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Charles Faulkner visits the podcast for his third on-air conversation with Michael Covel--a conversation that started while Covel was recently in Malaysia and finished while he was in Vietnam. Faulkner is an author, trader, and international expert on modeling the knowledge and performance of exceptional individuals. He was originally featured in "The New Market Wizards" by Jack Schwager. Faulkner has a new book coming out this fall called "Higher Level Trading: The Five Stages To Trading and Investor Mastery". In their free-flowing conversation Faulkner and Covel cover wide territory. Covel and Faulkner discuss Faulkner's thoughts about human behavior and the investor's psyche. This brings the conversation to the idea that the world is getting more complex, and the increase of "magical thinking" in response. Covel and Faulkner move on to discuss further topics such as how Faulkner came to put together his newest book, "Higher Level Trading", and the qualitative differences between the five levels of experience, knowledge, and understanding; developing the different levels of thinking that lead to expertise, and the correct path to take to developing these skills; preparation, effort, "doing the work", and the right way to jump into investing; some of the commonalities between those profiled in the "New Market Wizards" book; Ed Seykota's recent statements on day trading; behavioral economics; the idea that the less you know about something the more convinced you are that it is true--and how a little knowledge can be a dangerous thing; "perfection seekers", variation, and letting perfection slow you down; outliers and the potential to make a change in your thinking; efficient markets, Vernon Smith, and bubbles; imagery, stories, prediction, and the skill of conceiving multiple scenarios; reducing information, and vetting your inputs to find out what information is important and what isn't; and why we are most influenced by parts of our environment that we are unaware of. Free DVD? Go to www.trendfollowing.com/win.