Dan and Corey kick off the show by reviewing the most recent PCE number, what's
happening with inflation, and the current state of the economy. (0:41)

Next, real estate expert and entrepreneur George Gammon joins the conversation and
explains how he became a self-described "macro addict" without any formal education in the
world of finance or economics. Plus, he discusses why he considers himself a libertarian and
why most investors and billionaires would fall into this category, even if they don't self-
identify as such. (21:59)

Further, George describes how his investment style is influenced by being a libertarian. By
default, his view is that the government is always going to do the wrong thing, resulting in
unintended, net-negative consequences. George also goes into detail on the similarities
between value investing and trend following. He argues that successful value investors are
always looking for a catalyst so that they can catch the trend at its very beginning stages,
while stereotypical investors are happy to catch the middle portion of the trend. (34:16)

Lastly, George explores the biggest differences between retail investors and professional
investors. He details the strategy that the best hedge-fund managers use: starting with a
macro view and then looking at the fundamentals and the narrative later. George
emphasizes that these experts spend most of their time deciding how to position themselves
and using asymmetry to stack the odds in their favor like in a game of blackjack. (46:32)

The Best Investors Treat Trading Like Blackjack