Michael Covel speaks with Tim Ferriss on today’s podcast. Tim Ferriss is an author, blogger and motivational speaker known for his bestselling books The 4-Hour Workweek, The 4-Hour Body and The 4-Hour Chef. To Covel Ferriss is otherwise known as the guy who has revolutionized the idea of writing a book; he has engineered the process of a bestseller. If you want to write a book, there is no one else better to learn from. Also a big influence on Covel: the idea of location independence. This is the idea that if you have your laptop and an internet connection, you can work from anywhere. Now, after all these bestselling books, Ferriss has a new TV show, The Tim Ferriss Experiment, all about the process of "learning". Covel and Ferriss discuss why the wrestler Dan Gable is part of Ferriss’ drive; the “grinding” aspect of wrestling, and how that has played into Ferriss’ career; the early lessons learned about making a TV show; the 80/20 rule; comparisons to the Turtle experiment; the idea of getting older, recovery, and athletics. Trailer: https://youtu.be/V4IuXZOIf7E. For more information on Tim Ferriss, visit fourhourworkweek.com/tv. Want a free trend following DVD? Go to trendfollowing.com/win.
Michael Covel speaks with Tim Price on his second appearance on the podcast. Price is the London-based Director of Investment at PFP Wealth Management. Price has over 20 years of experience in both private client and institutional investment management. Price regularly shares his views on his blog, The Price of Everything. What can we see in the central banks? What actinos have taken place in the last few years? Covel and Price discuss why the fundamentals are so 'shocking'; FDR and the Great Depression; why government taking its hands out of the equation can be the solution in a recession or depression; why savers suffer in silence; the three scenarios that occur when you accept that much debt simply cannot be paid back (growth, default, or inflation); the standoff between Germany and Greece, and how the average German might feel today about common currency; and the lack of outrage of zero interest rate policy. For more information on Tim Price, visit thepriceofeverything.typepad.com. Want a free trend following DVD? Go to trendfollowing.com/win.
Michael Covel speaks with K.D. Angle on today’s podcast. Angle began trading the futures markets in 1979 and developed his first rules-based trading strategy in 1984. In 1985 he created a newsletter called “The Timing Device” that specialized in making specific trade recommendations in the futures markets. After 1995, Angle retired the newsletter and went into asset management on a full time basis while investing the majority of his time and resources into researching and developing rules-based strategies. Covel and Angle discuss Angle’s father’s history, who turned a two million dollar gold investment into a hundred million in just six months, and the lessons learned; whether there was an early trend trading influence beyond looking at Angle’s father’s career; Angle’s experience with Dunn Capital; freedom of location; 100% rule-based and systematic trading vs. adding discretionary elements to your system; and why the client part of the business is so important. For more information on K.D. Angle, visit anglecm.com. Trend following DVD? Go: www.trendfollowing.com/win.
Michael Covel offers a double episode today. First, a recent speech of Covel’s all about trend following. Topics include track records; predictive vs. reactive strategies; quality of life in trading; how Covel got into the world of Trend Following; trading and coding; sophistication vs. automation; trend following performance in 2014; drawdowns in trend following; and trading as a game. Next, an interview with William Ury. William Ury, cofounder of Harvard’s Program on Negotiation, is one of the world’s best-known and most influential experts on negotiation. He has served as a mediator in conflicts ranging from boardroom battles to labor strikes, and from family feuds to civil wars. Covel and Ury’s subject today is negotiation. We’re all negotiating for something: money, love, sex, real estate. In his speech, Covel discusses reactive technical analysis; prediction; why trend following performance in 2014 was so excellent; and the reality of drawdowns. With William Ury, Covel discusses the negotiation with self; Ury’s history with high-stakes negotiations; some of the base human emotions that can be important in negotiations; getting to “yes” with yourself; how Ury became immersed in the world of negotiation; the importance of staying in the present moment. For more information on William Ury, visit williamury.com. Want a free trend following DVD? Go to trendfollowing.com/win.
Michael Covel speaks with Colin Camerer on today’s podcast. Camerer is an American behavioral economist and a Robert Kirby Professor of Behavioral Finance and Economics at the California Institute of Technology (Caltech). Camerer's research is on the interface between cognitive psychology and economics. This work seeks a better understanding of the psychological and neurobiological basis of decision-making in order to determine the validity of models of human economic behavior. His research uses mostly economics experiments—and occasionally field studies—to understand how people behave when making decisions (e.g., risky gambles for money), in games, and in markets (e.g., speculative price bubbles). Covel and Camerer discuss why Camerer was called a child prodigy, and how he looks at that term in the context of nurture vs. nature; synthesizing behavioral economics and neuroscience; understanding Camerer’s studies when traders aren’t looking at the market on a day-to-day basis; how we can stimulate the brain to create a bubble; the ethical issues surrounding Camerer’s work; machine learning and data mining; neuroscience and game theory; comparing humans and chimps in the study of neuroscience; how trust correlates with economic growth; and how emotion functions in the modern world. Want a free trend following DVD? Go to trendfollowing.com/win.
Michael Covel speaks with Andreas Antonopoulos and Harry Yeh on today’s two-part Bitcoin episode. Andreas Antonopoulos is a technologist and serial entrepreneur who has become one of the most well-known and well-respected figures in Bitcoin. With Antonopoulos, Covel discusses acceptance of Bitcoin, and if the State could outlaw it; Third World and Second World acceptance of Bitcoin; the infrastructural needs for Bitcoin; Bitcoin fees and the cost of securing the network; currency issuance; why Bitcoin doesn’t rely on trust; why financial transactions are the most surveilled part of your life in America; the privacy aspect of Bitcoin; currency volatility and the difference between volatility and stability; and where you can get started with Bitcoin. Harry Yeh is Managing Partner at Binary Financial. Binary Financial LLC is an Investment management company focused on the crypto currency space, trading and facilitating large block trades for high net worth individuals and institutions. With Yeh, Covel discusses why Bitcoin is the most volatile alternative asset class, but why it still might be worth it to trade; how Bitcoin is a split between a commodity and a currency right now; being a speculator in Bitcoin and trading Bitcoin like futures contracts; Bitcoin adoption in China; why Bitcoin is tough as a store of value, but as great a trading opportunity; and finally, recommendations on Bitcoin wallets. Want a free trend following DVD? Go to trendfollowing.com/win.
Michael Covel opens up by discussing a piece about Benoit Mandelbrot and fractals. Covel notes the importance of taking a look at the complexity we see and taking a step back--an inspiration from Mandelbrot. Next, how are trend following returns produced? It’s important to be inspired by them, but it’s also important to understand other aspects of trend following like correlation. Today, Covel discusses the combination of a trend following investment (in this case Bernard Drury) and Warren Buffett into one portfolio. Covel discusses the two strategies and what happens specifically when you combine the two. Covel concludes by sharing a clip from David Harding regarding the importance of strategy. Want a free trend following DVD? Go to trendfollowing.com/win.
Michael Covel speaks with Gary Dayton on today’s podcast. Dayton stands apart as a trading psychologist in his use of the Mindfulness-Acceptance-Commitment (MAC) approach to peak performance, a model of human behavior based on mindfulness. Dayton is a psychologist and holds a doctorate in clinical psychology and a certificate in human performance/sport psychology from Rutgers University. He is President of Peak Psychology, Inc., a consulting firm that specializes in developing “peak” performance in traders. Covel and Dayton discuss mindfulness, yoga, and a turnaround in a particularly depressed patient; defining mindfulness; how Dayton went from a clinical psychologist to integrating money, markets, trading, and investing into his work; the importance of a trading process; looking at the lessons and research of Daniel Kahneman; the endowment effect; price action as a heuristic; the importance of an exit strategy; why mindfulness is the most important skill a trader can develop. Dayton’s book, Trade Mindfully, is available on Amazon. Want a free trend following DVD? Go to trendfollowing.com/win.
Michael Covel speaks with Brian Proctor on today’s podcast. Proctor is an original TurtleTrader trained by Richard Dennis and Bill Eckhardt and today is a Managing Director at EMC Capital. He began his futures career in 1982, with experience at both the Chicago Mercantile Exchange and Chicago Board of Trade. Proctor was a participant in the renowned Turtle Program, and managed all trading operations at C&D Commodities through 2000. Covel and Proctor discuss Proctor’s first trading moments and the Turtle program; Proctor’s view on Liz Cheval, what she brought to his firm, and why she’s still an integral part of EMC today; how trend following strategies have continued to excel over the years; diversification and the Swiss franc; black swans and how the impossible can and does happen; and Bill Eckhardt’s influence. For more information on Brian Proctor, visit emccta.com. Want a free trend following DVD? Go to trendfollowing.com/win.