Real pleasure to join Brian "Ponch" Rivera and Mark "Moose" McGrath on the No Way Out podcast this week. Ponch and Moose run one of the more intellectually honest conversations I've come across. Their work on the OODA loop, complex adaptive systems, and the free energy principle sits at exactly the intersection that trend following has been quietly occupying for decades, and it was a gift to talk with hosts who already speak the language. A few of the threads we pulled on: -Why most investors lose because they're running a predictive model in a system that punishes prediction. -Why price is the one benchmark your domain hands you that the natural world never did, and what it means to align with it rather than forecast against it. -Why change in markets arrives in fits and starts rather than gradients, and why a diversified trend following net is about spreading opportunity across a fractal structure, not diluting an edge. -Why the geometry of wealth is multiplicative, not additive, and why minimising loss matters more than picking winners. -And a wander into deeper territory: David Bohm's implicate order, Wheeler's participatory universe, the subtractive frame I work through in Carved by Impossibility, and why I think structure is residue rather than generative form. Grateful to Jerry Parker for the introduction that started this, and to Ponch and Moose for the kind of conversation that doesn't happen often enough. Listen to the episode: youtube.com/watch?v=NtogDa4X…