Ep. 773: Esther Wojcicki Interview with Michael Covel on Trend Following Radio

Esther Wojcicki
Esther Wojcicki

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The Godmother of Silicon Valley, legendary teacher, and mother of a Super Family shares her tried-and-tested methods for raising happy, healthy, successful children using Trust, Respect, Independence, Collaboration, and Kindness: TRICK.

Esther Wojcicki—“Woj” to her many friends and admirers—is famous for three things: teaching a high school class that has changed the lives of thousands of kids, inspiring Silicon Valley legends like Steve Jobs, and raising three daughters who have each become famously successful. What do these three accomplishments have in common? They’re the result of TRICK, Woj’s secret to raising successful people: Trust, Respect, Independence, Collaboration, and Kindness. Simple lessons, but the results are radical.

Wojcicki’s methods are the opposite of helicopter parenting. As we face an epidemic of parental anxiety, Woj is here to say: relax. Talk to infants as if they are adults. Allow teenagers to pick projects that relate to the real world and their own passions, and let them figure out how to complete them. Above all, let your child lead. How to Raise Successful People offers essential lessons for raising, educating, and managing people to their highest potential. Change your parenting, change the world.

Note: Her husband is Stanford University professor of physics Stanley Wojcicki. They have three daughters: Susan (CEO of YouTube), Janet, a Fulbright-winning anthropologist, Assistant Professor of Pediatrics and researcher, and Anne (co-founder of 23andMe).

In this episode of Trend Following Radio:

  • Trust, Respect, Independence, Collaboration, and Kindness

Mentions & Resources:

“My biggest challenge is coming to a point where I have a clear plan, strategy or analysis that’s understandable…”

Feedback in:

Hello Michael, first of all thank you for this opportunity…biggest challenge that’s a tough one…I would say coming to a point which i have a clear plan, strategy or analysis that’s understandable without having to study every type of analysis…I would say once I read your post it made sense to me to focus on the 200 MA if I understood correctly and that’s not the first it me I have come across this idea, but today it clicked…and it’s not that I am lazy, it’s just which way to go and just how much TA and how many years will it take…

And to my credit I am not a big trader, but I seem to have latched onto, for short term scalping, an ability to at least be correct more often than not…but the issue is off uncertainty and I end up not being patient enough once I have a position there is this desire to get out because I don’t want to watch it constantly…so lately I have been listening to [name], [name] and I like this longer term trend approach…

Thanks again for reading,

Darryl

Uh oh. Scalping?

I would leave that ASAP.

And the TA made popular in all of the books? Run from that. Read more.

“I did not know when to cover my position be it profit or loss…”

Feedback in:

Hi Michael,

In hindsight, my biggest challenge was my biggest mistake.

I did not know when to cover my position be it profit or loss.

I let my losses run and took my profits immediately which resulted in a slightly positive to negative ledger.

I realised that mistake too late in the day.

Also, I thought that a trading strategy should be “perfect”, which I later on realised was an incorrect notion. (Also realised that my understanding of the term “strategy” was quite narrow)

I did not pay attention to the risk associated with options trading (especially time decay)

This resulted in me blowing my initial capital set aside for trading in 2016.

The current challenge that I face is understanding how a mechanical trading strategy works and how one can design, set parameters and test the operating effectiveness of a mechanical trading strategy.

I will be reading [name] by [name] to gain some insight into this.

Regards.

I recommend my book Trend Following as a primer. Dive in!

“Trend following makes great sense to me…”

Feedback in:

Michael-

I’ve been a student of futures trading for some time now. I’ve read Van Tharp’s books, which are appealing to someone with an undergraduate degree in psychology. I’ve opened an account with Trade Station, and mastered at least most of the platform over the last couple of months. (Easy Language is a skill for the future. but clearly one worth investigating.). I can identify with Ed Seykota’s somewhat zen-like approach to trading, and life in general. As I suspected, I’m not temperamentally cut out for day trading. (Too much of an emotional roller coaster, plus a need to have one’s nose pressed against a quote screen all day long.). I don’t need “action” to feel happy and fulfilled.

Trend following makes great sense to me. No one can ever completely master the fundamentals of a particular entity, but price gets a lot closer to incorporating all the various relevant pieces of information. I’m agnostic as to market direction and predictions. The market does what it does, and no one has a perfect crystal ball in terms of future moves. Short or long doesn’t matter to me as long as there is up or down movement.

I purchased your Trend Following book a couple of years ago, and am currently re-reading it. It is time to bring my career as an orthodontist to a close, but simply being idle is not something I enjoy. I’m ready for a new, mentally stimulating challenge! Your input and accumulated wisdom would be welcomed!

Dave H.

Thanks Dave. A good extra read here and here.

“Everyone talks their book. Whether a bank, a website, channel–they all have an agenda…”

Feedback in:

It’s finding a plan that makes sense. Everyone talks their book. Whether a bank, a website, channel – they all have an agenda – and it’s not my best interest. I know that. I’ve been reading and listening to your book and am intrigued. Nothing is easy – ever. But this process seems logical. Hoping you are as forthright and genuine as you seem.

Mark

My book Trend Following.

It’s matter of fact.

You don’t have to ever talk to me again–after you read.

Ep. 771: Art Markman Interview with Michael Covel on Trend Following Radio

Art Markman
Art Markman

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Art Markman is the Annabel Irion Worsham Centennial Professor of Psychology and Marketing at the University of Texas at Austin. He is also the Founding Director of the Program in the Human Dimensions of Organizations. The HDO program brings the humanities and the social behavioral sciences to people in business. Art’s research explores thinking. He has studied the way people form and use analogies, the mechanisms of decision making, the modes that allow people to form categories, and the influences of motivation on reasoning. Art is also the executive editor of the journal Cognitive Science and is a former executive officer of the Cognitive Science Society.

If you’re in a job interview, how should you think about the mindset of the interviewer? If you’ve just been promoted, how do you handle the tensions of managing former peers? And what are the telltale mental signs that it’s time to start planning your next career move?

We know that psychology can teach us much about behaviors and challenges relevant to work, such as making better decisions, influencing people, and dealing with stress. But many popular books on these topics analyze them as universal human phenomena without providing real-life, constructive career help.

Bring Your Brain to Work changes all that. Art Markman focuses on three essential elements of a successful career–getting a job, excelling at work, and finding your next position–and expertly illustrates how cognitive science, especially psychology, sheds fascinating and useful light on each of these elements.

To succeed at a job interview, for example, you need to understand the mindset of the interviewer and know how to come across as exactly the individual the company wants to hire. To keep that job, it’s critical to master the mental challenge of learning every day. Finally, careers require constant development, so you need to be able to sense when it’s time to move up or out and to prepare yourself for the move. So many of the hurdles you face throughout your career are, first and foremost, psychological challenges, and Markman shows you how to use your different mental systems–motivational, social, and cognitive–to manage them more effectively.

Integrating the latest research with engaging stories and examples from across the professional spectrum, Bring Your Brain to Work gets inside your head, helping you to succeed through a better understanding of yourself and those around you.

In this episode of Trend Following Radio:

  • Bring Your Brain to Work

Mentions & Resources: