Whistler, Mark’s next endeavor is to launch a fund based on his proprietary quantitative momentum models later this year. Education: B.Comm, University of Toronto, 1993; M.A. Economics, University of Ottawa, 1995; Chartered Financial Analyst, Association for Investment Management and Research, 1998; Chartered Market Technician, CMT, 2004. Experience: In the investment business since 1996; with Sprott Securities, now Cormark since 2006. Previously with Scotia Cassels Investment Counsel since 1999. Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast. For complete show notes of every episode, visit: https://cmtassociation.org/development/podcasts/ Give us a shout: @dlundgren3333 or https://www.linkedin.com/in/david-lundgren-cmt-cfa-63b73b/ @_TBone_Pickens or https://www.linkedin.com/in/tyler-wood-cmt-b8b0902/ @CMTAssociation or https://www.linkedin.com/company/cmtassociation CMT Association is the global credentialing authority committed to advancing the discipline of technical analysis in the financial services industry. We serve members in over 137 countries. Our mission is to elevate investors mastery and skill in mitigating market risk and maximizing return in capital markets through a rigorous credentialing process, professional ethics, and continuous education. CMT Association formed in the late 1960s with headquarters in lower Manhattan, NY and Mumbai, India. Learn more at: www.cmtassociation.org

Vernon Bice, CMT joins Fill the Gap this month! Vernon Bice, CMT is a Portfolio Manager at Lord Abbett, where he is responsible for contributing to the management for the firm’s micro-cap growth, small cap growth, mid cap growth and large cap growth strategies. He plays a key role in technical analysis, drawing on his deep experience to provide insights to the portfolio management team. Mr. Bice joined Lord Abbett in 2011. His prior experience includes serving as Portfolio Analyst at Bank of America; Research Analyst at BNY Institutional Asset Management; and Investment Associate at UBS. He has worked in the financial services industry since 2001. Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast. For complete show notes of every episode, visit: https://cmtassociation.org/development/podcasts/ Give us a shout: @dlundgren3333 or https://www.linkedin.com/in/david-lundgren-cmt-cfa-63b73b/ @_TBone_Pickens or https://www.linkedin.com/in/tyler-wood-cmt-b8b0902/ @CMTAssociation or https://www.linkedin.com/company/cmtassociation CMT Association is the global credentialing authority committed to advancing the discipline of technical analysis in the financial services industry. We serve members in over 137 countries. Our mission is to elevate investors mastery and skill in mitigating market risk and maximizing return in capital markets through a rigorous credentialing process, professional ethics, and continuous education. CMT Association formed in the late 1960s with headquarters in lower Manhattan, NY and Mumbai, India. Learn more at: www.cmtassociation.org

Fill the Gap is kicking off the new year in 2023 with a black belt, lead singing, portfolio manager to discuss ways of delivering idiosyncratic risk by thinking differently than the rest of the industry about money management. Enjoy this conversation with Patrick Kent, CMT, CFA - Deputy head of equity opportunities, Portfolio Manager at Newton Investment Management Group. We discuss the ways in which technical concepts and tools that provide context for idea generation, parameters around position sizing, and helps the entire team prioritize their analysis based on where the market is confirming or denying their fundamental thesis. Patrick Kent, CMT, CFA is head of the small mid cap equity research team and the lead portfolio manager for the US Opportunistic Equity strategies. Patrick joined Newton in September 2021, following the integration of Mellon Investments Corporation's equity and multi-asset capabilities into the Newton Investment Management Group. Before joining Newton, Patrick was a senior portfolio manager at Mellon Investments Corporation (a BNY Mellon group company). Earlier in his career, Patrick was an analyst and portfolio manager at Wellington. There, he co-managed the firms global all-cap impact investing strategy. Prior to Wellington, Patrick was an equity analyst with Alydar Capital, CR Intrinsic Investors and Schroders. He also spent four years with The Boston Company Asset Management, a BNY Mellon group company, on the Opportunistic Equity team. Patrick has a BA from Bowdoin College and an MBA from Babson Colleges Franklin W. Olin Graduate School of Business. He received his CFA designation in 2001 and is a member of the CFA Institute and the CFA Society Boston. Patrick holds the Chartered Market Technician CMT designation and is a member of the CMT Association. Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast. For complete show notes of every episode, visit: https://cmtassociation.org/development/podcasts/ Give us a shout: @dlundgren3333 or https://www.linkedin.com/in/david-lundgren-cmt-cfa-63b73b/ @_TBone_Pickens or https://www.linkedin.com/in/tyler-wood-cmt-b8b0902/ @CMTAssociation or https://www.linkedin.com/company/cmtassociation CMT Association is the global credentialing authority committed to advancing the discipline of technical analysis in the financial services industry. We serve members in over 137 countries. Our mission is to elevate investors mastery and skill in mitigating market risk and maximizing return in capital markets through a rigorous credentialing process, professional ethics, and continuous education. CMT Association formed in the late 1960s with headquarters in lower Manhattan, NY and Mumbai, India. Learn more at: www.cmtassociation.org

Why do we all believe technical indicators should be quantified? Why do we follow a top-down approach to market analysis? Why do practitioners follow a "weight of the evidence" approach? This month's guest is the author of seminal work in the field which cemented principles followed by technical analysts worldwide. Timothy W. Hayes, CMT, is NDR’s Chief Global Investment Strategist. He has been with the firm since 1986. Tim directs NDR’s global asset allocation services, develops strategy and major investment themes, and establishes NDR’s weightings for global asset allocation, presenting his views on the cyclical and secular outlook globally. Tim’s recommendations, strategies, and timely market commentaries and studies are featured in Global Strategy publications, which focus on global allocation and the most significant global developments. Tim has been featured many times on CNBC and Bloomberg TV, and his market views are often quoted in The Wall Street Journal and other financial media in the U.S. and internationally. He is author of The Research-Driven Investor, published in November 2000, and he has contributed to several other books. In 1996, the Chartered Market Technicians (CMT) Association awarded Tim the Charles H. Dow Award for groundbreaking research, recognizing an outstanding original work that best expounds on the principles of technical analysis. Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast. For complete show notes of every episode, visit: https://cmtassociation.org/development/podcasts/ Give us a shout: @dlundgren3333 or https://www.linkedin.com/in/david-lundgren-cmt-cfa-63b73b/ @_TBone_Pickens or https://www.linkedin.com/in/tyler-wood-cmt-b8b0902/ @CMTAssociation or https://www.linkedin.com/company/cmtassociation CMT Association is the global credentialing authority committed to advancing the discipline of technical analysis in the financial services industry. We serve members in over 137 countries. Our mission is to elevate investors mastery and skill in mitigating market risk and maximizing return in capital markets through a rigorous credentialing process, professional ethics, and continuous education. CMT Association formed in the late 1960s with headquarters in lower Manhattan, NY and Mumbai, India. Learn more at: www.cmtassociation.org

Fill The Gap Live: Investment Management Trends at an Inflection Point Interview recorded Live at CMT APAC Summit 2022 in Mumbai India on Nov 5, 2022 In this live installment of Fill the Gap, the official podcast of the CMT Association, global money management veterans share how they use technical analysis in their trend following investment process for market outperformance over the long run. With front row seats to the evolution of equity markets for more than three decades, Atul Suri and David Lundgren, CMT, CFA have learned many lessons managing returns over multiple market cycles. They will discuss the strategies used in their respective funds and unpack the objectives of trend following including how to identify, engage, and stay in trending securities by utilizing the tools of technical analysis. As an investment style, trend following has existed for a very long time. Some 200 years ago, the classical economist David Ricardo’s imperative to “cut short your losses” and “let your profits run on” suggested an attention to trends. Early in the last century, the legendary American trader Jesse Livermore stated explicitly that the “big money was not in the individual fluctuations but in … sizing up the entire market and its trend.” Understanding that the market is efficient, but also trends, confirms how technical analysis can help investors uncover attractive investment opportunities. Leading, coincident, and lagging indicators of trend change as well as Relative Strength will give the audience a clear perspective on how they might incorporate technical analysis into their own investment process. Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast. For complete show notes of every episode, visit: https://cmtassociation.org/development/podcasts/ Give us a shout: @dlundgren3333 or https://www.linkedin.com/in/david-lundgren-cmt-cfa-63b73b/ @_TBone_Pickens or https://www.linkedin.com/in/tyler-wood-cmt-b8b0902/ @CMTAssociation or https://www.linkedin.com/company/cmtassociation CMT Association is the global credentialing authority committed to advancing the discipline of technical analysis in the financial services industry. We serve members in over 137 countries. Our mission is to elevate investors mastery and skill in mitigating market risk and maximizing return in capital markets through a rigorous credentialing process, professional ethics, and continuous education. CMT Association formed in the late 1960s with headquarters in lower Manhattan, NY and Mumbai, India. Learn more at: www.cmtassociation.org

The timing of this months episode is uncanny. Investors around the globe are faced with a challenging market environment across all asset classes. Our guest this month was famously quoted as saying: "There isn't any alpha to be had in strategies that you always feel good investing in. Being uncomfortable at times is a necessary evil." Lessons about sticking to your process really stood out in this month's interview. And, what can be trite comments on social media have a much deeper impact coming from a veteran portfolio manager navigating markets with such a significant asset base. John Lewis, CMT is a Senior Portfolio Manager at Nasdaq Dorsey Wright. In this role, Mr. Lewis is responsible for the investment strategies used in various different indices and models. Since joining Nasdaq Dorsey Wright in 2002, Mr. Lewis has developed strategies for the firm’s Systematic Relative Strength series of separate accounts, the Technical Leaders Index methodology, global asset allocation strategies, and multiple series of UITs. His work is technically driven and focuses on relative strength and momentum as the main factors in the investment process. One of the foremost experts on relative strength investing, Mr. Lewis has authored several original research papers on the subject. He is a Chartered Market Technician (CMT) and a member of the Market Technician’s Association and the American Association of Professional Technical Analysts. Mr. Lewis earned an M.B.A. in Finance from the University of Southern California and a B.A. from the University of San Diego. He began his career in the investment industry in 1994. He is married and has two children. Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast. For complete show notes of every episode, visit: https://cmtassociation.org/development/podcasts/ Give us a shout: @dlundgren3333 or https://www.linkedin.com/in/david-lundgren-cmt-cfa-63b73b/ @_TBone_Pickens or https://www.linkedin.com/in/tyler-wood-cmt-b8b0902/ @CMTAssociation or https://www.linkedin.com/company/cmtassociation CMT Association is the global credentialing authority committed to advancing the discipline of technical analysis in the financial services industry. We serve members in over 137 countries. Our mission is to elevate investors mastery and skill in mitigating market risk and maximizing return in capital markets through a rigorous credentialing process, professional ethics, and continuous education. CMT Association formed in the late 1960s with headquarters in lower Manhattan, NY and Mumbai, India. Learn more at: www.cmtassociation.org

"Global Macro Analysis is like four dimensional chess." says Jurrien Timmer, CMT "It's intellectually thrilling!" If the recent market environment has been less intellectually thrilling and more emotionally draining, then this episode is for you! Starting from the bond desk at a large Dutch bank nearly forty years ago, Mr. Timmer has learned a few things that will absolutely change the way you think about investing... As director of Global Macro at Fidelity Investments, Jurrien Timmer, CMT is part of Fidelity’s Global Asset Allocation (GAA) group, where he specializes in asset allocation and global macro strategy. Additionally, he is responsible for analyzing market trends and synthesizing investment perspectives across Asset Management to generate market strategy insights for the media, as well as for Fidelity’s clients. Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast. For complete show notes of every episode, visit: https://cmtassociation.org/development/podcasts/ Give us a shout: @dlundgren3333 or https://www.linkedin.com/in/david-lundgren-cmt-cfa-63b73b/ @_TBone_Pickens or https://www.linkedin.com/in/tyler-wood-cmt-b8b0902/ @CMTAssociation or https://www.linkedin.com/company/cmtassociation CMT Association is the global credentialing authority committed to advancing the discipline of technical analysis in the financial services industry. We serve members in over 137 countries. Our mission is to elevate investors mastery and skill in mitigating market risk and maximizing return in capital markets through a rigorous credentialing process, professional ethics, and continuous education. CMT Association formed in the late 1960s with headquarters in lower Manhattan, NY and Mumbai, India. Learn more at: www.cmtassociation.org

Most market participants have learned that the markets are driven by Fear and Greed. This month’s guest challenges that assumption with the idea that financial markets are ruled strictly by fear alone… Fear of loss, fear of missing out, fear of being wrong. Knowing that humans are not purely rational has helped academic research in the field of Behavioral Finance adapt theories to what technical analysis has proven to work in practice. This month’s esteemed guest has an encyclopedic knowledge of the tools as detailed in the compilation he edited in 2007 for Bloomberg Press: Breakthroughs in Technical Analysis: New Thinking from the World’s Top Minds, as well as a deep understanding of applied behavioral finance. Through his blog The Mindful Investor, Dave explores disciplined routine decision making under conditions of uncertainty. As host of The Final Bar on StockCharts TV and serving as Chief Market Strategist at StockCharts.com, Dave remains closely attuned to today’s market dynamics. This interview discusses the current state of equity markets and the responsible approach investors must take to navigate periods of regime shift. Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast. For complete show notes of every episode, visit: https://cmtassociation.org/development/podcasts/ Give us a shout: @dlundgren3333 or https://www.linkedin.com/in/david-lundgren-cmt-cfa-63b73b/ @_TBone_Pickens or https://www.linkedin.com/in/tyler-wood-cmt-b8b0902/ @CMTAssociation or https://www.linkedin.com/company/cmtassociation CMT Association is the global credentialing authority committed to advancing the discipline of technical analysis in the financial services industry. We serve members in over 137 countries. Our mission is to elevate investors mastery and skill in mitigating market risk and maximizing return in capital markets through a rigorous credentialing process, professional ethics, and continuous education. CMT Association formed in the late 1960s with headquarters in lower Manhattan, NY and Mumbai, India. Learn more at: www.cmtassociation.org

Renowned technical analyst Katie Stockton, CMT is Founder and Managing Partner of Fairlead Strategies, LLC, an independent research firm. Additionally this year, she became lead portfolio manager of the Fairlead Tactical Sector ETF - $TACK. Her conservative and unbiased approach to markets has helped clients navigate volatility for 25 years and she has now translated that discipline into an investable strategy. This month’s interview was really a masterclass in how to responsibly analyze markets – top down, multi-timeframes, quantifiable measures, bottom-up corroboration on sectors and individual securities all in a repeatable process. Dynamite takeaways for our listeners in every role of the investment industry. This month’s conversation takes listeners on a journey across three sets of market indicators: trend following, mean reverting and market internals. With each measure there is exact science in the computations of market statistics, but also nuance in how to interpret their message in the context of multiple timeframes and larger market regime shifts. Beyond the commonly used technical tools, Katie also employs ichimoku clouds and the TD Sequential and TD Combo tools from highly decorated market timer, Tom DeMark. Listeners will understand the use of these and many other tools in the context of Katie’s systematic approach to analysis and money management. To better understand the concepts covered, and current market commentary, we recommend reviewing the supplemental resources accompanying this episode using this link https://go.cmtassociation.org/ftge19 Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast. For complete show notes of every episode, visit: https://cmtassociation.org/development/podcasts/ Give us a shout: @dlundgren3333 or https://www.linkedin.com/in/david-lundgren-cmt-cfa-63b73b/ @_TBone_Pickens or https://www.linkedin.com/in/tyler-wood-cmt-b8b0902/ @CMTAssociation or https://www.linkedin.com/company/cmtassociation CMT Association is the global credentialing authority committed to advancing the discipline of technical analysis in the financial services industry. We serve members in over 137 countries. Our mission is to elevate investors mastery and skill in mitigating market risk and maximizing return in capital markets through a rigorous credentialing process, professional ethics, and continuous education. CMT Association formed in the late 1960s with headquarters in lower Manhattan, NY and Mumbai, India. Learn more at: www.cmtassociation.org

Thirty year veteran of the financial markets, decorated investment manager, leader of investment teams, and communicator of investment strategies joins us this month for a chat amongst old friends. Classmates at Babson and former colleagues at both Thomson Financial and Fidelity Investments, Dave and Rusty can practically end each other’s sentences, so this month’s discussion and debate takes us in many directions, including: this Radiohead tuneRusty is a host of Orion’s The Weighing Machine podcast and authored the book “Higher Calling: A Guide to Helping Investors Achieve Their Goals.” He also serves as the Chief Investment Strategist for Orion Advisor Solutions. Rusty was such a fun guest to interview because he is always candid, full of energy, and has delivered excellence in every stage of his career. Currently, Rusty delivers relevant market-and platform-related content that supports deeper, more engaging conversations with advisors and investors. He is passionate about educating investors to help deliver more favorable outcomes. And as a successful fund manager himself, Rusty excels in identifying new investment offerings to meet growing marketplace demand. To better understand the concepts covered, and current market commentary, we recommend reviewing the supplemental resources accompanying this episode using this link https://go.cmtassociation.org/ftge18 Fill the Gap, hosted by David Lundgren, CMT, CFA and Tyler Wood, CMT brings veteran market analysts and money managers onto a monthly podcast. For complete show notes of every episode, visit: https://cmtassociation.org/development/podcasts/ Give us a shout: @dlundgren3333 or https://www.linkedin.com/in/david-lundgren-cmt-cfa-63b73b/ @_TBone_Pickens or https://www.linkedin.com/in/tyler-wood-cmt-b8b0902/ @CMTAssociation or https://www.linkedin.com/company/cmtassociation CMT Association is the global credentialing authority committed to advancing the discipline of technical analysis in the financial services industry. We serve members in over 137 countries. Our mission is to elevate investors mastery and skill in mitigating market risk and maximizing return in capital markets through a rigorous credentialing process, professional ethics, and continuous education. CMT Association formed in the late 1960s with headquarters in lower Manhattan, NY and Mumbai, India. Learn more at: www.cmtassociation.org