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Trend Following with Michael Covel

Bestselling author Michael Covel is the host of Trend Following Radio with 5 million listens. Investments, economics, decision-making, human behavior & entrepreneurship--all passionately explored. Guests include Nobel Prize winners Robert Aumann, Angus Deaton, Daniel Kahneman, Harry Markowitz & Vernon Smith. Also: 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. All 500+ eps at www.trendfollowingradio.com/rss.
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Bestselling author Michael Covel is the host of Trend Following Radio with 5 million listens. Investments, economics, decision-making, human behavior & entrepreneurship--all passionately explored. Guests include Nobel Prize winners Robert Aumann, Angus Deaton, Daniel Kahneman, Harry Markowitz & Vernon Smith. Also: 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. All 500+ eps at www.trendfollowingradio.com/rss.

Sep 16, 2016

Jared Dillian is editor of The Daily Dirtnap: A daily market newsletter for investment professionals. Jared is also author of “All the Evil of This World” and “Street Freak”. He gives a behind the scenes look at the good, the bad, and the ugly of Wall Street.

Jared’s interest with Wall Street didn’t start with the idea of making money. It was more academic. He wanted to learn why so many traders were trying to beat the market when all the Wall Street books he was reading said that beating the market was a huge waste of time. He started working at Lehman Brothers and quickly learned the culture within an investment bank was completely different. Everyone working at investment banks were in the business of making money, they are all traders. Jared speaks about the structure of Lehman Brothers and how they changed under the management of Dick Fuld. He then dovetails into detailing the dot-com bubble and the housing bubble, and explains why some firms were able to fail and others were able to survive.

Next, Michael and Jared talk about the “sex drugs and rock and roll” aspect of Wall Street. Jared looks back on what he saw when he worked in the pits of Wall Street and says that, “that culture” doesn’t really exist anymore since the 2008 crash. They finish up talking about the pros of being an entrepreneur rather than working for a big investment bank on Wall Street.

In this episode of Trend Following Radio:

  • Behavioral finance
  • Market psychology
  • Housing bubble
  • Dot com bubble
  • Lehman Brothers
  • Starting your own hedge fund
1 Comments
  • over a year ago
    MICHAEL R. WIMBERLY
    Excellent interview with Jared and the conversation gave me reason to take a second listen, but before I do let me mention one comment of Jarred's on which I do not agree. In the mortgage debacle 2008 there is an organization that has responsibility and the means to have known our Economic System would crater from too much stupid mtg underwriting which by the way was all Commission driven.

    I am a retired commercial bank lending officer that 10 yrs ago ended a 46 yr banking career lending in the Houston Market for 36 yrs of that tenuior. I was employed by Joe L Allbritton - JLA Communications who owned University State Bank Houston and Riggs National Washington DC. In 1989 after the end of the Texas Depression of 1986 I made Allbritton's Bank a sizeable sum with a Auto Dealer Package making sub-prime Auto Loans, building a 100 million $ portfolio with two Houston Dealers, Charlie Thomas and Sterling McCall.

    So I know a lot about subprime lending and Bank Regulators especially the Fed. Not only does the Fed have the Responsibility to protect the Safety of the US Economy but they have the computer means to know the volume of Mortgages including the type of underlying mtgs that back virtually every Mortgage Warehouse line of credit in this Nation or any given day. Not all mortgages use bank lines of credit but a large portion of mortgage lenders do.

    The attached op-ed explains my point in greater detail. After writing the Essay I verified it by contacting retired senior bank loan officers to determine if they agreed with my points. There was 100% agreement that I was spot on! The Chronicle was reluctant to publish the Op-ed saying I had no teaching credentials MB or Phd accreditation. So they said no until Greenspan admitted he made a mistake. What does a loan officer that has made thousands of loans of all descriptions know? The Chronicle final gave in and I am open to any comment you care to make. Though rest assured you cannot hurt my feelings.

    I am a new user of your trend portfolio and look forward to a successful run of following your recommendations.

    Respectfully yours,
    Michael R. Wimberly



    Greenspan Was At Fault: http://www.chron.com/opinion/outlook/article/Wimberly-Greenspan-missed-chance-to-strengthen-4999402.php