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Trend Following with Michael Covel

Bestselling author Michael Covel is the host of Trend Following Radio with 6+ 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 600+ eps at trendfollowingradio.com/rss.
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Bestselling author Michael Covel is the host of Trend Following Radio with 6+ 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 600+ eps at trendfollowingradio.com/rss.

Sep 27, 2012

"It takes two to make things go right, it takes two to make it out of sight". That's a market for you. It takes you over there and me over here and we reach across to make a deal. That's what the market is: it's a bunch of hands shaking, except it's in the form of stocks or futures. Covel talks about "Pawn Stars" and how it's simply price discovery; two people coming together to find a price. Covel takes this and expands on how it's terribly complicated to get to a price. But here's the trick: except for trend followers nobody really wants to talk about how the stuff that gets to the price is waste product. The price is the smartest one out there. Covel also talks about the source of trend following profits in the zero sum game. Trend trader Dave Druz makes the case that it's the risk premium from hedgers. Covel talks about hedgers, the futures market, how it's very much like insurance in a way, and how it relates to the source of trend following profits. Covel also talks about a white paper called "The Winners and Losers of the Zero Sum Game: The Origins of Trading Profits, Price Efficiency, and Market Liquidity" by Lawrence Harris, and how it changed the direction of his own career. Special free DVD offer? Go: www.trendfollowing.com/win.

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