Michael Covel's Trend Following

My guest today is Dan Hill, a recognized authority on the role of emotions in consumer and employee behavior. He runs Sensory Logic, a scientific insights firm that analyzes consumers' facial expressions to help companies better navigate consumers' emotional decision-making processes. The topic is consumer and employee behavior. In this episode of Trend Following Radio we discuss: What a face coding expert is The evolutionary aspect to face coding and the 43 muscles present in the face; emotional decision-making How Hill found his way personally into this field Why we feel before we think Being hired by the Milwaukee Bucks The importance of a smile in the heart of a champion The difference between technical skill and the factors that Hill is looking for The importance of having the right amount of happiness Some of the limitations of facial coding How technology is intertwined with facial coding Why a personality like Richard Nixon may never be President again The say/feel gap Whether we can learn how to avoid negative facial expressions and emotions A trading system based on the movement of human faces Where we might see facial coding moving to in the future Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!

My guest today is Mebane Faber, a noted author (The Ivy Portfolio), blogger, and portfolio manager with Cambria Investment Management. Faber is involved in many different areas of the market, extremely practical and pragmatic. The topic is Trend Following. In this episode of Trend Following Radio we discuss: The podcast medium Trend following, buy & hold, and emotions Anti-fragility Ray Dalio, risk parity, and his strategies All Weather and Pure Alpha Asset allocation as a buy and hold investor Faber's five ETF's, and his factors for starting one Deflation, inflation, Japan, why traders run out of the store when things are on sale Value investing What if governments didn't meddle with markets Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!

My guest today is Daniel Simons, an experimental psychologist, cognitive scientist, and Professor in the Department of Psychology and the Beckman Institute for Advanced Science and Technology at the University of Illinois. Simons is most well known for his work on change blindness and inattentional blindness, two surprising examples of how people can be unaware of information right in front of their eyes. His research interests also include visual cognition, perception, memory, attention, and awareness. The topics are experimental psychology and cognitive science. In this episode of Trend Following Radio we discuss: Simons' YouTube success The definition of inattentional blindness Why our intuition about our own minds is often wrong Money managers and weather forecasters Serial tasking, multitasking, and focus How Simons became immersed in this area of study Memory and attention, and the myths and misconceptions surrounding them The notion of intuition, gut decisions, and Simons' thoughts on Malcolm Gladwell's "Blink" The idea of preparation in relation to expert performance The science behind eyewitness testimony How our minds don't work the way we think they do Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!

My guest today is Mark Mobius, Ph.D., executive chairman of Templeton Emerging Markets Group, joined Templeton in 1987. Currently, he directs the Templeton research team which is based in 18 global emerging markets offices, and manages emerging markets portfolios. Mobius oversees a team of more than 50 people managing some $45 billion. The topic is economics. In this episode of Trend Following Radio we discuss: Key events that happened along Mobius' development and moved him to find emerging markets as his passion Growth across Asia The importance of being on the ground to see what's happening in China to have a true picture of what's going on Why what's happening in China now is entirely different from the USSR in the early 1980's Mobius' view on South East Asia, its economic and constructional changes The two Koreas, and whether we'll see one Korea eventually The impact of both North and South Korea on their own Mobius' outlook on Myanmar Singapore as an emerging market, and as it is compared to a city in the States India, its growth, and how Mobius sees it moving forward The importance of travel, and how it changes everybody that goes out there and experiences it Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!

Please enjoy my monologue Lawrence Delevingne, CNBC and Trend Following with Michael Covel on Trend Following Radio. This episode may also include great outside guests from my archive. --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!

My guest today is Bryan Caplan, an American economist and professor of economics at George Mason University, research fellow at the Mercatus Center, adjunct scholar at the Cato Institute, and blogger for EconLog. He works in public choice theory. His books include The Myth of the Rational Voter and Selfish Reasons to Have More Kids. He has also written extensively on open borders and pacifism. The topic is economics. In this episode of Trend Following Radio we discuss: Voting, rationality Defining "rational irrationality" What voting patterns in America might look like if the American stock market looked like the Japanese stock market Economic growth in benevolent dictatorships vs. republics like the USA The anti-poverty program in China Caplan's view on immigration and its effect on the economy The case for more kids, and why Caplan was so passionate and so inspired as to put out a book on the subject Why genetics matter more than the style in which you raise your kids Thomas Piketty's "Capital in the Twenty-First Century" and wealth and income inequality Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!

My guest today is Tom Basso, the trader most famously known as "Mr. Serenity" in Jack Schwager's "New Market Wizards". Basso, now retired from managing client money, was president and founder of Trendstat Capital Management. Basso became a registered investment advisor in 1980, a registered commodities advisor in 1984, and was elected to the board of the National Futures Association in 1998. Today, he is a private trader. The topic is Trend Following. In this episode of Trend Following Radio we discuss: 50% drop in oil and why trend followers have done especially well with this price movement Why people like to blame speculators, and the value of speculation; emotional rushes and emotional devastation Mentally rehearsing catastrophic events Focusing 1,000 trades into the future Separating your trading from your political opinion Trend following and behavioral economics The importance of not letting your trading define you Basso's advice to newcomers to the CTA industry Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!

My guest today is Mark Manson, an author and personal development consultant. Manson has worked with thousands of people from over 20 countries and his writing offers a different take on the self-help genre. Manson calls it "self help from a first person perspective". He has sold over 15,000 copies of his book "Models: Attract Women Through Honesty" and almost 400,000 people read his site each month. He's been published and quoted on CNN, Huffington Post, Business Insider, Yahoo! News, The Sydney Morning Herald and a variety of other publications. He is also the CEO and Founder of Infinity Squared Media LLC. The topic is personal development. In this episode of Trend Following Radio we discuss: Why people are such ass—– on the internet Internet communication vs. real world communication Becoming desensitized to the internet How Manson came to his entrepreneurial path and how he was inspired by "The 4-Hour Workweek" Location independence and how travel has changed Manson Consumerism in America Having an excess of choice in your life The type of business Manson has developed and why it's been successful Why certain approaches to dating aren't emotionally healthy Our bias against performers Why Manson refers to himself as "self-help for people who don't like self-help" Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!

Please enjoy my monologue Crude Oil Folly with Michael Covel on Trend Following Radio. This episode may also include great outside guests from my archive. --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!

My guest today is Charles Faulkner, an author, trader, and an expert on modeling the knowledge and performance of exceptional individuals. He was originally featured in "The New Market Wizards" by Jack Schwager. The topic is trading psychology. In this episode of Trend Following Radio we discuss: The notion of fictional people and why famous figures in finance are "fictional" The importance of narratives, stories, and metaphors The halo effect and deluding ourselves The difference between a story and a strategy The nature of independent thinking; herd behavior Ego, ignorance, and authority The five different types of minds: the experiencing mind, the imaginative mind, the reasoning mind, the reflective mind, and the generative mind System one and system two Why words don't change people but experience does Experience base and the difference between amateur and professional traders The two kinds of market wizards Language in the context of the five different types of minds The importance of asking "how" does the market work over "why" The importance of luck and time in the case of Warren Buffett Why you shouldn't get your excitement from trading Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!

My guests today are Zbigniew Hermaszewski and Natasha Reeve-Gray, two of the four founding partners of Altis Partners–a very successful systematic and primarily trend following money management firm. The topic is Trend Following. In this episode of Trend Following Radio we discuss: Covel's recent experiences traveling in Asia The advantages of location independence Early triggers that led Hermaszewski and Reeve-Gray into the systematic trading world and away from the efficient market hypothesis Why Hermaszewskii was motivated to go down the particular path he went down The advantages of a physics background when applied to trading Looking for predicability in the markets How Altis uses predictability in the context of their world The four broad types of market behavior in Altis' program Trend following and persistence Inter-market relationships Why there are no "manual" inputs in Altis' systematic program Portfolio construction and why Altis is different from its peers Applying the same models to all markets The collegial atmosphere amongst London CTAs Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!

My guest today is Jim Rogers, an American businessman, investor and author currently based in Singapore. He is the Chairman of Rogers Holdings and Beeland Interests, Inc. He was the co-founder of the Quantum Fund and creator of the Rogers International Commodities Index (RICI). Rogers does not consider himself a member of any school of economic thought, but has acknowledged that his views best fit the label of Austrian School of economics. The topic is investment. In this episode of Trend Following Radio we discuss: Why it shows that the kind of people that travel are the kind of people you want in your country Infrastructure in China Stereotypes of various countries in Asia China's military Current Fed policy in America What "can-do" spirit can do in a state of decline Why the next crisis might be worse than the last The importance of language skills Participating in big long-term bets with regard to countries Why, if he could, Rogers would put all of his money into North Korea Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!

Please enjoy my monologue Michael Covel Monologue and Travis Jamison Interview with Michael Covel on Trend Following Radio. This episode may also include great outside guests from my archive. --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!

My guests today are Scot Billington and Jon Boorman. Billington is one of the managers of Covenant Capital along with Brince Wilford. Billington is the Chief Manager, Head Trader, and is responsible for all system development at Covenant. Boorman is the President and CEO of Broadsword Capital, LLC, a Registered Investment Adviser in Charlotte, NC. Boorman has spent over two decades in global markets, witnessing first-hand some of the most tumultuous periods in financial history. Boorman started the Alpha Capture blog in January 2013 to keep a record of trading signals and market commentary, and demonstrate to a wider audience what could be achieved through trend following. The primary aim has always been to inform and educate. The topic is trading. In this episode of Trend Following Radio we discuss: Covel and Billington discuss his firm's exceptional performance in September of 2014; why low volume and low volatility tend to be accompanied by low returns; whether all of Billington's trend following trading is predicated on a weekly system; Billington's background and what got him into the systematic trend following space; why simplicity is the ultimate sophistication; marketing vs. trading reality; why certain investors try and disguise their trend following strategies as something else; why trend following is one of the most repeatable, teachable strateges; why the world still believes in the efficient market hypothesis; why trends continue to emerge as a function of the marketplace; the idea of a barbell strategy; and why upside volatility is not such a bad thing. Covel and Boorman discuss the fear of public speaking; the idea of ego in the context of both trend following and buy & hold systems; why you'd seek to minimize rather than eliminate both ego and emotion in the context of trading; how Boorman and Jerry Parker connected and Parker's early influence on Boorman; both Parker and Boorman's views on exit strategies; how Twitter changes the level of access we have to each other; whether Boorman's RIA might move into a fund structure; and process vs. outcome. Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!

My guest today is Emanuel Derman, a South African-born businessman and writer, best known as a quantitative analyst. Derman, who first came to the U.S. at age 21, in 1966, is currently a professor at Columbia University and Director of its program in financial engineering. Until recently he was also the Head of Risk and a partner at KKR Prisma Capital Partners, a fund of funds. The topics are his books My Life As A Quant: Reflections on Physics and Finance and Models Behaving Badly. In this episode of Trend Following Radio we discuss: Why economics can be an 'incestuous' field Economics as a moral science Why all four of the US investment banks were not allowed to go by the wayside Derman's background and his PhD in theoretical physics Derman's early eye-opening experiences at Goldman Sachs Model building, and how Derman was indoctrinated into the world of model building The financial model and science and the physics model and science Short volatility models vs. long volatility models How one estimates risk Models vs. theories Whether Derman finds a certain amount of pushback from others in the academic community Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!

My guest today is Gabriele Oettingen, a Professor of Psychology at New York University and the University of Hamburg. Her research focuses on how we think about the future, and how this impacts cognition, emotion, and behavior. The topic is her book Rethinking Positive Thinking: Inside the New Science of Motivation. In this episode of Trend Following Radio we discuss: Positive thinking, optimism and over-confidence How positive thinking can reign in your sense of urgency The effect of positive thinking on us from a scientific viewpoint Whether Oettingen views her work as an attack on the self-help industry Oettingen's process and how she views data The WOOP (Wish, Outcome, Obstacle, Plan) process Understanding each component part of WOOP "Ah-ha" moments in Oettingen's early development The idea of WOOP as mental contrasting Non-conscious processes Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!

My guest today is Ewan Kirk, the head of Cantab Capital and has brought his firm from $30M AUM in 2006 to over $5B today. Kirk employs several strategies but clearly uses a trend following foundation. The topic is Trend Following. In this episode of Trend Following Radio we discuss: How consistent and predictable profits are the Holy Grail–you're never going to get there Kirk's background Why computer programming is "today's literacy" Standing out from the crowd Trend following in the European scene vs. America Weighting positions based on risk Talking to clients and explaining that losses are statistically inevitable Whether the demand for discretionary traders is waning How discretionary traders look at a trader like Kirk who is 100% systematic Why discretionary intervention in a systematic trading strategy disqualifies it from being truly systematic Proving a strategy as broken rather than proving that it's right Why randomness is everything Uncertainty and convictions about technique Capturing the realism of the world in your trading strategy What actually benefits the economy, society, and the world Seeking client feedback and understanding a client's drivers The importance of consistent marginal improvements Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!

My guests today are Gerd Gigerenzer and Brian Wansink. Gigerenzer is currently director of the Center for Adaptive Behavior and Cognition (ABC) at the Max Planck Institute for Human Development and director of the Harding Center for Risk Literacy. Wansink is the John Dyson Professor of Marketing and the Director of the Cornell Food and Brand Lab in the Department of Applied Economics and Management at Cornell University. The topics are Gigerenzer's book Risk Savvy: How to Make Good Decisions and Wansink's book Slim by Design: Mindless Eating Solutions for Everyday Life. In this episode of Trend Following Radio we discuss: Covel and Gigerenzer discuss the differences between Daniel Kahneman and Gigerenzer's views; heuristics vs. statistics; the notion of medical check-ups, prostate cancer, and the PSA test; taking risks, and instincts vs. expert advice; relative vs. absolute risk; Benjamin Franklin's ledger, heuristics, and romance; intuition, facts, unconscious intelligence, and gut decisions; being risk savvy and ordering in upscale restaurants, why Risk Savvy is an alternative to many other outlooks; the two tools to being risk savvy; the gaze heuristic and athletics; complex problems and simple heuristics. Covel and Wansink discuss weight and obesity; our genes and environment as an effect on our health; "doing what skinny people do" and studying buffets; modeling the behavior of slim people; the advantages of chopsticks; the power of the grocery shopper of the household; triggers and tips to avoid unhealthy behavior that happens in restaurants; correlations between where you sit in a restaurant and eating choices; the three types of people in the context of nutrition; the influence of the environment on our eating habits; being slim by design vs. being slim by willpower; pursuing happiness vs. pursuing a purpose. Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!

My guests today are Nigol Koulajian and Donald Wieczorek. Nigol Koulajian's firm is Quest Partners, LLC and is approaching one billion AUM. Koulajian has a very interesting take on trend following–specifically his take on replicating famous trend following strategies. Donald Wieczorek is the Founder and President of Purple Valley Capital, Inc. He officially launched PVC and began managing client capital professionally using his systematic risk management strategy. He is registered with the Commodity Futures Trading Commission and is a member of the National Futures Association. The topic is Trend Following. In this episode of Trend Following Radio we discuss: Koulajian and Covel discuss Koulajian's background and entrepreneurism within Lebanese culture; how Koulajian got his start, and how he found his way into the systematic strategies he employs today; the influence of Van Tharp; the importance of practices like transcendental meditation and yoga on the mental side of trading and in the context of Koulajian's work today as a fund manager. the S&P 500 as a trading system; crowd psychology; replication strategies; price action as a trigger for different strategies; volatility, volatility compression, and why volatility is not the way to measure risk in the markets anymore; the Flash Crash; and trend following as a hedge to equity risk. Covel and Wieczorek discuss Wieczorek's early track record; Salem Abraham; drawdowns; Wieczorek's first exposure to trend following; why losing early in your trading career can be a good thing; why you don't need to predict market movement to make money; Jack Schwager and the Market Wizards series; and why systematic trading is more than just the technical system. Next, Covel and Wieczorek break apart some of Wieczorek's monthly performance windows (trendfollowing.com/don.pdf), picking apart the psychology and context of certain months in Wieczorek's career. Covel and Wieczorek continue on to talk about correlation between famous trend following traders; volatility and risk; and the value of crisis alpha. Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!

My guests today are Doug Casey and Charles Hugh Smith. Casey is the founder and chairman of Casey Research, a provider of paid subscription newsletter services espousing libertarian viewpoints as the justification for the purchase of highly speculative microcap stocks, precious metals, and other investments. Smith is an American writer and blogger. He is the chief writer for the site "Of Two Minds". Started in 2005, this site has been listed No. 7 in CNBC's top alternative financial sites. Smith's economic works stress the value and efficacy of decentralizing power and wealth, the individual's power of self-determination and the value of community, which in his view has been diminished by the state. The topics are state power and central planning. In this episode of Trend Following Radio we discuss: Casey and Covel discuss what it's like having traveled to over 175 countries and where one can find social and economic liberty today in this world; the advantages of being a perpetual tourist; why Casey describes himself as an anarchist; if whether there is a purpose anymore to voting in the United States of America; loyalty to the country where you were born; those who rule out the possibility of a financial panic in the future; quantitative easing and currency debasement; and what was the trigger for Casey's turn at life as a global traveler. Smith and Covel discuss how winners and are being selected by the state as exemplified by the 2008 financial crisis; alliances between corporations and the state; why there might be an uproar if equity markets were not at all-time highs; what happens when the typical wage earner can no longer substitute debt for earned income; stagnant wages and tradable labor; building your life around non state controlled opportunities; the decentralization of power and wealth; and the reliance on secrecy in politics to avoid accountability. Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!

My guest today is Christopher Cruden, Cruden has been in the trend following space for over 25 years. In 1988 he became a Director of Adam, Harding and Lueck Asset Management Ltd (AHL) in London, a famed trend following shop. He is currently the head of Insch Capital Management. The topic is Trend Following. In this episode of Trend Following Radio we discuss: Why price is an unimpeachable fact Early "lightbulb" moments that brought Cruden to the style of trading he practices today The notion of going currency only Why Cruden's program is akin to a raincoat in bad weather Riding increased volatility and increased directional trending Getting clients to understand that you cannot force a system to make money Benchmark selection and time period selection Why the S&P 500 is a trading system; performance drivers The duration of trades Why if you can't measure it, you can't manage it How Cruden's strategy would change if Europe reverted back to before the introduction of the Euro How markets teach humility Why Cruden only trades once a day Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!

My guest today is Steven Kotler, an American bestselling author, journalist, and entrepreneur. His articles have appeared in over 70 publications, including The New York Times Magazine, LA Times, Wired, GQ, Discover, Popular Science, Outside, Men's Journal, Details and National Geographic Adventure. He is best known for his non-fiction books, including the New York Times bestseller Abundance, A Small Furry Prayer, and West of Jesus. The topic is his book The Rise of Superman: Decoding the Science of Ultimate Human Performance. In this episode of Trend Following Radio we discuss: Synonyms for flow Flow in basketball and other sports Group flow Pattern recognition The neurological explanation for flow The four stages of flow Why flow is not just a binary state Spiritual experiences compared to flow states Brain activity during flow states; the "deep now" Getting to the flow state with drugs The flow state and the act of being on stage Why you need to take risks to get into flow Social fear, risk, and pain vs. physical fear, risk, and pain Method acting, screen presence, and flow The military and flow research Risk and comfort The balance between challenges and skills Getting comfortable with being uncomfortable The fight or flight mindset Future research into flow Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!

My guest today is Mark Rzepczynski, a Founder and Chief Investment Officer at AMPHI Capital Management. Prior to co-founding AMPHI Capital Management, he was the CEO of the Fund Group at FourWinds Capital Management, where he oversaw alternative investments. Rzepczynski was also President and Chief Investment Officer at John W. Henry & Co., an iconic Commodity Trading Advisor. He is on the Advisory Board of the Chartered Alternative Investment Analyst Association (CAIA), the Associate Editor of the Journal of Alternative Investments, and a former board member of the FIA Futures Industry Association. The topic is Trend Following. In this episode of Trend Following Radio we discuss: Advantages of podcasting as a format over traditional media outlets Why prices are "primal" Prices as a heuristic Rzepczynski's ah-ha moment that brought him to the heuristic of price Why a complex education doesn't necessarily mean you should use a complex system Why knowing the transductive reasoning behind price movement is unnecessary VUCA: volatile, uncertain, complex, and ambiguous VUCA in the context of portfolio management The zen of trading and portfolio management; the importance of passion in investing The notion of over-diversification Dynamic allocation Convergent vs. divergent The improbability principle Tail events and preparing for the unexpected The notion of systematic vs. discretionary How trend following is represented in the mainstream media Complexity Risk and return Volatility and complacency Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!

My guests today are Alex Tabarrok and David Nott. Tabarrok is the co-author of the Marginal Revolution website. He's an economist at Covel's alma mater, George Mason University. Nott is the president of The Reason Foundation–an organization that is all about free minds and free markets. The topic is libertarianism. In this episode of Trend Following Radio we discuss: Covel and Tabarrok discuss China and the importance of teaching Chinese to American children; the greatest anti-poverty program in the world; the difficulty of improving the infrastructure of the United States; regulation and innovation; interest groups; benevolent dictators; the need for a democracy in an information age; innovation in the current American education system; why the American education system is focused on getting you to work for the man; women in the American education system; innovation, intellectual property and patents; the cumulative properties of innovation; grounds for optimism in the United States when it comes to innovation; how George Mason University became a libertarian economist hotspot; if Europe is following the path of Japan; why the European monetary union was a mistake; and why travel can create optimism. Covel and Nott discuss The Reason Foundation and what it means to be a libertarian today; how Nott explains being a libertarian to people; how the actor and comedian Drew Carey came to be involved with The Reason Foundation; finding the optimism to stay focused on swaying people to the founding principles of our country; politics in China; the 2008 financial crisis, state control, and Reason's response to the bailouts; common sense notions; pension reform; drug policy reform; the cultural policies surrounding prohibition; expanding the idea of liberty to younger people; Vernon Smith and Walter Williams. Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!

My guests today are Frank Curzio of Stansberry & Associates and Robin Griffiths, the Chief Technical Strategist at ECU and formerly at HSBC. The topic is markets. In this episode of Trend Following Radio we discuss: Covel and Curzio discuss how the fundamental guys justify all time highs in the equity market; the Shiller PE ratio; the importance of analyzing interest rates; Warren Buffett recent investments; what the Fed would do if we went down 30% today; why having a low interest rate environment creates a good situation for stocks; being prepared from a risk management perspective; Zero Interest Rate Policy, its effect on equities and bonds, and tail risk; comparing the environment today to the 1987 crash; hypothetical situations surrounding the S&P 500; exit strategies; and the 24-hour news cycle. Covel and Griffiths discuss how to use fundamentals in an age when interest rates are artificially controlled; Griffiths' history as a mechanical engineer and how he found his way into trading and technical analysis; regression analysis; Elliott Wave and cycles; the idea of whipsaws; geopolitical risks; China, India, and the rise of Asia; not trading off of geopolitical fundamental information; how Griffiths came to the conclusion that the efficient market hypothesis and much of what the mutual fund industry depends on doesn't hold water; spikes and why people in 2014 think that all spikes are gone; Extraordinary Popular Delusions and the Madness of Crowds by Charles Mackay and the cyclical nature of booms and busts; and virtual currencies. Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!

My guest today is Toby Crabel, a tennis player who is now a commodities trader. In 2005, the Financial Times called Crabel "the most well-known trader on the counter-trend side". The topic is commodity trading. In this episode of Trend Following Radio we discuss: Crabel's history as a pro tennis player Longevity and consistency in tennis and trading Where Crabel stands with the total number of systems he employs The source of Crabel's profits and the philosophy behind it Price action Winning and losing volatility Why Crabel needs price movement and volume The idea of price shocks and the importance of being aware of them The process of moving from high drawdowns to a much lower drawdown The importance of diversity Early lightbulb moments that informed Crabel's trading style Crabel's experience with Victor Niederhoffer How the philosophy of Objectivism has informed Crabel's life The liquidity of futures markets The importance of persistence Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!

My guest today is Alex Greyserman, Chief Scientist at managed futures firm ISAM. He is also a professor at Columbia University. He is a member of the ISAM Systematic Investment Committee. He has 25 years of experience in the Managed Futures industry, having starting initially as Research Director at Mint Investment Management Co. The topic is Trend Following. In this episode of Trend Following Radio we discuss: Idea of young college graduates writing articles about the death of trend following while firms like Greyserman's continue to have tremendous success Alternatives to thinking only 'long stocks' Greyserman's first meeting with Larry Hite and how they have come to have such a career together Why trend following is about more than getting on the right side of the S&P trade The difference between cross-sectional momentum and time series momentum The phrase "crisis alpha" and why trend following does well in times of crisis The cost of not having trend following in your portfolio Benchmarking and diversification Why the worst thing you can do is "trend follow a trend follower" The science of trend following Speculation Trend following your life–not just the markets Dispersion among trend following traders Effect of a higher rate environment Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!

My guest today is Anthony Todd, the CEO of Aspect Capital, one of the most successful managed futures trend following firms. Todd co-founded Aspect in September 1997. Before that, he was with AHL. The topic is Trend Following. In this episode of Trend Following Radio we discuss: Why prices aren't random Finding an inefficiency that the academic financial community refuses to acknowledge The idea of "predictable" patterns in the market The desire to know static positions How crowd behavior drives trends Addressing misconceptions Using fundamentals in a systematic way Defining Todd's medium-term style of trend following Why "it's less about the genius of the trade and more about the repeatability of the approach" How long you can be in a particular market before you give up on it Client understanding of trend following drawdowns The phraseology of "crisis alpha" The culture that Todd has built at Aspect Todd's advice to young entrepreneurs. Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!

My guest today is Jason Fried, the co-founder and President of 37signals, a privately-held Chicago-based company committed to building the best web-based tools possible with the least number of features necessary. The topic is his book Rework. In this episode of Trend Following Radio we discuss: The first dollar Fried made online and other formative experiences Keeping business simple Making something more valuable than the dollars people give you The intimacy of exchanging money The idea of doing less than your competitors to beat them Building an audience The "real world" Why an MBA program might not teach you much about entrepreneurism Corporate structure Focusing on what will not change Zen and the moment of right now Not focusing too far into the future Fried's experience with Jeff Bezos Idea of improvisation or "winging it" in business Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!

My guest today is Roland Austrup, the Chief Executive Officer and Chief Investment Officer at Integrated managed Futures, part of the IAM group out of Canada. Austrup's firm comes at trading from a slightly different perspective: very systematic, but also using fundamentals systematically. The topic is trading. In this episode of Trend Following Radio we discuss: How Austrup got started in the industry, and whether he was always a "quant" thinker Early experiences with Ed Seykota Whether Austrup uses a systematic use of fundamentals or a discretionary use of fundamentals Why systematic can be frightening to certain people Managing risk and the return to risk profile Why Austrup targets a downside volatility of 13% Why "the returns will take care of themselves" if you manage risk correctly Trading trends and not market noise Being on the right side of a trend The phrase "equity-like returns" Reviewing trend following performance in recent years Why Austrup's strategy is not based on prediction The importance of a broadly diversified portfolio Lack of correlation to traditional long-only equities strategies The current low rate environment Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!

My guest today is Kathryn Kaminski, the deputy managing director the institute for financial research (SIFR) Stockholm Sweden. She's also a contributor to CME Group. She earned her PhD at the MIT Sloan School of Management. At the MIT Laboratory for Financial Engineering, she conducted research on financial heuristics in collaboration with Professor Andrew W. Lo. Her new book, with Alex Greyserman, is "Trend Following with Managed Futures: The Search for Crisis Alpha." The topic is Trend Following. In this episode of Trend Following Radio we discuss: Survivorship bias Kaminski's background and upbringing Convergent risk-taking strategies and divergent risk-taking strategies Social networking as an example of risk Apple as an example of convergent/divergent The importance of failure The efficient market hypothesis, the idea that trend following is "voodoo", and the lack of transparency in trend following Critics of trend following Kaminski's "ah-ha" moment with trend following Why trend following works in times of crisis The adaptive markets hypothesis Looking at markets like ecologies Divergence and "punctured equilibrium" The process of going back 800 years analyzing trend following The idea of black boxes The acceptance of trend following Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!

My guest today is Vineer Bhansali, the managing director and portfolio manager at PIMCO. His most recent book is "Tail Risk Hedging". He has 24 years of investment experience and holds a Ph.D. in theoretical particle physics from Harvard University. The topic is Trend Following. In this episode of Trend Following Radio we discuss: "Trend Following Through The Rates Cycle" Trend following in the classical sense How trend following started to become part of the discussion at PIMCO Introducing new ideas to PIMCO, corporate culture, and to clients The three hypotheses tested in "Trend Following Through The Rates Cycle" Currency trading and trend following returns Why larger trend following shops may have trouble getting into smaller markets Trend following across a diversified portfolio and classical trend following approaches Connecting Bhansali's hobbies to the quantitative world Structure and thinking in terms of code Imagining and building simulations Being distribution aware Why being at all-time highs is not the time to feel satisfied Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!

My guests today are Joey Reiman and John Brenkus. Reiman, who runs Brighthouse, has been called the "father of ideation". He's emerged as the subject matter expert in the area of purpose inspired leadership, marketing, and innovation. His breakthrough purpose methodology and frameworks have been adopted by the likes of the Boston Consulting Group, Procter & Gamble, The Coca-Cola Company, McDonald's, KPMG, and many other Fortune 500 companies across the globe. As an adjunct professor at the Goizueta School of Business at Emory University, he teaches tomorrow's executives his revolutionary theories and applications for purpose-inspired profit. Brenkus is the host of the ESPN show, Sport Science. Sport Science is an ongoing television series that explores the science and engineering underlying athletic endeavors. The topics are marketing and sports science. In this episode of Trend Following Radio we discuss: Covel and Reiman discuss Reiman's background and mission in life; looking for meaning; figuring out your "why"; the process of teaching, and the areas where certain people may get tripped up; looking back to your beginnings; the destructiveness of outside voices; calmness and contemplation; solitude vs. aloneness; "money doesn't create ideas–ideas create money"; why daydreaming isn't necessarily a bad thing; creativity and environments; changing the world through changing your routine; routine and creativity; thinking with your heart as much as your mind; Apple vs. Google; raw talent, creativity, and environment; lucky people and "yes" people; the power of "slow"; and the importance of storytelling. Anything about statistics and science has the potential to inspire Covel and with John Brenkus, he goes straight into it; Also discussed: what triggered the science and sports connection in Brenkus' brain; science and martial arts; measuring human performance; why success doesn't follow a straight line; Brenkus' college experiences and how they are relevant to his work today; the idea of physical limits being reached; why Brenkus became a crash test dummy; the advantage of applying science to any aspect of life; and the Iron Man competition. Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!

My guest today is Mark Broadie, the Carson Family Professor of Business and Vice Dean at the Columbia Business School. His research focuses on quantitative finance and sports analytics. His golf research has appeared in academic journals and many golf publications. He developed the new strokes gained approach to analyze the performance of amateur and professional golfers and worked with the PGA Tour on their implementation of the strokes gained putting stat. The topic is his book Every Shot Counts: Using the Revolutionary Strokes Gained Approach to Improve Your Golf Performance and Strategy. In this episode of Trend Following Radio we discuss: How he became, in Covel's words, the "Bill James of golf" How Broadie connected his finance work to the sport of golf Why certain golfers win Why approach shots are the most important "Drive for show, putt for dough" How Broadie started, the software he used, and how he got better data Whether Broadie had any sense of where the data might go when he first collected it Power as a separator The connection between sports analytics, business analytics, and investing The psychology of golf First putts vs. second putts The world golf rankings, and how these can be fixed Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!

My guest today is Larry Swedroe, a Buckingham Asset Management principal. He is also a principal and co-founder of BAM Advisor Services, LLC, and serves as the director of research for both entities. Swedroe has authored or co-authored fourteen books and comes at investing from an evidence-based approach. The topic is outside the box market perspectives. In this episode of Trend Following Radio we discuss: Forecasters and prediction The three types of forecasters Confirmation bias How your political affiliation might change your willingness to listen to forecasts Value perspective vs. momentum perspective The anomaly of momentum The evidence-based thinking approach Momentum trading in 2008 How Swedroe prepares for the unexpected Not treating the unlikely like it's impossible Managing your risk Process vs. outcome The equity risk premium and bear markets Commonplace crises Planning ahead Diversification attempts to get outside of equities Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!

Please enjoy my monologue A Million Words and Justifications with Michael Covel on Trend Following Radio. This episode may also include great outside guests from my archive. --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!

My guest today is Richard Lewis, a cross-cultural expert who has been studying language and communication his entire career. He's traveled to 130+ countries and speaks eleven different languages. The topics are his books When Cultures Collide: Leading Across Cultures and When Teams Collide: Managing the International Team Successfully. In this episode of Trend Following Radio we discuss: How Lewis' love affair with language started The best way to start learning a language Travel as a "magic elixir" of sorts The Lewis model Cultural differences in language, and what Lewis means by linear-active, multi-active, and reactive The idea of losing face in the context of cross-cultural communication Microculture and macroculture Cross-cultural teams vs. homogenous teams Normal and abnormal in a cultural context Paperwork and punctuality in different cultures Why the linear-active person confronts with logic, the multi-active person confronts emotionally, and the reactive person is never confronting Why there's much more to making a deal than just quantity and price Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!

My guest today is Joel Mokyr, an economic historian at Northwestern University. He focuses on technological progress, and how it affects growth. From Mokyr's perspective, we haven't seen anything yet. He's not trying to predict what will happen next; he's just confident and ready that big things will continue to happen. The topic is technology. In this episode of Trend Following Radio we discuss: Define technology The notion of playing God with technology How technology and economic growth are intertwined Why screwing up is part of technology The acceleration of technology New ways of measuring growth Anesthesia and antibiotics as technologies and imagining new technologies as revolutionary as them Moving from a wheat and steel economy into an information economy The factory, the separation between firm and household, and the Industrial Revolution The death of distance Why technology is often not reflected in the GDP Solving the language barrier through technology Why the global acceptance of the English language is driven by technology Why innovation isn't natural to us The declining respect of the writings of previous generations Why the median age will continue to increase Why we are moving into a mass-customization society Changes in material science The best way to think about the future Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!

My guest today is Guy Kawasaki. For those of you that pay attention to being an entrepreneur, Kawasaki's books have been invaluable over the last decade. Currently, he is the chief evangelist of Canva, an online graphic design tool. Formerly, he was an advisor to the Motorola business unit of Google and chief evangelist of Apple. The topic is entrepreneur. In this episode of Trend Following Radio we discuss: Why being a consultant or an investment banker are two of the worst first jobs you can get Working in sales, and Kawasaki's early experience in the jewelry business Some of the most valuable attributes of a good salesman Marketing, social media, and why you'd want to have a rabid fan with fifteen followers rather than just another blurb on the back of your book from the so-called big name Why a book review in The New York Times isn't as important as it used to be The Amazon and Hachette conflict, and why Amazon is still the best thing to happen to authors in a long time The two types of people in the world–baker vs. eater How Kawasaki manages his time Looking at your social media presence as core to your existence Disruptive high growth opportunities Introversion and getting better at standing on stage Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!

My guest today is Rande Howell. Howell has a therapeutic background combined with personal coaching in the fields of human potential and leadership. He has fifteen years of practice as a licensed professional counselor with a Masters in Counseling. The topic is counseling. In this episode of Trend Following Radio we discuss: What the performance mind is in regards to trading Trading, emotions, and uncertainty Why irrational pessimism is deadly in trading Emotional regulation and mastering emotions The blurry line between the casino and trading, particularly in Asia Euphoria vs. fear in a trading context Why what you're afraid of owns you Jungian archetypes The Myers-Briggs instrument Biological threat vs. psychological discomfort The mistake of using trading to measure your worth Getting your emotions right but your strategy wrong Why success in one endeavor doesn't necessarily mean success in trading The importance of patience The panther vs. the African lion Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!

Please enjoy my monologue The Health and Longevity Episode with Michael Covel on Trend Following Radio. This episode may also include great outside guests from my archive. --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!

Please enjoy my monologue The S&P 500 Trading System with Michael Covel on Trend Following Radio. This episode may also include great outside guests from my archive. --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!

My guest today is Laurie Santos, a professor of psychology and cognitive sciences at Yale University. Her research explores the evolutionary origins of the human mind by comparing the cognitive abilities of human and non-human primates. Santos is able to look at monkeys and their behavior in markets and money, and see the similarities with humans. The topic is cognitive abilities. In this episode of Trend Following Radio we discuss: Santos' early "ah-ha" moments Teaching monkeys about currencies Whether the monkey economy is as irrational as ours The endowment effect How monkeys' behavior in markets quantitatively matches human behavior Whether some monkeys took to the experimental economy better than others Mistakes and predictable errors Why humans might be uniquely irrational when it comes to enjoying what we pay more for Vernon Smith's work Relationships between Santos' work and the financial crisis of 2008 Bubbles, monkeys, and Daniel Kahneman The "G.I. Joe fallacy" Why we have trouble accepting cognitive limitations rather than our biological limitations Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!

My guest today is Robert Aumann, the fourth Nobel Prize winner to appear on this podcast. Aumann is an Israeli-American mathematician, and a member of the United States National Academy of Sciences. He is a professor at the Center for the Study of Rationality in the Hebrew University of Jerusalem in Israel. The topic is game theory. In this episode of Trend Following Radio we discuss: Conflict and cooperation through game theory analysis World via his game theory perspective Meeting John Nash and Aumann's early background What game theory is trying to accomplish The economic definition of rationality The idea of a strategy matrix The world champions of peace and the best way to maintain peace The 2008-09 bailouts from Aumann's perspective and a game theory outlook Behavioral economics Game theory, diplomats, and the Cuban Missile Crisis The existence of nuclear weapons and the Cold War Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!

My guest today is Gregory Morris, the Sr. Vice President, Chief Technical Analyst, and Chairman of the Investment Committee for Stadion Money Management, LLC. He also serves as the chairman of the Station Trust Board. In this capacity Greg educates institutional and individual clients on the merits of technical analysis and why Stadion utilizes a technical rules-based model. Greg oversees the management of over $5.5 Billion in assets in six mutual funds, separate accounts, and retirement plans. The topic is his book Investing with the Trend: A Rules-based Approach to Money Management. In this episode of Trend Following Radio we discuss: Morris' history as a US Navy fighter pilot The checklist and how foundational it is to trading How Morris had his first exposure and understanding of technical analysis Russian Roulette and trading Risk vs. uncertainty Process and predictions Having a set of daily actions Learning lessons through failure Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!

My guest today is Dennis Gartman, the editor and publisher of The Gartman Letter. Gartman appears on CNBC, ROB-TV and Bloomberg television, discussing commodities and the capital markets, and speaks before various associations and trade groups around the world. The topic is outside the box market perspectives. In this episode of Trend Following Radio we discuss: How Gartman first got started Chicago trading in the late 70's to the mid 80's Why you should never add to a losing position Buying strength and selling weakness Systems from Gartman's perspective, and keeping your systems simple Being patient with winning trades and impatient with losers Gartman's daily grind and process Mass psychology, efficient markets, and behavioral economics Gartman's thoughts on the market today and geopolitical events How we hear about geopolitical events today compared to the past Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!

Please enjoy my monologue Misinformed View On Trend Following with Michael Covel on Trend Following Radio. This episode may also include great outside guests from my archive. --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!

My guest today is Leo Melamed, a pioneer of financial futures, currencies, and stock indexes. Melamed became Chairman of the Chicago Mercantile Exchange in 1969. In 1972, under his leadership, the CME created the International Monetary Market (IMM), the world's first financial futures exchange, and launched currency futures. He is currently Chairman Emeritus of CME Group (formerly the Chicago Mercantile Exchange). The topic is his book Leo Melamed: Escape to the Futures. In this episode of Trend Following Radio we discuss: Overcoming odds China's futures markets The middle class in China Melamed's experience meeting Milton Friedman and some of the lessons learned Melamed's early experiences escaping Nazi-controlled Poland, and eventually going to work for Merrill Lynch Stock futures The importance of speculation Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!

My guest today is John H. Cochrane, the AQR Capital Management Distinguished Service Professor of Finance at the University of Chicago Booth School of Business. The topic is Chicago school economics. In this episode of Trend Following Radio we discuss: Warren Buffett's quote that he "would have made a fortune" if the banks weren't bailed out Crony capitalism Why "a good Bear failure may have saved us from a bad Lehman failure" The cost of regulation Uber, taxi service, and regulation Why commodities keep getting cheaper and cheaper, but people with expertise keep getting more and more expensive The idea of discretion Healthcare Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!

My guest today is Meir Statman, the Glenn Klimek Professor of Finance at the Leavey School of Business, Santa Clara University. His research focuses on behavioral finance. He attempts to understand how investors and managers make financial decisions and how these decisions are reflected in financial markets. Meir's latest book, "Finance for Normal People: How Investors and Markets behave" has been published by Oxford University Press. The topic is his book What Investors Really Want: Know What Drives Investor Behavior and Make Smarter Financial Decisions. In this episode of Trend Following Radio we discuss: How we make decisions, and how these decisions are reflected in markets What investors want besides the utilitarian aspect of money Philanthropy and status Why Madoff's clients' own greed helped them fall into a trap Envy and happiness The fear of losing and the fear of missing out Mental accounting Statman's drivers and early influences Libertarianism vs. paternalism Social Security and mandatory retirement savings Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!