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Bestselling author Michael Covel is the host of Trend Following Radio with 15+ million listens. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trading -- all passionately explored and debated. Guests include Nobel Prize winners: Robert Aumann, Angus Deaton, Daniel Kahneman, Oliver Hart, Harry Markowitz & Vernon Smith. More guests: Jack Canfield, Howard Marks, James Altucher, Dan Ariely, Jean-Philippe Bouchaud, Kathleen Eisenhardt, Marc Faber, Tim Ferriss, Jason Fried, Gerd Gigerenzer, Larry Hite, Sally Hogshead, Ryan Holiday, Jack Horner, Ewan Kirk, Steven Kotler, Michael Mauboussin, Tucker Max, Barry Ritholtz, Jim Rogers, Jack Schwager, Ed Seykota, Philip Tetlock & Walter Williams. 1200+ episodes.

Nov 6, 2013

My guest today is Vernon Smith, the first Nobel Prize winner to appear on this podcast. Smith is an American economist and professor of business economics and law at Chapman University. He is formerly a professor of economics at the University of Arizona, a professor of economics and law at George Mason University, and a board member of the Mercatus Center.

The topic is economics.

In this episode of Trend Following Radio we discuss:

  • Bubbles
  • Some of Smith’s early experiments
  • How “we’re all born traders”
  • Early “ah ha” moments
  • Early science and engineering beginnings
  • Upsetting the conventional economics “apple cart”
  • The difference between “hamburgers and haircuts” and the other 25% of goods
  • Smith’s experience bringing Chicago traders into lab experiments
  • How we see the dotcom bubble, spring of 2003, and the real estate bubble today
  • Differences between housing bubbles and stock market bubbles
  • Understanding why bubbles happen
  • Liberty
  • Views on Adam Smith
  • Smith’s ideological journey from socialist to his libertarian leanings today

Jump in!

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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/

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