Trend Following with Michael Covel

Michael Covel is the voice of Trend Following Radio with 2.5M+ listens. He is also the bestselling author of TurtleTrader & the classic Trend Following. Trading, economics, human behavior & entrepreneurship--all passionately explored. Guests over 300+ episodes include Nobel Prize winners Daniel Kahneman, Vernon Smith, Harry Markowitz & Robert Aumann. More notable guests: Ed Seykota, Jim Rogers, Ewan Kirk, Larry Hite, Jean-Philippe Bouchaud, Jack Schwager, Marc Faber, Michael Mauboussin, James Altucher, Gerd Gigerenzer, Dan Ariely, Steven Kotler, Jason Fried, Sally Hogshead, Walter Williams and Tucker Max. All episodes always at www.trendfollowingradio.com/rss.
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Mar 2, 2015

Michael Covel speaks with Jerry Parker on today’s episode of the podcast. This is Parker’s fourth interview with Michael Covel. Parker is an original Turtle, trained by Richard Dennis. However, since then he has very successfully run a managed money firm called Chesapeake Capital. Covel and Parker discuss a series of tweets written by Parker and use them as a jumping-off point for conversation. Topics include price action, “normal” market behavior; recent moves in the Swiss Franc; paying attention to entries as well as exits; why investors are often their own worst enemy; the first moment that Parker heard about price-based trading; becoming obsessed with asymmetrical risk and reward; why looking at trend following losses is important; why you can tell a system is robust if it has big drawdowns; and backtesting and treating all trades with equal weight. More: www.chesapeakecapital.com. Want a free trend following DVD? Go to trendfollowing.com/win.

Feb 27, 2015

Michael Covel speaks with Sophia Roosth on today’s podcast. Roosth is a Harvard professor that Covel first heard quoted on DNA privacy from Davos. Roosth’s research focuses on the twentieth and twenty-first century life sciences. Her first book, based on four years of ethnographic fieldwork, examines how the life sciences are changing at a moment when researchers build new biological systems in order to investigate how biology works. In this work, Roosth asks what happens to “life” as a conceptual category when experimentation and fabrication converge. Covel and Roosth discuss the Davos event; what becomes of privacy in a moment of internet surveillance; having more information out there as a way to control privacy; biological privacy, and whether our DNA is going down a path where it’s a lot more public; discrimination based on genome; genetic McCarthyism; somatic transfer and cloning; the story of Chance the bull; the idea of de-extinction; the ethics of cloning; molecular gastronomy and world hunger. Want a free trend following DVD? Go to trendfollowing.com/win.

Feb 23, 2015

Michael Covel speaks with Dr. Michael Lardon on today’s podcast. Lardon is one of the premier mental performance coaches in the world, with clients in more than a dozen professional and Olympic sports. His athletes have won major golf championships, Olympic gold medals, Super Bowls and World Series titles, among other achievements. He is an Associate Clinical Professor of Medicine at the University of California San Diego and a Consulting Psychiatrist to the United States Olympic Teams at the Olympic Training Center in Chula Vista, CA. However, Lardon and Covel's conversation is applicable to everyone, not just certain athletes. They talk about Lardon’s early experiences playing professional table tennis; the “slowing down of time” and how it affects performance; the importance of mental performance in sports; Phil Mickelson’s loss at the 2013 Open and his win at the British Open a month later, and how Lardon was assisting him during this period; “the yips”, and what is going on in the mind when someone can no longer perform a simple activity they used to accomplish easily; neurological vs. psychological “yips”; Lardon’s opinion on what’s happening with Tiger Woods currently; narrow, intense focus vs. dropping the intense expenditure of energy when you don’t need it (ie. what do you do with your downtime?); the process of desensitization; the deliberate plan for improvement and the importance of writing things down. For more information on Dr. Michael Lardon, visit drlardon.com. Want a free trend following DVD? Go to trendfollowing.com/win.

Feb 20, 2015

Today on the podcast Michael Covel speaks with Mike Shell on his second visit to the podcast. Shell is the President, Chief Investment Officer, and Portfolio Manager of Shell Capital Management--specializing in alternative investment strategies, active risk management and directional trend systems he developed for the global universe of exchange traded securities. Covel and Shell discuss the importance of having price stops; knowing you’re wrong when you from 50 to 45 (for example); defining positive and negative trends; the idea of risking a dollar to make two; predefining our risk and controlling our downside; why winning percentage isn’t as important as many people think it is; the importance of an exit strategy in the middle of today’s bull market; looking back on the market in 2008 and since; and the asymmetry of losses. For more information on Mike Shell, visit shell-capital.com. Want a free trend following DVD? Go to trendfollowing.com/win.

Feb 16, 2015

Michael Covel speaks with Salem Abraham on today’s podcast. Abraham is the President of Abraham Trading Company with a 27-year track record (with much trend following success). Over the years, Abraham has been kind enough to offer Covel fantastic insights. Abraham also appeared in Covel’s film, Broke, and is the last chapter of The Complete TurtleTrader. Today, Covel and Abraham cover some topical market moves--the Swiss Franc and Crude Oil among them. Covel and Abraham also discuss living in Asia and Asian economics; a market lesson Abraham first learned in 1987; the recent action of the Swiss Franc; artificially priced markets and the analogy of a dam; Crude Oil as a trend; speculation at the core of Abraham’s business and its effect on markets generally; the effect of Abraham’s grandfather on his work; the influences on Abraham’s thinking and business decisions; location independence; the importance of a link to the outside world; avoiding disaster; and being agnostic to the market. More: www.abrahamtrading.com. Want a free trend following DVD? Go to trendfollowing.com/win.

Feb 13, 2015

Michael Covel speaks with Christopher Chabris on today’s podcast. Chabris is an American research psychologist, currently Associate Professor of Psychology and co-director of the Neuroscience Program at Union College in Schenectady, New York, Adjunct Assistant Professor of Neurology at Albany Medical College and a Research Affiliate at the MIT Center for Collective Intelligence. He is best known as the co-author (with Daniel Simons) of the popular science book The Invisible Gorilla, which presents the results of research into attention and other cognitive illusions. Chabris offers a wide take on what’s going on in our minds. Covel and Chabris discuss witnesses, memory, and the legal system; expert witness testimony; “the play that changed poker”; mastery in any field; the connection between chess and memory; Chabris’ interaction with Neil deGrasse Tyson, and how memory affects our outlook; the stock market, prediction, and forecasting; the importance of confidence with regard to predictions; simple rules vs. complex rules; Oprah Winfrey, Malcolm Gladwell, and intuition; and memory and the influx of information coming at us. Want a free trend following DVD? Go to trendfollowing.com/win.

Feb 9, 2015

Michael Covel speaks with Peter Shankman on today’s episode. Shankman is the classic entrepreneur: he is the author of Nice Companies Finish First and the founder of Help a Reporter Out (HARO), the largest free source repository for journalists in the world. His new book, Zombie Loyalists: Using Great Service to Create Rabid Fans is out now. First, Covel offers up a monologue. Topics include the end of geography and the importance of globalization; gadgets, software, hacks, and websites as the magic elixir; the importance of dedication, commitment, and alone time; exercise; being able to walk away when negotiating; getting off the sidelines; happiness as a choice; and the necessity of having a niche. Covel and Shankman discuss skydiving and the lessons of preparation and mitigating risk; social media compared to the dotcom bubble; and the importance of creating a good product and customer service despite advances in technology. Ending? Covel summons Alan Watts for good measure. For more information on Peter Shankman, visit shankman.com. Want a free trend following DVD? Go to trendfollowing.com/win.

Feb 6, 2015

Michael Covel interviews Gary Antonacci on today’s podcast. Antonacci focuses on two issues in the quant world: relative strength price momentum with trend following absolute momentum. He’s developed a strategy where he believes it’s best to combine both. His new book is called Dual Momentum Investing. Today, Antonacci makes the case for this strategy. Covel and Antonacci discuss momentum vs. trend; relative strength momentum, cross sectional momentum, absolute momentum, and time series momentum; trend following vs. managed futures as terms; Antonacci’s early history and how he found his way into the career he has today; three legendary traders that crossed paths with Antonacci early on; the efficient market hypothesis as a less-than-solid foundation; buying higher highs; Ray Dalio and risk parity strategies; academic perspectives on momentum; the interaction and correlation between the two momentum strategies (relative and absolute). For more information on Gary Antonacci, visit optimalmomentum.com. Want a free trend following DVD? Go to trendfollowing.com/win.

Feb 2, 2015

Michael Covel speaks with Michael Mauboussin today on his second visit to the podcast. Mauboussin is an author ("More Than You Know", "Think Twice: Harnessing the Power of Counterintuition"), investment strategist in the financial services industry, professor at the Columbia Graduate School of Business, and serves on the board of trustees at the Sante Fe Institute (an independent, nonprofit theoretical research institute). He is managing director and head of Global Financial Strategies at Credit Suisse, where he advises clients on valuation and portfolio positioning, capital markets theory, competitive strategy analysis, and decision making. Covel and Mauboussin discuss multi-disciplinary thinking and its influence on Covel; looking at larger reference classes; the Swiss Franc; Mauboussin’s personal take on the recent oil move; fundamentals and expectation; luck or skill when it comes to trading profits; the paradox of skill, absolute, and relative skill; whether scientific principles of luck exist; defining luck; outcome bias; and the general public perception of behavioral economics. For more information on Michael Mauboussin, visit michaelmauboussin.com. Want a free trend following DVD? Go to trendfollowing.com/win.

Jan 30, 2015

Michael Covel speaks with Peter Larson. First, Michael Covel discusses some feedback he’s received from author Jack Schwager about the podcast. Specifically, Schwager brought up the episode from paleontologist Jack Horner. Covel brings another dinosaur hunter to the podcast today: Peter Larson. Larson is an American paleontologist, fossil collector, and president of the Black Hills Institute of Geological Research, a company that excavates, prepares, and sells fossils. He led the team that excavated "Sue", the largest and most complete specimen of Tyrannosaurus rex found to date, and has published numerous scientific and popular works on dinosaur paleontology. A movie based on “Sue”, Dinosaur 13, has been produced as well. You might ask, what’s the connection to Michael Covel? Covel explains that Larson’s story involves government intervention, a massive legal case, and ownership issues in addition to Covel’s personal connection to Larson. Covel and Larson talk about luck’s role in finding dinosaurs; Larson’s personal anecdotes about finding “Sue”; whether Larson knew at the time that he was finding a piece of “land” in a legal sense; the scientific data that Larson was able to glean before the government took the bones; telling a male dinosaur from a female dinosaur; what makes Larson a T-Rex entrepreneur; T-Rex as a predator or scavenger; and the legal case surrounding “Sue”. For more information on Peter Larson, visit BHIGR.com. Want a free trend following DVD? Go to trendfollowing.com/win.

Jan 26, 2015

Jean-Philippe Bouchaud speaks with Michael Covel on his second visit to the podcast. He is founder and Chairman of Capital Fund Management (CFM) and professor of physics at École polytechnique. Today, Covel and Bouchaud focus on Bouchaud’s co-authored paper, “Tail Risk Premia vs. Pure Alpha”. Additionally, Covel and Bouchaud discuss his firm’s performance for 2014; whether trend following actually “died” prior to it’s “reappearance” in 2014; what trend following manages to exploit; exploiting vs. exploring; looking at volatility as a precursor to profit; volatility as a measure of risk; trend following as a genuine market anomaly; the behavioral biases in play as oil has fallen fifty percent plus; the feedback Bouchaud has received from peers on his newest paper; whether other strategies exploit a genuine market anomaly; Bouchaud’s philosophy on transparency and "secrets" in his work; and why Bouchaud’s work culture is not a culture of MBA’s. Note: In this episode a white paper is mentioned. There are short (www.trendfollowing.com/cfm-short.pdf) and long (www.trendfollowing.com/cfm-long.pdf) versions. Receive a free trend following DVD: www.trendfollowing.com/win.

Jan 23, 2015

Michael Covel speaks with Dan Hill on today’s podcast. Hill is 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. Before the interview, Covel discusses the Swiss Franc, David Harding, and trend following trading in his introduction. Next, Covel and Hill 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; and where we might see facial coding moving to in the future. For more information on Dan Hill, visit sensorylogic.com. Want a free trend following DVD? Go to trendfollowing.com/win. 

Jan 19, 2015

Michael Covel speaks with Mebane Faber. Faber is a 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. This is Mebane Faber’s third visit to the podcast and he and Covel 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; and what if governments didn’t meddle with markets. For more information on Mebane Faber, visit mebfaber.com, cambriafunds.com. Want a free trend following DVD? Go to trendfollowing.com/win.

Jan 16, 2015

Today on the podcast, Michael Covel speaks with Daniel Simons. Simons is 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. Covel relates all this to trading and trend following, particularly the price of oil in early 2015. Covel and Simons 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; and how our minds don’t work the way we think they do. For more information on Daniel Simons, go to dansimons.com or invisiblegorilla.com. Want a free trend following DVD? Go to trendfollowing.com/win.

Jan 12, 2015

Michael Covel speaks with Mark Mobius on today’s podcast. 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. Covel and Mobius 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 Vietnam, 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; and the importance of travel, and how it changes everybody that goes out there and experiences it. Want a free trend following DVD? Go to trendfollowing.com/win.

Jan 9, 2015

Michael Covel opens up his first monologue of 2015 with a quote from Willy Wonka & The Chocolate Factory. There you have it: Willy Wonka completely outlining behavioral economics and proper investing all in a film about candy. Next, Covel quotes John Hussman’s recent piece regarding cognitive dissonance. Today, Covel has three examples of cognitive dissonance. First, Covel speaks of a recent case where a high school student was said to have made 72 million dollars. Of course, the story was false, but Covel explores. Many want to believe that these savants exist, but we all know the truth. Next, Covel discusses Hugh Hendry and why he now believes as an investor you have to sometimes believe in things that don’t necessarily exist. Good strategy doesn’t need to change based on the political winds blowing across the world. Next, Covel gives an example from a CNBC writer named Lawrence Delevingne who wrote recently on “hedge fund robots” doing well in 2014. Covel discusses these “robots” vs. “gut-driven human managers” and picks it apart. Why did trend following have such an excellent year in 2014? Covel explores and notes that trend following isn’t concerned with the previous year--it’s concerned with right now. Want a free trend following DVD? Go to trendfollowing.com/win.

Jan 5, 2015

Michael Covel speaks with Bryan Caplan on today’s podcast. Caplan is 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. Covel and Caplan 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. Want a free trend following DVD? Go to trendfollowing.com/win.

Jan 1, 2015

Michael Covel talks with 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 privat trader. This is Basso’s fourth podcast conversation, and Covel and Basso talk about the 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; and Basso’s advice to newcomers to the CTA industry. For more information on Tom Basso, follow him on Twitter at @Basso_Tom. Want a free trend following DVD? Go to trendfollowing.com/win.

Dec 29, 2014

Michael Covel speaks with Mark Manson on today’s podcast. Manson is 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. Covel and Manson 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; and why Manson refers to himself as “self-help for people who don’t like self-help”. For more information on Mark Manson, visit markmanson.net. Want a free trend following DVD? Go to trendfollowing.com/win.

Dec 26, 2014

Michael Covel digs into the epic 2014 crude oil plunge and the profits that have followed (from the drop!). In breaking apart the issue Covel quotes Byron Wien, the Vice Chairman of Blackstone, on his oil predictions. What good is a prediction if it’s not even close to reality? If Wien can’t predict the price of oil how can the average investor? It’s that simple. Covel adds into the discussion the importance of cutting your losses, and why all successful traders do so. Building on taking a loss, Covel opens up catastrophic loss "imagination". Can you imagine a 75% drop in the stock market? Don’t be caught like the fundamental guys with no plan. Prepare for it. Covel also discusses why having a system means not having to be "definite"; having an approach based on the fact that you don’t know what is going to happen next; and why trend following has been buried in the mainstream media. The oil plunge in 2014 has been historic and offers a great example of trend following success in action. Would you like a free trend following DVD? Go to www.trendfollowing.com/win.

Dec 22, 2014

Michael Covel speaks with Charles Faulkner today on the podcast. Faulkner is 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. Covel and Faulkner 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. For more information on Charles Faulkner, visit charlesfaulkner.com. Want a free trend following DVD? Go to trendfollowing.com/win.

Dec 19, 2014

Today on the podcast, Michael Covel speaks with Zbigniew Hermaszewski & Natasha Reeve-Gray, two of the four founding partners of Altis Partners--a very successful systematic and primarily trend following money management firm. Covel, Hermaszewski, and Reeve-Gray 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; and the collegial atmosphere amongst London CTAs. Want a free trend following DVD? Go to trendfollowing.com/win.

Dec 15, 2014

Michael Covel speaks with Jim Rogers on today’s podcast. Rogers is 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. Covel gives some of his personal history with Rogers, noting that he also first read about him in the Market Wizards book. Covel also notes that Rogers’ Investment Biker book inspired him to travel. Covel joins Rogers for an in-person conversation from Singapore. They 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; and why, if he could, Rogers would put all of his money into North Korea. Want a free trend following DVD? Go to trendfollowing.com/win.

Dec 12, 2014

Michael Covel presents a monologue and interviews Travis Jamison on today’s podcast. To start Covel reflects on the first 300 episodes of his podcast. He talks the start of the podcast, key guests and the overall uniqueness of the show. Covel also discusses massive September 2014 trend following performance, whether you can time the top, survivorship bias and the trend following is dead crowd. Next Covel talks with Travis Jamison. Jamison is the founder of Supremacy SEO. He’s a passionate entrepreneur, and a man known for high-level search engine optimization (SEO) chops. Covel and Jamison discuss search in general and search engine optimization; how the fascination with search triggered with Jamison; the idea of manipulation; Google and a monopoly, and some of the competition; Google’s dominance; Google’s definition of “quality”; the EPIC browser; the mindset of being honest on the internet; black hat and grey hat; Google’s penalties, and what can happen when you go too far; if there’s any recovery after being penalized by Google; competitors affecting SEO; Panda, Penguin, and Hummingbird: some of the Google updates; what the future might hold for search. For more information on Travis Jamison, visit supremacyseo.com. Want a free trend following DVD? Go to trendfollowing.com/win.

Dec 8, 2014

Michael Covel speaks with Scot Billington and Jon Boorman on today’s podcast. Scot 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. 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. Next, Covel talks with Jon Boorman in his second visit to the podcast. 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. 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. Want a free trend following DVD? Go to trendfollowing.com/win.

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