Trend Following with Michael Covel
Bestselling author Michael Covel is the host of Trend Following Radio with 8+ 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 800+ eps at www.trendfollowing.com/podcast.

Michael Covel talks with Mark Shore, a trader and educator whose main area of expertise is managed futures. Shore has an MBA from the University of Chicago, was the former head of risk at Octane Research (over a billion AUM), was the former COO of VK Capital (a subsidiary of Morgan Stanley), and now is an adjunct professor at DePaul University teaching the only accredited course on managed futures in the country. Covel talks to Shore about Shore's experience in getting the "a-ha" moments out of his students when teaching managed futures, and how he brings his students into the world of managed futures; how and why those working in the CTA/managed futures/trend following space have a firm grasp on risk management that exceeds the understanding of competitors (i.e. mutual funds); how the term "managed futures" (which refers to the instrument and not the strategy) might be problematic; skewness; drawdowns; why managed futures performance is famous for doing extremely well when chaos unfurls; why the majority of the mutual fund industry hasn't adopted CTA strategies; the issue of survivorship bias; why certain people can't wrap their arms around strategies not based on fundamental analysis; Shore's paper, "Decoding The Myths of Managed Futures"; the emotional elements of trading; and others experiences while working at VK Capital. Would you like a special DVD sent along for free? Go: www.trendfollowing.com/win.

Direct download: TrendFollowingManifesto100912.mp3
Category:general -- posted at: 7:46pm EST

Michael Covel discusses an article titled "21 Ways Rich People Think Differently Than Average People". The word rich may not be the best term here as Covel notes, "being rich or poor doesn't stop you from being a schmuck." Covel makes a more clear distinction between average people and people of high character. He goes through the list and offers commentary on statements such as "average people think money is the root of all evil; rich people believe poverty is the root of all evil." Money, Covel maintains, is just a medium of exchange and that's all it is. It's what you make of it that becomes good or bad. Readers will see that many of the precepts and principles in this article are straight out of Trend Following 101. Further, commentary includes seeing money through the eyes of emotion vs. seeing it logically; following your passion vs. working for the man; setting low expectations vs. challenging yourself; knowing the markets are driven by emotion and greed; being a slave to debt; surviving vs. thriving; education vs. entertainment; finding comfort in uncertainty; and trend follower Larry Hite's concept of asymmetric bets. Next, Covel discusses "An Investor's Guide to Famous Last Words" from The Motley Fool. Covel used to spend time ripping The Motley Fool for pumping buy and hold, and in the end pulls no punches in revealing the author to be a die hard "value" guy (despite agreeing on certain points). Would you like a special offer DVD sent to your home or office? Go: www.trendfollowing.com/win.

Direct download: TrendFollowingManifesto100812monologue.mp3
Category:general -- posted at: 9:21pm EST

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