Decoding Market Psychology with David Keller

Adam Koós sits down with David Keller, CMT - President and Chief Strategist at Sierra Alpha Research, former Director of Research at Fidelity, and host of Market Misbehavior. David's unique background in music and psychology led him into technical analysis, where he's spent decades helping advisors and portfolio managers understand market cycles, manage risk, and avoid costly behavioral biases. From Bloomberg to Fidelity's legendary chart room, to launching his own research firm, David has built a career around making complex market ideas clear and actionable. This conversation is packed with lessons on technical analysis, investor psychology, and the daily routines that separate average advisors from exceptional ones. Episode Timestamps: 01:00 – David's unconventional path from music and psychology into finance 04:00 – Early days at Bloomberg and discovering technical analysis 06:00 – Running Fidelity's technical research department and the chart room legacy 13:00 – Why David launched Sierra Alpha Research and Market Misbehavior 18:00 – Breaking down myths about technical analysis and "predicting the future" 22:00 – How momentum, price, and relative strength guide smarter investing 27:00 – Famous quotes and lessons from Buffett, Templeton, and others 31:00 – Behavioral biases that derail both clients and advisors 38:00 – Why routines matter more than predictions in successful investing 46:00 – David's go-to indicators and risk management tools 52:00 – Practical advice for the next generation of financial advisors Key Takeaways: 💡 Technical analysis isn't about fortune telling; it's about recognizing reality in the markets. 💡 Advisors face the double challenge of managing both client and personal biases. 💡 Routines and consistent processes matter more than "perfect calls." 💡 Behavioral finance and momentum studies validate what technicians have practiced for decades. 💡 Staying objective requires tools, indicators, and humility. 💡 The best investors don't know everything; they ask the best questions. Key Quotes from David Keller: 🗣 "It's okay to be wrong. It's not okay to stay wrong." 🗣 "Price is fact - and it has information just like earnings do." 🗣 "A consistent but imperfect process beats a perfect but inconsistent one." 🗣 "The most successful investors aren't the smartest — they're the most self-aware." 🗣 "Relative strength is about putting your money with the playoff teams." Connect with David Keller and Market Misbehavior: Website: https://www.marketmisbehavior.com YouTube https://www.youtube.com/@DKellerCMT LinkedIn: https://www.linkedin.com/in/dckeller/ Connect with Adam Koós and Adrenaline Advisor: Facebook: https://facebook.com/adrenalineadvisorconsulting Instagram: https://www.instagram.com/adrenaline.advisor Threads: https://www.threads.com/@adrenaline.advisor LinkedIn: https://www.linkedin.com/company/adrenaline-advisor-consulting/ Tiktok: https://www.tiktok.com/@adrenalineadvisor email: [email protected] Website: www.adrenalineadvisor.com