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Bestselling author Michael Covel is the host of Trend Following Radio with 10+ 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.


“Your questions were excellent questions. I enjoyed this very much.”

--Vernon Smith, Nobel Prize in Economics

“You’ve surrounded yourself with one of the most advanced group of mentors possible…The people on your podcasts, and people in your life, all are people with strong opinions, all people that make you think and make you grow. You just have some kind of an affinity for people like that, and that’s part of what makes you good at what you do.”

--Ed Seykota

“Michael Covel’s podcast has had over [9.5] million listeners and he’s completed [900+] episodes. He’s probably the most established podcaster on this list—and it shows. Mr. Covel’s podcast is great for those looking for alternative views on the market, those who are tired of hearing the same old stories told on CBNC and other traditional outlets. This is highly recommended if you are looking to expand your mind in investing. Mr. Covel has had some incredible guests, to include multiple Nobel Prize winners and world-famous investors. One of my favorite episodes was when Mr. Covel interviewed Annie Duke, a former professional poker player who has some incredible insights on decision making. Mr. Covel always has me thinking and Annie Duke only amplified my brain-wave activity.”

--Wall Street Journal

Mar 17, 2013

Michael Covel has done a podcast on Apple before, but today's podcast focuses on the media coverage surrounding people calling the top. Covel just saw an interesting article called "Following a Herd of Bulls on Apple" by James Stewart. Covel reads through the article and gives his commentary and notes that the premise of the article is disingenuous at best and dishonest at worst. The main subjects of Covel's criticism are the people that they bring on to criticize the Wall Street analysts. Covel isn't here to defend the Wall Street analysts--anyone that makes a buy or sell decision based on a report from a Wall Street analyst after looking at the last 20 years of Wall Street history isn't doing their homework. The "funny" part of the article, Covel says, lies in the people who were quoted in the article--and the author. Jim Stewart has been around Wall Street for a long time. Did he just dial this piece in? Stewart knew it was impossible to predict Apple's top. Yet, for this article, they find one guy out there who pegged the top. And we're all supposed to look at this guy as some sort of miracle worker? You don't pick the top. People who pick tops like Apple at 700 are lucky. It's not a skill. If you can only find one guy to do it, you've found the lucky survivor, and Jim Stewart built the article around him. Covel saves the most ire for the professors quoted in the article. The men who teach that markets are efficient. The ones who have the basics of finance wrong and continue to push this nonsense to their students: "Markets are efficient". The big scam is that the very people out there writing Wall Street research probably sat through that very professor's class. Wall Street is populated with people who obtained this sort of education. One other thing Covel covers is momentum: a great way to have traded Apple is through a momentum trend following style. A momentum trend following style wouldn't have had you getting in at the bottom or out at the top. All you can hope for is capturing the the middle meat of the trend. The trend following way doesn't require you to be worried whether wall street analysts are right or wrong; doesn't require you to be worried whether or not Jim Stewart had an agenda; or whether a Harvard university professor had conflicts of interest himself. Covel only brings it up to make a point and to sharpen the divide between these very different ways of looking at the world. On one side you have all the university nonsense; the efficient market hypothesis; Wall Street giving you buy/sell/hold decisions; and adulation for the one guy that picked the top. On the other side, you have the trend following traders who know that absolutely all of that is junk. Make your life simpler. Walk away from the nonsense and stick to the other side of that divide. Free DVD: