Preview Mode Links will not work in preview mode

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.

Praise:

“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

Apr 8, 2013

Is Michael Covel on vacation or a journey? Covel opens up today's monologue distinguishing between the two by answering a piece of listener mail. Covel gives credit to Tim Ferris and the four hour work week mentality, and discusses his ability to work from abroad and travel to a different country every two weeks. Next, Covel answers a piece of listener mail regarding his recent comments on day traders. Covel just gives his view. He's done his homework, done the research, and put the proof out there. It's not just Covel pontificating only about how the world should be, but trying to be objective. Day trading track records don't appear to exist, while trend following has a track record that's available for anyone to see in the back of Covel's books. Tons of people out there imagine that day trading is a legitimate way to operate, but there's just no proof that it works. Next, Covel reads another piece of mail talking about poor returns of hedge funds in the first quarter, and how certain hedge fund managers had picked the wrong direction. Covel gives another Seykota quote on the matter: "Artful politicians and religious leaders carefully keep their promises in the future, and their tithing and taxation in the now." Covel adds: Investing gurus are part of that list because investing gurus all want to be paid right now. Covel also talks about outlier events. Are you prepared for an outlier event? Whether a crazy North Korean dictator drops a nuke, whether one of the central bank policies across the world don't work as expected, or something else? What if the prescribed plan doesn't work? That's where fundamentals break down and when they do you need a plan. There's a great video that Covel posted recently by Dr. Vernon Smith stating that standard econometric models were not explaining what was happening in the real world. They weren't explaining bubbles, and not until Dr. Smith started studying the psychology of how people behave did he finally start to understand what was going on. Are you going to believe that Vernon Smith and Daniel Kahneman had figured something out about the human psyche when it comes to markets and money, or are you going to trust that government agencies have figured it out and are going to manage it all for you perfectly? If you do trust Dr. Smith, as Covel highly recommends, how are you going to prepare for the next event? Do you really think there's a chance that the S&P will only go up, and will never drop by 50% again? Get a strategy to help you out when there's an outlier move. That's the key. Covel moves on and talks about his time so far in Vietnam, including an all female motorbike tour, avoiding getting run over crossing busy traffic circles, and an incredible Vietnamese dancer. Are the communists doing better capitalism better? The question of the day! Free DVD: www.trendfollowing.com/win.