Michael Covel's Trend Following

My guest today is William Poundstone, an American author, columnist, and skeptic. He has written a number of books including the Big Secrets series and a biography of Carl Sagan. The topic is his book Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street. In this episode of Trend Following Radio we discuss: Claude Shannon The connection between Al Capone The Kelly formula, bookmaking, and the telephone industry Bell Labs and information theory Why, when betting, if there's a small chance of losing everything, you will eventually lose everything Criticisms of the Kelly criterion Ed Thorp, blackjack, and card counting Long-Term Capital Management Martingale vs. Kelly Early development of the Black-Scholes formula 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 Perry Kaufman, an American systematic trader, index developer, and quantitative financial theorist. He is considered a leading expert in the development of fully algorithmic trading programs. The topic is systematic trading. In this episode of Trend Following Radio we discuss: How Kaufman came to the idea of 100% algorithmic trading systems The difference between being systematic and being automated Optimization vs. validation The biggest advantages of testing Why discretion is not part of Kaufman's toolbox The problem of tail events Why discipline is the most important characteristic of a systematic trader The "loose pants fit everyone" philosophy Preparing yourself for uncertainty Comparisons between risk management and risk measurement The Sharpe ratio High volatility trades vs. low volatility Why Kaufman places equal weight on both risk management and the underlying system Systematic trading in established mature markets vs. emerging 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 Ben Hunt, the Chief Risk Officer at Salient Partners. Salient is a 19B AUM manager based in Houston, Texas. As Chief Risk Officer, Hunt writes the Epsilon Theory, viewing capital markets through the lenses of game theory and history. The topic is Epsilon Theory. In this episode of Trend Following Radio we discuss: Power of the crowd watching the crowd Game theory Having a profound agnosticism about what the future holds The difference between risk and uncertainty in the context of game theory The Panopticon and the chilling effect of being watched The "common knowledge game" and the missionary The island of the green-eyed tribe 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 Andrew Huszar, a Senior Fellow at Rutgers Business School and also a former Morgan Stanley managing director. In 2009, he managed the Federal Reserve's 1.25 trillion dollar mortgage-backed security purchase program. The topic is the direction of the Federal Reserve. In this episode of Trend Following Radio we discuss: Looking at the short term Black swans Huszar's history and how he came to work for the Federal Reserve The changing of the banking model in the US from the 1980's to the late 2000's Quantitative easing Why Huszar ultimately left the Fed at the beginning of 2011 How the Fed has become over five times bigger in recent history The current source of Wall Street money The idea of an overly financialized US economy The need for long-term structural changes in the US 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 Hersh Shefrin and Arvid Hoffmann. Hersh Shefrin has done pioneering work in behavioral finance and is the author of Beyond Greed and Fear. Hoffmann is a colleague of Shefrin. He is a Professor of Finance at Maastricht University in the Netherlands. The topic is their paper, Technical Analysis and Individual Investors. In this episode of Trend Following Radio we discuss: Covel and Shefrin discuss how Shefrin came to know that behavioral finance was his path; the two-system framework; the connection to behavioral and eating disorders; the disposition effect; when emotion and reason are in conflict; "transferring your assets" vs. "selling a loss"; distinguishing between rules and discretion; how we stick with rules for ourselves given the context of our humanity; the psychological pitfalls of the 2008 financial crisis; the inevitability of market crises; Minsky and Keynes; the psychology of Keynesian economics; and human ideas surrounding uncertainty. With Arvid Hoffmann, Covel discusses the paper Technical Analysis and Individual Investors; the inspiration for the paper; Hoffmann's definition of technical analysis; the narrow focus of the paper to short-term trading; technical analysis and trend following; "invest as if the market was efficient", and "restrict your attempts to beat the market" 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 An Agenda Or An Acting Job 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 Mark Miller, an American computer scientist. He is known for his work as one of the participants in the 1979 hypertext project known as Project Xanadu; for inventing Miller columns; and the open-source coordinator of the E programming language. He also designed the Caja compiler. Miller is a Senior Research Fellow at the Foresight Institute. The topic is computer science. In this episode of Trend Following Radio we discuss: Property rights Hernando de Soto Bitcoin and digital trust "Smart contracts" Why a contract is like a board game Game theory 3rd World infrastructure How program code can become a contract A closer look at "possession is nine-tenths of the law" Whether the Turing Test was just passed Defining the term "singularity", and the multiple singularities of the past A.I. and nanotechnology How Miller's work relates to markets The history of hypertext 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 Van Tharp, Tharp runs the Van Tharp Institute and is the author of four acclaimed books published by McGraw Hill: Super Trader, Trade Your Way to Financial Freedom, Safe Strategies for Financial Freedom, and Financial Freedom Through Electronic Day Trading. He was also featured in Jack Schwager's Market Wizard's: Interviews with Great Traders. Van Tharp received his Ph.D. in psychology, is a certified Master Practitioner of Neuro Linguistic Programming (NLP), a Certified Master Time Line Therapist, a certified Modeler of NLP, and an Assistant Trainer of NLP. He has used his expertise in NLP to create the successful models of trading and investing upon which so much of his work is based. The topic is his book Trading Beyond the Matrix: The Red Pill for Traders and Investors. In this episode of Trend Following Radio we discuss: Beliefs in the context of trading and investing The moment of now, and the Navajo's belief of a never-ending present The belief examination paradigm "Big money" and what it means to Van Tharp The idea of "trader jail" Fear of the unknown The importance of sleep The difference between spirituality and religion 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 David Ryan. Ryan was famously first featured in Jack Schwager's "Market Wizards" book. Ryan has been the U.S. Investing Champion for 3 times and also worked for William O'Neil. The topic is market wizards strategies. In this episode of Trend Following Radio we discuss: How Ryan got his start walking up to the front door of O'Neil's offices How Ryan would describe his approach to trading today CAN SLIM trading, and buying the breakout vs. buying the dip Enjoying trading without clients Some good CAN SLIM winners in the past two to three years from Ryan's perspective Big picture-wise, the max loss that Ryan is willing to take on a position The type of winning percentages that Ryan really sees The uneasiness about the overall market system since the 2008 financial crisis and how Ryan looks at how the situation has unfolded High frequency trading How the market can be humbling; and getting your ego out of the market 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 Jerry Parker, an original Turtle, trained by Richard Dennis. However, since then he has very successfully run a managed money firm called Chesapeake Capital. The topic is Trend Following. In this episode of Trend Following Radio we discuss: Mean reversion trading What the definition of momentum trading is compared to trend following Why "good enough" is more rigorous than any metric How the intervention of the Fed has broken up trends and made volatility drop in markets How the idea of uncertainty and talking in probabilities makes people uncomfortable The difference between managed futures and trend following Why buy and hold is predicated on trust of the Fed Why trend followers don't look to "beat" the market 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 Walter Williams, an American economist, commentator, and academic. He is the John M. Olin Distinguished Professor of Economics at George Mason University, as well as a syndicated columnist and author known for his libertarian views. The topics are liberty and economics. In this episode of Trend Following Radio we discuss: Why Williams calls himself a radical The morality of markets The welfare state and bailouts How Williams didn't "think poor" growing up The nefarious aspect of minimum wage How Williams stayed positive and avoided bitterness despite opposition Malcolm X. and Martin Luther King, Jr. Why there's no poverty in the United States How Williams felt about the Fall of 2008 and the bailouts that took place How we got to the point where people want to trust the state so much How Williams has developed a thick skin to deal with the criticism of his radical nature 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 Mauldin, a noted financial expert, a New York Times best-selling author, a pioneering online commentator, and the publisher of one of the most widely read investment newsletters in the world. The topic is finance. In this episode of Trend Following Radio we discuss: Credit card rates and zero interest rate policy The improper use of credit Debt spirals Central bank policies that keep whipsaw periods going The actions in Japan and how they can spread across the world The justifications that Mauldin sees behind the scenes Black swans and boom-bust periods How the 2008 financial crisis wasn't a true black swan event The "why" behind zero interest rate policy The specter of Keynesianism over the world 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 Jean-Philippe Bouchaud, the Chairman of the multi-strategy quantitative hedge fund Capital Fund Management (5B+ AUM) and co-supervisor of the research team. He is a well known authority in the field of Econophysics, co-author of "Theory of Financial Risks and Derivative Pricing", a Professor of École Polytechnique where he teaches Complex Systems and has his Ph.D in theoretical physics from École Normale Supérieure. The topic is Trend Following. In this episode of Trend Following Radio we discuss: Bouchaud's physics background and how it collided with the world of classical economics The Black-Scholes model, and its still use; experimenting with simulation Bouchaud and his colleague's paper, "Two Centuries of Trend Following" The efficient market hypothesis Why the existence of trends is one of the most statistically significant anomalies in financial markets How trends predate trend following Why classical economics has no framework through which to understand "wild markets" Benign randomness vs. wild randomness Accepting uncertainty Differences between physicists and economists 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 Cult-Like Indoctrination 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 Nir Eyal, an educator, author, and entrepreneur who is all about connecting psychology, technology, and business. The topic is his book Hooked: How To Build Habit Forming Products. In this episode of Trend Following Radio we discuss: How behavior and habits can be engineered, and how technology changes our behavior The moral implications of habit forming activities The difference between habits and addictions Breaking "the hook" The four areas that "the hook" goes through: trigger, action, variable reward, and investment The IKEA example and how value can be built Eyal's mentors and influences The importance of social feedback from your community The WhatsApp deal, and how to deal with your "insane jealousy" of the messaging app deal Getting equal pay for equal work, and how that might be embedded in our DNA The importance of interface changes when it comes to revolutionary changes in technology 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 Brett Steenbarger, a Clinical Associate Professor of Psychiatry and Behavioral Sciences at SUNY Upstate Medical University in Syracuse, NY. The topic is Trend Following. In this episode of Trend Following Radio we discuss: What a "flow state" is, and why it's important How Steenbarger has seen flow connect to the trading world, and the importance of matching your level of difficulty and challenge Risk and risk tolerance The logical and psychological sides to risk "What have you done for me lately" attitude for investors Why we don't grow if we stay within our comfort zones Process vs. outcome The psychological burden of certain fee structures Some of the common characteristics of successful traders Slow thinking, deep thinking, and fast thinking Where we're headed regarding prescription drugs related to the mind Trend trading vs. mean reversion Contextualism Trend following vs. momentum trading How people actually behave vs. how they describe their behavior 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 Larry Hite and Alex Greyserman. Hite is a hedge fund manager and is one of the forefathers of system trading. He was famously featured in the Market Wizards book. A few years ago he started ISAM with Stanley Fink. Greyserman has 25 years of experience in the CTA industry, and was originally hired by Larry Hite at Mint. Greyserman is Chief Scientist at ISAM (PhD in Statistics). He is also a professor at Columbia University. The topic is Trend Following. In this episode of Trend Following Radio we discuss: Singapore, and Covel's recent excursions in Asia How the game has stayed the same despite zero interest rate policy What people are missing when they say "trend following is dead" How you'll never get perfection Their 800 year study, the premise, and what was found out Measuring human nature The difference between divergent and convergent strategies Risk management Having "perfect" knowledge Using long trends and getting whipsawed in shorter trends The asset class of trend following compared to the NASDAQ buy and hold, etc. What's changed about human nature through all the booms and busts Insurance, hedging your risk, and the risk transference process Asymmetrical leverage Adjusting to new environments How those that survive are the most adaptable to the environment How trend following automatically adjusts to what's happening 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 Sharon Moalem, a physician and author. Moalem's previous book, "Survival Of The Sickest", was a New York Times bestseller. The topic is his book Inheritance: How Our Genes Change Our Lives, and Our Lives Change Our Genes. In this episode of Trend Following Radio we discuss: Rafael Nadal as an example of digging deep in genetics How our bodies are constantly in a state of deconstruction and reconstruction How DNA is under constant modification Genetic personalized medicine "Jeff the chef" and an example of specific dietary needs Dysmorphology and analyzing the hands, feet, and face of an individual Gregor Mendel and his pea experiments in genetics How your behavior can dictate your genetic destiny The future of personalized genetic medicine Critics and misunderstandings of genetics Vitamins on an individual basis 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 Robin Hanson, an associate professor of economics at George Mason University and a research associate at the Future of Humanity Institute of Oxford University. The topic is outside the box economic perspectives. In this episode of Trend Following Radio we discuss: Prediction markets Vernon Smith and coming up with the "why" for booms and busts Dealing with a complex world based on our limited abilities Steering towards humanity's future Hanson's physics background, and how he came to where prediction markets became a passion How prediction markets can make us pay more attention to the truth Hayek and Mises, and some of their thinking early on What taboos and idealogical beliefs might stop one from making optimal decisions If people have employed particular trading strategies to the prediction markets Stop losses as information and as risk preference Setting up a market to bet on geopolitical events in the Middle East, and the controversy based around that Why DC politicians often cannot handle the research Hanson does Why Hanson has elected to have his head cryonically preserved after medical death based on a cost-benefit analysis 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 Harry Markowitz, the third Nobel Prize winner to appear on this podcast. Markowitz is an American economist who received the 1989 John von Neumann Theory Prize and the 1990 Nobel Memorial Prize in Economic Sciences. Markowitz is a professor of finance at the Rady School of Management at the University of California, San Diego. The topic is modern finance. In this episode of Trend Following Radio we discuss: Justin Fox and "The Myth Of The Rational Market" Markowitz's beginnings, and the Nobel Prize Markowitz's 1952 paper How Markowitz felt about some of his prescriptions and ideas being interpreted into dogma Why Wall Street was not interested in Markowitz's theories at one time Diversification for the right reason Markowitz's new four-volume book Advice on maintaining mental acuity at an advanced age and sounding like you're 35 when you're 86 years young Markowitz's attraction to the philosopher Hume If it was fifty years later, if Markowitz would be a quant running a hedge fund today Markowitz's legacy On being comfortable vs. being rich The leveraged long-only hedge fund industry and being coaxed into putting your money into these institutions Long Term Capital Management and portfolio theory 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 Ryan Holiday, director of marketing for American Apparel; media strategist for Tucker Max, Dov Charney, and others. The topic is his book The Obstacle Is the Way: The Timeless Art of Turning Trials into Triumph. In this episode of Trend Following Radio we discuss: Marcus Aurelius' philosophy and stoicism, and why it has such a hold on Holiday Distraction Why the impediment to action actually advances action The unpredictability of the world, and how we react to the world George Clooney, and his start as an actor related to the obstacles we all face Steve Jobs' reality distortion field What drives Holiday today How will is the ultimate trump card The two definitions of will Alabama Crimson Tide coach Nick Saban and his approach to the moment of now Feeling great about the fight, the adversity, and the challenge How the process is intrinsically valuable 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 Doyle, a former JP Morgan banker. Larry embarked on his Wall Street career in 1983 as a mortgage-backed securities trader for The First Boston Corporation, and was involved in the growth and development of the secondary mortgage market from its near infancy. The topic is his book In Bed with Wall Street: How Bankers, Regulators and Politicians Conspire to Cripple Our Global Economy. In this episode of Trend Following Radio we discuss: Doyle's background and why he put "In Bed With Wall Street" together Madoff, and what was missed from a regulatory perspective KYC, or "knowing your customer" MF Global, Jon Corzine, and touching customer funds Dodd Frank and the supposed fixes to the 2008 financial crisis, and why Dodd Frank was more of an architectual blueprint rather than a completed piece of legislation Regulatory reforms to help fix the problems created in the 2008 financial crisis Informing the general public of the problems surrounding Wall Street today The "bribe" of equity markets at all-time highs; manipulation of the markets Why Tim Geithner said "we saved the economy, but we lost the country" If a crash is the only thing that will bring about change Why the banks must be broken up What would have happened if Goldman Sachs and Morgan Stanley had failed 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 Tucker Max, an American author and public speaker. He chronicles his drinking and sexual encounters in the form of short stories on his website TuckerMax.com, which has received millions of visitors since Max launched it as the result of a bet in 2000. The topic is success. In this episode of Trend Following Radio we discuss: Covel and Max talk about their first meeting, and Max's brutally honest advice to Covel Diet and nutrition The NCAA, college athletics, exploitation, the media, and having to 'beat' the system Marginal cost and marginal product Entrepreneurial thinking and Max's early career Max's experience in marketing Protecting your independence Christopher Hitchens Facing rejection in publishing, and how rejection is part of success How success only teaches you to repeat what you did before, and failure forces you to think What drives Max today How the landscape has changed in regards to authors The fight for authority and trust in the publishing world What motivates Tucker Max today--the quality of relationships you have with other people, and what you do that matters to others 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 Two Centuries of 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 Mark Minervini, a technical analyst, acclaimed author, instructor, and independent trader. He has over 30 years of experience in finance, and was featured in Jack Schwager's Stock Market Wizards; Conversations with America's Top Stock Traders. The topic is his book Trade Like a Stock Market Wizard: How to Achieve Super Performance in Stocks in Any Market. In this episode of Trend Following Radio we discuss: Importance of influences outside of the finance world Minervini's atypical background in music and how he got to where he is today Capturing 'super performance' and the trend The importance of cutting your losers short How Minervini spends his day Richard Love and 'super performance' stocks Why Minervini is not a fan of diversification beyond the minimum amount that you can get away with Richard Donchian, Jesse Livermore and their influence on Minervini Timeless strategies Paul Tudor Jones and 'losers average losers' The importance of not just trading what you know 'New high ground' and not being afraid of buying higher highs Risk management and bet sizing The biggest areas where new traders often start off on the wrong foot Howard Lederer and poker players as an analogy to traders Why you shouldn't even turn on the television as a stock trader 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 William Adams, a private trader and systems developer. He is based in Zurich and works with institutional clients. Adams has over 17 years of experience in financial markets. The topic is trading. In this episode of Trend Following Radio we discuss: If Adams views himself as a trend following trader Why the word futures can be problematic Broad diversification and diversifying on a number of different tiers Risk-based diversification Why making sure you're in the game is the most important factor Why every business is seasonal Why price is the most important aspect to a trade How Adams has (or doesn't have) the "expertise" to trade certain markets Informing your system of various events as a quantitative or systematic trader Thinking about Adams' strategy in the context of evolution Core baskets vs. satellite baskets The adaptive aspect of what Adams does The philosophical and operational aspects of volatility Average true range as a volatility measure Trading to make a return vs. trading as an economist Adams' greatest areas of challenge and frustration Michael Lewis and whether the markets are "rigged" Execution strategy 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 Vocabulary of The Media 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 Justin Fox, an American financial journalist, commentator, and writer born in Morristown, New Jersey. He is a Bloomberg Opinion columnist and former editorial director of the Harvard Business Review Group and business and economics columnist for Time magazine. The topic is his book The Myth Of The Rational Market: A History of Risk, Reward, and Delusion on Wall Street. In this episode of Trend Following Radio we discuss: Harry Markowitz, Bayesian statistics, and making smart decisions in an uncertain world using quantitative tools Stocks, beta, and the importance of making useful predictions Commodities Corporation and trend following trading in the early 1970's Why a market in which everyone was rationally anticipating the future would be a random market Amos Hostetter How the behavioral mindset started to unfold in the 1970's Eugene Fama and the efficient market hypothesis The Capital Asset Pricing Model Why well-designed markets and well-informed investors are prone to manias and panics Individuals making errors vs. the group getting it right 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 Whipsaw Guy 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 Thomas Gilovich, an American psychologist who is the Irene Blecker Rosenfeld Professor of Psychology at Cornell University. He has conducted research in social psychology, decision making, behavioral economics, and has written popular books on these subjects. The topic is behavioral economics. In this episode of Trend Following Radio we discuss: How his world dovetailed into money and markets Basketball, streak shooting, and the "hot hand" Randomness and the clustering illusion The missing Malaysian Airlines flight and probability The reluctance to accept a probabilistic view of the world Politics, predictions, and probabilities People who see the world in black and white Drawing conclusions from incomplete and unrepresentative evidence, and how to avoid that folly The position of the devil's advocate, and the importance of that role Gilovich's response to the media's talking heads, and their often black and white opinions Behavioral economics vs. traditional economics When people do the wrong thing because the public demands it Bill James and the closer Instinct vs. considered judgment and test taking Irrationality in financial markets and bubbles Loss aversion Why you don't need to be better than the market 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 Dorsey, the co-founder of Dorsey, Wright & Associates in 1987. Dorsey joined Nasdaq Global Information Services with Nasdaq's acquisition of his company in 2015. He has been a regular guest on Fox's "Cavuto on Business" and "Bulls & Bears" programs, and frequently speaks to audiences worldwide on topics related to the stock market, technical analysis, and Relative Strength investing. The topics are his books Point & Figure Charting: The Essential Application for Forecasting and Tracking Market Prices, Thriving as a Broker in the 21st Century and Tom Dorsey's Trading Tips: A Playbook for Stock Market Success. In this episode of Trend Following Radio we discuss: View of technical analysis, with a specialization in point & figure and relative strength Dealing with a bear market in Dorsey's early days Early training in options; how Dorsey learned about point & figure trading Definitions and explanations of point & figure trading How point & figure works like a tennis match Automating your strategy The criticism of "black boxes" A third grade experiment How Charles Schwab changed the world How technology influences the technical analysis world 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 Marc Faber, a Swiss investor based in Thailand. He is the publisher of the Gloom Boom & Doom Report newsletter and the director of Marc Faber Ltd, which acts as an investment advisor and fund manager. The topic is economics. In this episode of Trend Following Radio we discuss: Current state of Russia Changing geopolitics Faber's experience living through the Cold War The difference between Crimea's value to the west and its value to Russia Why the Russians perceived the uprising in Kiev to be financed by western power China's reaction to the situation in Crimea; the construction boom in China The difficulty of forecasting China's geopolitical changes Positive and negative valuations of the market, and finding investments to be "cheap" or "expensive" Faber's advice to young people following his path today in the face of money printing and bailouts What can be done about wealth inequality Making a living in the face of instant communication and globalization Central banks' role in wealth inequality Why money printing leads to bubbles Warren Buffett's involvement with the bailouts, and how his government connections have helped his investments How governments are assimilating everything "Capitalism and Freedom" by Milton Friedman The cost of large government in the US and elsewhere Faber's views on relationships, contrasting the West and Asia along with Facebook fame 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 Martin Bergin, CEO of Dunn Capital Management. Bill Dunn and Dunn Capital were famously profiled in Covel's book Trend Following and they have a 39 year track record of trend following performance. The topic is Trend Following. In this episode of Trend Following Radio we discuss: The early stages of Dunn Capital, and how it arrived where it is today Trend following with futures Volatility within Dunn's system, and why volatility is important to the overall performance Targeting losses How history informs system creation Adapting to the marketplace and to available technology What it means to be 100% systematic with no overrides Defining "black box" systems, and the difference between Dunn Capital's strategy and black box strategies Location in relation to Dunn Capital, and why it isn't necessary to be in a big city like London or Tokyo How the core of Dunn Capital has stayed the same while certain aspects of business has evolved Decreasing drawdown without decreasing profitability Behavioral finance and dealing with biases The adaptive nature of trend following Predictive vs. reactive trend following Dunn Capital's fee structure 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 Howard Lindzon, a Canadian entrepreneur, author, financial analyst, technical analyst and angel investor. Lindzon manages a hedge fund, serves as managing partner of the holding company Social Leverage, limited partner at Knight's Bridge Capital Partners, and is the co-founder of StockTwits. He's also known for the satirical podcast Wallstrip. The topic is entrepreneurship. In this episode of Trend Following Radio we discuss: The commonalities between the angel investing world and trend following Over-diversification Diversification in private investments vs. stocks How Lindzon got the entrepreneurial "bug" Lindzon's early career as a stockbroker The beginnings of Wallstrip Lindzon's comedy influence How Wallstrip led to the next four years of Lindzon's investments How Lindzon's mistakes helped him grow as an investor Lindzon's experience with fraud committed by a business partner Keeping your business drama-free The issue of distraction Lindzon on the birth of StockTwits The investment that changed Lindzon's financial life in 2005 The future of StockTwits as Lindzon sees it Social leverage The art of curation and verticalization Thinking of the financial web as a social bank account 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 Victor Sperandeo, known as "Trader Vic", a US trader, index developer, and financial commentator. He serves as the President and CEO of Alpha Financial Technologies, LLC (AFT), is a founding partner of EAM Partners L.P., and serves as the President and CEO of its general partner, EAM Corporation. The topic is trading. In this episode of Trend Following Radio we discuss: Recent public policy directions Trading against your public policy interests Zero interest rate policy Whether the S&P is a "bribe" The Fed mandate to keep stocks from falling and to stop volatility The wealth effect Why the stock market going up is a very poor instrument to fix the economy The trend towards socialism Sperandeo's experience working with George Soros Sperandeo's experience with the DTI index lack swans and the effects of large, catastrophic events on the market; why the only way to protect yourself is extreme diversification; volatility balancing; and Sperandeo's experience as a young man and how he came into the trading world 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 Carl Richards, a Certified Financial Planner and creator of the Sketch Guy column, appearing weekly in The New York Times since 2010. Carl has also been featured on Marketplace Money, Oprah.com, and Forbes.com. The topic is finance. In this episode of Trend Following Radio we discuss: Richards' new radio venture How Richards came to start The Behavior Gap Outliers, and living your own bell curve Risk on a daily, weekly, and monthly basis The definition of radical self-awareness Mindfulness and awareness as applied to our financial decisions Habit, action, feeling, and thought Simplicity and effectiveness Government intervention in the markets Quantitative easing Buy and hold in Japan Loss aversion and the pain of loss Feeling loss more than the joy of gain 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 Sam Polk, a former wall street banker who walked away after making millions. Today, Polk runs a non-profit to help the poor understand nutrition. However, his op-ed is definitely controversial. The topic is his op-ed For The Love of Money. In this episode of Trend Following Radio we discuss: The intensity surrounding the reaction to Polk's op-ed piece Reactions from friends and colleagues about the article Envy and jealousy in the Wall Street world Polk's background and life growing up Filtering cultural messages The line between individual responsibility and being part of a system Crony capitalism Power dynamics The mythology of risk-taking in America The solution for the investment banks out there Polk's non-profit which he runs today 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 Risk, Reward and The Process 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 Jack Schwager, a recognized industry expert in futures and hedge funds and the author of a number of widely acclaimed financial books. Schwager is one of the founders of Fund Seeder. Previously, he was a partner in the Fortune Group, a London-based hedge fund advisory firm. His prior experience also includes 22 years as Director of Futures research for some of Wall Street's leading firms, most recently Prudential Securities. The topic is his book The Little Book of Market Wizards. In this episode of Trend Following Radio we discuss: How Fund Seeder acts as a liason for traders and investors The difficulty of starting out as a new trader How Fund Seeder is a global opportunity Schwager's last book, Hedge Fund Market Wizards The timeless quality of the Market Wizards books Jesse Livermore's Reminiscences of a Stock Operator How human nature is the only thing that will never change Looking for a "secret recipe" in the Market Wizards book "The Upside of Down: Why Failing Well Is The Key To Success" by Megan McArdle Why failure is smart and an essential part of success The importance of failure in the context of education Behavioral economics Jack Horner and thinking outside of the box The importance of loving what you do for a living The importance of travel 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 Al Abaroa, the Chief Investment Strategist at Kingsview and has been a registered broker and trader since 1993. He has seen all aspects of the investing industry. The topic is a white paper that Abaroa wrote about trend following. In this episode of Trend Following Radio we discuss: How people forget that anything can and will happen Why we're seeing optimistic behavior in the market The similarities between the WhatsApp/Facebook acquisition and the AOL/Time Warner acquisition Abaroa's wealth formula "Reasonable returns" Long term vs. short term outlooks The advantages of youth in trading Lifespan growth, and retirement Tom Basso and black swan events Looking back on major crashes Development and distribution as the two modalities of price Focusing on price action The Global Volatility Index Looking at black swan periods as a place to profit The asymmetrical return stream and the asymmetrical nature of trend following Why trend following produces returns a minority of the time Position sizing Fixed contract allocation vs. fixed fractional contract allocation and their role in position sizing Trend following investors and market timing Seeking immediate gratification in trend following investments Looking at trend following track records 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 Trend Following Winners, Daniel Kahneman, and Tina Turner 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 Jonathan Hoenig, an American, founding member of the Capitalist Pig hedge fund, and a regular contributor to and regular panelist on Fox News Channel's Cashin' In, Your World with Neil Cavuto, Red Eye w/ Greg Gutfeld and WLS 890's morning show, Don Wade & Roma. The topic is his documentary Pit Trading 101. In this episode of Trend Following Radio we discuss: Hoenig's branding for his hedge fund, Capitalist Pig Why capitalism has become demonized The difference between capitalism and crony capitalism Ayn Rand and capitalism as the "unknown ideal" How Hoenig ended up in the Chicago trading pits, and what we can learn from studying pit trading today The physical type of pit traders The subculture of the pits Where Hoenig sees futures markets going The blame of speculators America's place in the world today 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 Kahneman, the second Nobel Prize winner to appear on this podcast. Kahneman is an Israeli-American psychologist and economist notable for his work on the psychology of judgment and decision-making, as well as behavioral economics, for which he was awarded the 2002 Nobel Memorial Prize in Economic Sciences. The topic is behavioral psychology. In this episode of Trend Following Radio we discuss: Kahneman's beginnings, and how he came to realize he was looking at the world from a different vantage point than most How Kahneman's work is foundational to trading Questioning the dogma of rationality Happiness, and the distinction between the remembering self and the experiencing self The consumption of memories The danger of not making peace with a loss Bubbles and crowd behavior Happiness research and public policy Emotion, possibility, and probability Hope and fear Why optimism is the engine of capitalism The influence of prospect theory 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 Bollinger, an American author, financial analyst, contributor to the field of technical analysis and the developer of Bollinger Bands. Since 1987, he has published the Capital Growth Letter, a newsletter which provides technical analysis of the financial markets. The topic is Trend Following. In this episode of Trend Following Radio we discuss: Bollinger Bands as described for the lay person Defining when a price is relatively high or relatively low Defining "relatively high" and "relatively low" Measuring volatility to determine the "width" of a Bollinger Band Standard deviation The beginnings of Bollinger Bands, and how John Bollinger came to put it together Different ideas about volatility in the 1980s Some of Bollinger's early curiosity triggers, and why he started digging into finance after going to art school Light, film, and Bollinger's experience at the School of Visual Arts Bollinger's experience in his apprenticeship to learn technical analysis "The best authority is the price itself", and why this statement isn't very well accepted in the mainstream Differences between fundamental and technical analysts Bollinger's look at media and the presentation of his message over the years Why Bollinger would be known as a quantitative analyst instead of a technician if he started his career now Position sizing Why volatility is the least understood aspect of the market 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 Seykota, Harding & the 2014 Trend Following Conference 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 Dave Rapach, an internationally renowned researcher in the area of asset return forecasting. His research is highly cited and published in leading scholarly and practitioner journals in Finance and Economics. Rapach is a Professor of Economics and holds the John Simon Endowed Chair in Economics at the Saint Louis University Chaifetz School of Business. The topic is Trend Following. In this episode of Trend Following Radio we discuss: Why trend following works from an academic standpoint "Publish or perish" and the difficulty of publishing scholarly articles on trend following Early research on trend following, the random walk theory, and Burton Malkiel's "A Random Walk Down Wall Street" Warren Buffett, Bill Dunn, and survivorship bias A paper that Rapach traces to the reintroduction of trend following and technical analysis to the academic community Measuring systematic risk Eugene Fama's recent nobel prize How the trend following world has been neglected by the academic community How Rapach found his way into the academic finance world Covel's experience digging in to trend following research in the early to mid 1990's Some of Rapach's recent papers Why recessions are good for 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 Ed Seykota, a commodities trader, who earned S.B. degrees in Electrical Engineering from MIT and Management from the MIT Sloan School of Management, both in 1969. In 1970 he pioneered Systems trading by using early punched card computers to test ideas on trading the markets. The topic is his book Govopoly in the 39th Day. In this episode of Trend Following Radio we discuss: Trend Following Seykota's concerns about our economy The assimilation model and how Seykota sees assimilation happening today The definition of "govopoly" How Seykota's mentor's work plays into Seykota's work today Thinking about systems What we can do to "fix" the economy, or to at least prepare yourself The exponential curve that assimilation takes Noticing things before they're important Why Seykota doesn't provide a "solution" to the problem and instead advocates for the system to correct itself What we can do as people in response to the system Detroit as a microcosm of the US Ways to make money during the assimilation 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 Dominic Frisby, a self-proclaimed accidental financial bod, comedian, actor of unrecognized genius, voice of many things, & presenter. The topic is his book Life After the State: Why We Don't Need Government. In this episode of Trend Following Radio we discuss: Frisby's beginnings as an actor and comedian What comedy can teach us about finance and the discipline of clarity How Cuba's currency confusion led the nation to unfortunate circumstances Real estate Other peoples' trust in the state How the poor and needy would be cared for in a society without a state The monopoly on compassion How the state takes a piece of everything "Greed is good", "money is the root of all evil", etc Crony capitalism Predation vs. productivity The influence of lobbyists The duopoly on money by banks and the state Education Bitcoin, digital currency, and taxation 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 Harry Dent, a Harvard MBA, Fortune 100 consultant, new venture investor, noted speaker and bestselling author. Harry is the founder and senior editor at Dent Research, where he dedicates himself to identifying and studying demographic, technological, and geopolitical trends. The topic is his book The Demographic Cliff: How to Survive and Prosper During the Great Deflation Ahead. In this episode of Trend Following Radio we discuss: Why demographics are so important The definition of the "demographic cliff" Demographic comparisons between the US and Asia Rates of urbanization and GDP in emerging countries The baby boomer generation The Japanese "coma economy" Why the retirement age needs to be raised How real estate in America will never be the same "Die-ers" vs. buyers 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 Chris Ducker, a serial entrepreneur and author of the bestseller, "Virtual Freedom", and more recently, "Rise of the Youpreneur". He owns and operates several businesses, that combined house over 400 full-time employees internationally. He's also a trusted international business mentor, keynote speaker, podcaster, blogger, as well as the founder of Youpreneur.com - the leading personal brand business education company in the world. The topic is his book Virtual Freedom: How to Work with Virtual Staff to Buy More Time, Become More Productive, and Build Your Dream Business. In this episode of Trend Following Radio we discuss: The definition of virtual freedom How Ducker came from the cubicle originally, and how he got to be the location independent entrepreneur he is now How Ducker became a "virtual CEO" The idea of a "superhero syndrome" The idea of a virtual, international staff The process of finding a VA (virtual assistant) The two types of outsourcing Hiring for the role--not for the task Text, audio, and video communication Tim Ferriss and the four-hour work week Developing a location independent lifestyle 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!