Michael Covel talks with Bill Adams in his second visit to the podcast. Adams is a private trader and systems developer. He is based in Zurich and works with institutional clients. Adams and Covel discuss if Adams views himself as a trend following trader; why the word futures can be problematic; broad diversification and diversifying on a number of different tiers; risk-based diversification; why making sure you're in the game is the most important factor; why every business is seasonal; why price is the most important aspect to a trade; how Adams has (or doesn't have) the "expertise" to trade certain markets; informing your system of various events as a quantitative or systematic trader; thinking about Adams' strategy in the context of evolution; core baskets vs. satellite baskets; the adaptive aspect of what Adams does; the philosophical and operational aspects of volatility; average true range as a volatility measure; trading to make a return vs. trading as an economist; Adams' greatest areas of challenge and frustration; Michael Lewis and whether the markets are "rigged"; and execution strategy. Want a free trend following video? Go to trendfollowing.com/win.