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Author: Michael Covel

Author of Trend Following and TurtleTrader.

Ep. 512: Tim Price Interview with Michael Covel on Trend Following Radio

Posted on by Michael Covel
Tim Price
Tim Price

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My guest today is Tim Price. He has worked in capital markets for over 25 years across three management firms. A graduate of Christ Church, Oxford, he spent a decade as a bond specialist before going on to serve as Chief Investment Officer at three separate wealth management firms. Tim has been shortlisted for five successive years in the UK Private Asset Managers Awards programme and was a winner in 2005 in the category of Defensive Investing. He is now manager of the VT Price Value Portfolio, a fund investing in Benjamin Graham-style value stocks, and specialist value funds, from around the world. Tim also writes regularly for MoneyWeek magazine and The Spectator.

The topic is his book Investing Through the Looking Glass: A Rational Guide to Irrational Financial Markets.

In this episode of Trend Following Radio we discuss:

  • Trusting central planners
  • Going against the establishment
  • Banking system
  • Owning gold
  • Lehman Brothers collapse
  • 2008 bubble
  • The Brexit and Trump narrative

“Mankind has survived because of our ability to believe in things that do not actually exist.” – Tim Price

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“…define a ‘benchmark’ for trend following…”

Posted on by Michael Covel

Feedback in:

Hi Michael,

I was wondering what your thoughts might be on how one might define a “benchmark” for Trend following, not in the sense of an average of manager returns, but in terms of a basic set of rules and the commensurate strategy return. Have you come across efforts to do so? I ask because as we move to a world where more institutional investors may want to allocate to trend following at the portfolio level, inevitably investment committees will like to have some yardstick against which to measure performance. Is this something you’ve ever thought about?

Thanks,
[Name]

I have seen people try on the benchmark front, but there will never be a one size fits all perspective or solution. Maybe one day the investment committees will get wise.

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“I like to hear from the ‘dead’…”

Posted on by Michael Covel

Feedback in:

Oh, how I show my age missing discourse like this. Besides Donahue, we had William Buckley, Dick Cavett, and, often, even Johnny Carson. Hearing liberal vs. conservative in an informative way was so, so nice. NOT screaming, NOT engaging in relentless raw ad hominem attacks, NOT being proud of ignorance, nor being illogical–and so smug about doing all this. Even the audiences back then were different. Civility is always welcome. I like to hear from the dead, because what they say is locked down, therefore, allowing a true evaluation of them.

Thanks!

How can you move forward immediately to Trend Following profits? My books and my Flagship Course and Systems are trusted options by clients in 70+ countries.

Also jump in:

• Trend Following Podcast Guests
• Frequently Asked Questions
• Performance
• Research
• Markets to Trade
• Crisis Times
• Trading Technology
• About Us

Trend Following is for beginners, students and pros in all countries. This is not day trading 5-minute bars, prediction or analyzing fundamentals–it’s Trend Following.

Ep. 511: A Zen Money Perspective with Michael Covel on Trend Following Radio

Posted on by Michael Covel
A Zen Money Perspective with Michael Covel on Trend Following Radio
A Zen Money Perspective with Michael Covel on Trend Following Radio

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Please enjoy my monologue A Zen Money Perspective with Michael Covel on Trend Following Radio. This episode may also include great outside guests from my archive.

In this episode of Trend Following Radio:

  • Liberty
  • Relationship between guilt and gold
  • You don’t learn if you don’t make mistakes
  • Psychological attitude toward money
  • Money is just bookkeeping
  • National debt
  • Money as the circulation of information
  • Changing the psychological attitude toward money
  • The cost of paying income tax
  • Psychologically poor

“I wonder often if there is any relationship between guilt and gold.” – Alan Watts

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Want to learn more Trend Following? Watch my video here.

5 Investing Podcasts You Should Listen To From @alphaarchitect

Posted on by Michael Covel

Wesley R. Gray, PhD writes in the WSJ:

Michael Covel’s podcast has had over four million listeners and he’s completed 500 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.

Nice.

Michael Covel
Michael Covel

How can you move forward immediately to Trend Following profits? My books and my Flagship Course and Systems are trusted options by clients in 70+ countries.

Also jump in:

• Trend Following Podcast Guests
• Frequently Asked Questions
• Performance
• Research
• Markets to Trade
• Crisis Times
• Trading Technology
• About Us

Trend Following is for beginners, students and pros in all countries. This is not day trading 5-minute bars, prediction or analyzing fundamentals–it’s Trend Following.

“Given that you’re taking a risk, what kind are you up for?”

Posted on by Michael Covel

Great post by Seth Godin:

Here’s an interesting choice that most people leave unmade:

How comfortable are you engaging in projects where there’s a likelihood that you’ll lose by just a hair?

What makes a project worthwhile and interesting is that it might not work. All the this-is-sure-to-work projects are taken.

Given that you’re taking a risk, what kind are you up for?

Are you seeking out areas where there’s no competition, true longshots where few people see you fail?

Or are you okay with the daring near misses?

That’s the trend following ethos too.

Risk
Risk

How can you move forward immediately to Trend Following profits? My books and my Flagship Course and Systems are trusted options by clients in 70+ countries.

Also jump in:

• Trend Following Podcast Guests
• Frequently Asked Questions
• Performance
• Research
• Markets to Trade
• Crisis Times
• Trading Technology
• About Us

Trend Following is for beginners, students and pros in all countries. This is not day trading 5-minute bars, prediction or analyzing fundamentals–it’s Trend Following.

Ep. 510: Milton Friedman Returns with Michael Covel on Trend Following Radio

Posted on by Michael Covel
Milton Friedman Returns with Michael Covel on Trend Following Radio
Milton Friedman Returns with Michael Covel on Trend Following Radio

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My guest today is Milton Friedman, one of Michael’s favorite dead guests to bring on the podcast. Milton foreshadows Uber, talks about the deep state (without mentioning the deep state), brings up airline service and monopoly. His solutions to problems in government 35 years ago were to cut government spending, hold monetary growth back and cut regulations. The same solutions to government are at the forefront of American politics today. Today, Michael curates two interviews between Phil Donahue and Milton Friedman. These interviews were recorded back in the 1980’s, but many of the points made are more relevant today than ever.

The topic is airline service and monopoly.

In this episode of Trend Following Radio:

  • Government spending
  • Liberty in trading
  • Government regulation
  • Unknowingly supporting private interests
  • How to prevent monopoly
  • Legalizing drugs
  • Prohibition

“I don’t believe government is the mother of children, I don’t believe it is the father of children, I believe government is a way in which you and I and our fellow citizens achieve certain things jointly that we can’t achieve separately.” – Milton Friedman

“The private market system is a system of profit and loss. And the loss part is just as essential as the profit part.” – Milton Friedman

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Milton Friedman
Milton Friedman