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Author: Michael Covel

Author of Trend Following and TurtleTrader.

Ep. 302: Zbigniew Hermaszewski and Natasha Reeve-Gray Interview with Michael Covel on Trend Following Radio

Posted on by Michael Covel
Zbigniew Hermaszewski and Natasha Reeve-Gray
Zbigniew Hermaszewski and Natasha Reeve-Gray

My guests today are Zbigniew Hermaszewski and Natasha Reeve-Gray, two of the four founding partners of Altis Partners–a very successful systematic and primarily trend following money management firm.

The topic is Trend Following.

In this episode of Trend Following Radio we discuss:

  • Covel’s recent experiences traveling in Asia
  • The advantages of location independence
  • Early triggers that led Hermaszewski and Reeve-Gray into the systematic trading world and away from the efficient market hypothesis
  • Why Hermaszewskii was motivated to go down the particular path he went down
  • The advantages of a physics background when applied to trading
  • Looking for predicability in the markets
  • How Altis uses predictability in the context of their world
  • The four broad types of market behavior in Altis’ program
  • Trend following and persistence
  • Inter-market relationships
  • Why there are no “manual” inputs in Altis’ systematic program
  • Portfolio construction and why Altis is different from its peers
  • Applying the same models to all markets
  • The collegial atmosphere amongst London CTAs

Listen to this episode:

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You Can Start the Money Management Firm or Work for Someone; Different Beasts

Posted on by Michael Covel

Podcast Feedback:

Hey Michael, if you had a 23 yr old wanting to become a CTA, graduating with a degree in Finance from U. South Florida in May, is there a certain firm you would push him towards? Two summers ago he did an internship with [Name] Capital ($106 mln AUM), last summer with R.J. O’Brien’s CTA platform Oasis. He works two days/week with me holding down our trade desk. We work with commercial Ag hedgers. Any ideas would be helpful. [Name] gave Patrick your book on the TurtleTraders 1st day on the job, along with 4 other books on trading.

No short cuts. All the trading “names” are well known. It’s an issue of knocking on doors. Seth Godin’s blog may give you a good non-trading perspective that will better help him to break into trading.

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.

Find Fund Managers Across Books and Podcast

Posted on by Michael Covel

Feedback in:

Hi Michael, I really enjoy your podcast and the alternative ideas you put out. Please keep up the good work! I was wondering if you could help me with a question please. If one had around USD100,000 to allocate to a trend following manager would there be one or a couple of stand-out managers that you would put forward. I understand you are obviously not in a position to make specific recommendations: the question really just goes to accessibility of particular funds for that size of investment, as I understand that amount is too small for many funds. I have been in contact with [Name] at [Name] already, but would like to thoroughly explore options. I would prefer a manager that only takes carried interest and no fees in down period. By way of background I am Australian citizen but a long term resident of Japan.

Many thanks
[Name]

Absolutely no names, other than all the leads you can find across my podcast and books!

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.

Abdallah Salem el-Badri Plays Dumb About The Zero Sum Nature of Markets and Speculation

Posted on by Michael Covel

OPEC chief Abdallah Salem el-Badri pumps the propaganda:

“The fundamentals should not lead to this dramatic reduction (in price). I believe that speculation has entered strongly in deciding these prices.”

Name a time when speculation did not play a role in markets? Asked why speculation was back, el-Badri said:

“I have no idea.” [Covel: “WTF!”]

Speculation never went away. The markets are zero sum. There will always be winners and losers. Some, like Abdallah Salem el-Badri, don’t like to lose and unnamed speculators thus get positioned as “bad”.

Bottom line, speculators just happen to be the wise winners this time.

Note: Read this:

speculation dickson watts

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. 301: Jim Rogers Interview with Michael Covel on Trend Following Radio

Posted on by Michael Covel
Jim Rogers
Jim Rogers

My guest today is Jim Rogers, an American businessman, investor and author currently based in Singapore. He is the Chairman of Rogers Holdings and Beeland Interests, Inc. He was the co-founder of the Quantum Fund and creator of the Rogers International Commodities Index (RICI). Rogers does not consider himself a member of any school of economic thought, but has acknowledged that his views best fit the label of Austrian School of economics.

The topic is investment.

In this episode of Trend Following Radio we discuss:

  • Why it shows that the kind of people that travel are the kind of people you want in your country
  • Infrastructure in China
  • Stereotypes of various countries in Asia
  • China’s military
  • Current Fed policy in America
  • What “can-do” spirit can do in a state of decline
  • Why the next crisis might be worse than the last
  • The importance of language skills
  • Participating in big long-term bets with regard to countries
  • Why, if he could, Rogers would put all of his money into North Korea

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Neuberger Berman Has No Clue About Trend Following

Posted on by Michael Covel

Excerpted from here (PDF):

Historically, performance and lack of correlation to credit and equity markets have made CTAs popular. There are several types of CTA strategies, including trend-following, mean reversion and pattern recognition. The vast majority of managed futures assets under management (greater than 85%, by our estimates) are trend followers; we are currently bearish on this class of CTAs.

So many voices… are clueless.

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. 300: Travis Jamison Interview with Michael Covel on Trend Following Radio

Posted on by Michael Covel
Travis Jamison
Travis Jamison

Please enjoy my monologue Michael Covel Monologue and Travis Jamison Interview with Michael Covel on Trend Following Radio. This episode may also include great outside guests from my archive.

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