“You have lots of interesting people on and I love the topics…”

Feedback in:

Hi Michael,

I have been a listener to your Trend Following podcast for a few years now. If my memory serves me right, I think it was ex Hedgefund Manager in Oslo (my place of birth), which directed me towards your podcast.

Thanks for taking the time to do these podcasts. You have lots of interesting people on it, and I love the topics. If there was anything negative to say, it would be that there might be too many. That is probably more a result of a lack of time, as I do like to enjoy a few other good podcasts.

When I get around to do it, I will buy your latest book.

I am also writing, hence I was interested in the podcast about self-publishing. Great stuff. For now, I am exclusively writing on the Seeking Alpha platform. You can find it under [Name] Investment.

I live in Singapore, where I and my wife have a small Oil & Gas services company ([Company Name) and I run a small investment company called [Name] Investment Holding Pte. Ltd (no relation to Paul Tudor Jones).

Keep the good work up.

Best regards,
[Name]

Thanks!

Ep. 679: Jeffrey Miron Interview with Michael Covel on Trend Following Radio

Jeffrey Miron
Jeffrey Miron

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Jeffrey Miron is an economist, served as chairman of the Department of Economics at Boston University, currently teaches economics at Harvard University, and holds the position of Director of Economic Policy Studies at the Cato Institute.

Jeffrey came to be a libertarian from an economics standpoint rather than philosophical, with Milton Friedman at the helm of his influencers. What got Jeffrey heading down the liberty path? Economics teaches that there are unexpected consequences with interventions. Jeffrey randomly started working on drug legalization in college and came to the conclusion that ramifications of outlawing anything would apply to all markets whether it be guns or drugs.

America spends about 50 billion a year as a country to fight drug laws- couple that with missing out on 50 billion a year in taxes if drugs were legalized and one can see the economic missteps. In addition, studies show there would be a decrease in crime, corruption and less interruption of people being able to use drugs medicinally with drug legalization. Michael and Jeffrey not only touch on the economics of libertarianism in America, but around the world.

In this episode of Trend Following Radio:

  • Cato Institute
  • Libertarianism
  • Bootleggers
  • Ramifications of drug prohibition
  • Modern Chinese commerce
  • Ripple effect of bankruptcy
  • Bernie Sanders campaign
  • Donald Trump campaign

“It is not that the market is perfect and interventions are terrible. Markets aren’t perfect but the interventions are even worse.”

Mentions & Resources:

“Wow! Just listened to your Christopher Ryan Interview — one of the best interviews I’ve heard anywhere…”

Feedback in:

Michael,

Wow! Just listened to your Christopher Ryan Interview — one of the best interviews I’ve heard anywhere. (I’m 56 and have had a decades-long steady diet of great interviews).

You’re really one of the best interviewers around — you really put your guests at ease, and your focus on all the implications of evolutionary theory is a continuing treat for me, who was fortunate to read Darwin in an interdisciplinary undergrad program, and who read several of the great mass-audience accessible books of the mid 90s re evolution, eg by Daniel Dennett, Richard Dawkins, etc. Also fortunate to have budget-traveled 2 1/2 yrs after undergrad all of over Europe, so appreciate your valuing of travel.

I’m also a (developing) trader and find your evol-focused programs more informative to trading than most programs anywhere that are ostensibly about trading, a big exception being your interviews with Tom Basso.

Best,
[Name]

Thanks!

Michael Covel’s Mind Food for Thought: July 25th Edition

Food for thought:

Enjoy.

Ep. 678: A Peaceful Easy Feeling with Michael Covel on Trend Following Radio

Peaceful, Easy Feeling
Peaceful, Easy Feeling

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Michael’s mega episode with Tom Basso is here again by popular demand. If you want to know the right way to think, Tom brings it. Michael plays all of Tom’s interviews back to back. Tom’s wisdom is timeless and worth listening to over and over again.

Tom is most famously known as “Mr. Serenity” in Jack Schwager’s “The New Market Wizards”. Now retired from managing client money, Tom was president and founder of Trendstat Capital Management. He became a registered investment advisor in 1980, a registered commodities advisor in 1984, and was elected to the board of the National Futures Association in 1998.

Throughout this 4 1/2 hour podcast Michael and Tom cover a broad range of topics including: Tom’s background and how he got into trading, speculation, emotional rushes, emotional devastation, catastrophic events, separating trading from politics, behavioral economics, advice to newcomers entering the CTA industry, location independence, time management, stoicism, black swans, and the importance of routine.

Michael and Tom also go through listener questions spanning topics including: trading regrets, money management vs. trading, tinkering with current systems, drawdowns, one-system vs. multiple systems, thoughts on Alan Watts, emotions during both losing and winning periods, exit strategies, practice trading vs. live trading, money management, risk control, how to handle skeptics, serenity, John W. Henry, coin flip entry method, percent betting, comfort with uncertainty, initial capital at risk vs. unrealized gains, and fighting against your gut reaction.

In this episode of Trend Following Radio:

  • Speculation
  • Fighting against emotions
  • Catastrophic events
  • Separating trading from politics
  • Advice to newcomers entering the CTA industry
  • Time Management
  • The importance of routine
  • Money management vs. Trading

Mentions & Resources:

Ep 677: Mark Blyth Interview with Michael Covel on Trend Following Radio

Mark Blyth
Mark Blyth

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Mark Blyth is a political scientist from Scotland and a professor of international political economy at Brown University.

What influenced Mark early on? John Maynard Keynes was his foundation. He also was growing up through the permanent recessions of the 1980’s and learning first hand about pitfalls in the economy. He quickly saw how the macro economy was so much different than the micro and how studying the economy as a whole was more important than just looking at the individual.

Mark called the Donald Trump win for Presidency in June of 2016. Why? Trump was willing to acknowledge there was a problem. He was dramatically different and played to the individual rather than big business. In 2015 Wall Street bonuses were twice the amount of the total wages of people earning minimum wage. Since that 2015 statistic, the inequality has only gotten greater. Trump gave people hope that things can change – that he could change them.

What are some macro steps that can get the U.S. economy heading in the right direction today? Dissolve monopolies and raise corporate taxes creating long-term productivity gains. Because of tax ride-offs a monopolized economy has been created. The government has allowed and engineered large businesses to run America and it’s time to re-arrange the model. Another problem? Americans have become dependent on passive investing and don’t know what to do when volatility happens. They have become blind to risk, due to lack of volatility for the last 10 years. Michael and Mark end on the question: “Can the economy sustain the next 10 years like this?”

In this episode of Trend Following Radio:

  • Trump campaign
  • Raising interest rates
  • Tax cuts
  • Infrastructure
  • General data protection regulation
  • Black swans
  • Passive investing
  • Efficient market hypothesis

Mentions & Resources: