Welcome to the latest episode of On the Couch with Henry Jennings from Marcus Today.

In this episode, Henry is joined by his old friend Richard Morrow from Lowell Resources Trust (ASX: LRT). They discuss all things gold – why he still likes the sector and which stocks he recommends.

Richard is the former Chair of the Melbourne Mining Club and a director of LRT.

A great look at the gold sector from a guru in the space.

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Marcus Today – Daily Market Insights

Marcus Today provides clear, practical commentary for self-directed investors – covering markets, portfolios, education, and decision-making without the noise.

If you'd like to go further:

Start a free 14-day trial of Marcus Today
http://bit.ly/mt-trial-podcast

Join Marcus Today
Use code MTPODCAST for 10% off
http://bit.ly/mt-join-podcast-offer

MT20 – Managed ETF Portfolio
A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing.
http://bit.ly/mt20-podcast

Principles – How We Think About Investing
A short video series on timing, behaviour, and decision-making. No stock tips.
http://bit.ly/mt-principles-podcast

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Disclaimer
This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice.

Prefer to watch? Check out the full interview on video here: VIDEO – On the Couch with Gary Norden: Inside a 35-Year Trading Career

A bit of a different approach at Marcus Today; Callum Newman sits down with Gary Norden, a 35+ year pro trader (LIFFE floor, bank derivatives desks, hedge funds) and the author of An End to the Bull – to talk how the pros actually trade when it's their own money on the line.

In this conversation, Gary explains how professional traders really approach markets; building an edge through knowledge, skill and risk management – and why much of the "sell-side research" investors read is often just a sales tool dressed up as insight.

We cover:

• The professional trader's edge – skills, knowledge, and risk management
• Why bank research gets "taken with a pinch of salt"
• Day trading vs punting – order flow trading as a real craft
• Can humans still compete with algorithms/HFT?
• ETFs, concentration risk, and the "all in / all out" market
• Options – why Gary prefers buying options (hedging + asymmetric upside)
• Gold and silver – why the bull case may not be done yet
• China, commodities, and what Gary sees on the ground.

Standout moments (timestamps):

• 03:58 Why traders ignore sell-side research
• 06:12 Day trading as a professional skill (order flow)
• 11:56 AI, ETFs, and the concentration problem
• 19:35 Options as portfolio "insurance"
• 26:47 Gold vs silver, miners, and what to watch
• 48:25 The red jacket story (and what it meant on the floor)

Gary's book: An End to the Bull: Cut Through the Noise to Develop a Sustainable Trading Career (John Wiley & Sons).

—

Marcus Today – Daily Market Insights

Marcus Today provides clear, practical commentary for self-directed investors – covering markets, portfolios, education, and decision-making without the noise.

If you'd like to go further:

Start a free 14-day trial of Marcus Today
http://bit.ly/mt-trial-podcast

Join Marcus Today
Use code MTPODCAST for 10% off
http://bit.ly/mt-join-podcast-offer

MT20 – Managed ETF Portfolio
A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing.
http://bit.ly/mt20-podcast

Principles – How We Think About Investing
A short video series on timing, behaviour, and decision-making. No stock tips.
http://bit.ly/mt-principles-podcast

—

Disclaimer
This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice.