This episode advocates for trend following as a superior investment strategy, particularly during market crises. It argues that trend following's success stems from its focus on absolute returns, not benchmarks, and its ability to profit from volatility, unlike strategies that assume market efficiency or rely on predictions. The text uses historical examples, including major market crashes and crises, to demonstrate trend following's consistent profitability while highlighting the losses suffered by other strategies. Furthermore, it emphasizes the zero-sum nature of markets and the importance of understanding drawdowns and risk management. Finally, the text contrasts trend following with other investment approaches, such as those used by Long-Term Capital Management, to showcase its resilience and effectiveness.