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Ep. 841: Tom Golisano Interview with Michael Covel on Trend Following Radio

Thomas Golisano
Thomas Golisano

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Tom Golisano understands the fears, risks, and challenges small-business owners face every day—he’s lived it. He has launched and grown his own highly successful businesses and mentored dozens of entrepreneurs, helping them build their own successful companies.

Built, Not Born shows readers:

• How going against the grain can be a great strategy for finding business opportunities and why it pays to question conventional wisdom.

• Why the pregnant pause can be an effective weapon in negotiations and when interviewing potential employees.

• Why a prenuptial or even a postnuptial agreement is critical to any business owner.

• What potential buyers and funding sources look for, and the best way to present a business plan.

• And finally, the key growth and leadership strategies that have helped Paychex sustain its incredible level of growth and profitability.

Tom Golisano—entrepreneur, philanthropist, civic leader, and former owner of the Buffalo Sabres NHL team—is the founder and chairman of the Board of Paychex, Inc., headquartered in Rochester, New York, with more than 15,500 employees and 100 office locations nationwide. Still active in business and philanthropy, he currently mentors the entrepreneurs who run the businesses in which he has invested, and he also oversees his family’s charitable foundation. To date he has donated over $250 million to a wide range of charitable causes, including educational institutions, children’s hospitals, and especially organizations working with people who have developmental and intellectual disabilities.

In this episode of Trend Following Radio:

  • Built, Not Born: A Self-Made Billionaire’s No-Nonsense Guide for Entrepreneurs

Mentions & Resources:

“I have to say by biggest challenge currently is picking the best futures contracts…”

Feedback:

Hello Michael, my name is Arian and I am a long time reader of your fantastic books on trend following trading. I have to say by biggest challenge currently is picking the best futures contracts to trade in terms of length to avoid having to continuously roll them over. I am currently trading 12-20 contracts to avoid getting out of position when the contract expires and having to re-enter the trend. I currently trade e-mini contracts and I am finding out that some commodities (mainly agriculturals and natural gas) just don’t get triggered on a buy or sell order placed in a 12-20 contract. I guess for some commodities it doesn’t make much sense to have such long term contracts. I have been trading for a few months but I have methodically followed a long term trend trading system that has a clear answer to all the important questions you mention in your trend following book. What do you think is the best solution in terms of contract expiration time for a long term trend following trader? Please keep writing those fantastic books they are lit candles in the dark caves of the trading world.

That’s not the issue IMO. Rollovers are normal. I help clients with rollovers, but I am concerned when I hear you say your goal is to pick markets in a way to avoid them. See FAQs and Markets.

“My biggest challenge is trying to manage my family’s trust account while working a full time job…”

Feedback in:

Michael,

My biggest challenge is trying to manage my family’s trust account while working a full time job and trying to follow the Biblical Responsible Investing method, where we don’t invest in anything that goes against our beliefs.

My goal is to grow the account safely with little screen time, but still either be at the stock market average or better, but still protect it against the corrections.

There are a few BRI ETF’s that I like and have traded options from time to time.

I also think it would be nice to have a shorter term trading method that I could use some of the cash in the trust to generate some shorter term profits and then reinvest those profits into more shares of the ETF’s I am holding. Not sure how realistic that is, but it would be nice.

I like just watching a few symbols at a time and investing in just a few at a time to keep things simple.

I enjoy watching the markets, but I don’t want to be obsessed or stressed out over watching the trust start losing money.

J.C.

The trend following start.

I would consider ditching your described strategy. There are better directions.

“My biggest and continuous challenge is to keep on improving my trend detection skills…”

Feedback in:

As a full-time trader, my biggest and continuous challenge is to keep on improving my trend detection skills. I only want to trade trends but sometimes I’m either too early or too late in entering or exiting a trend. Therefore I’m always on the lookout for a better method…

Cordially, Bruno

Trend detection?

No.

You need this:

• Exact rules for selecting your tracking portfolio.
• Exact rules for entering your trades at the right time.
• Exact rules for exiting your trades with a loss.
• Exact rules for exiting your trades with a profit.
• Exact rules for how much money to bet on each trade.

“I am trying to hard to hit it big with one trade and I end up losing big…”

Feedback in:

Hello Michael,

I would say that my biggest challenge that I face with my trading is… I am trying to hard to hit it big with one trade and I end up losing big. I don’t stick to my trading plan, I cut my winner’s way too soon, and hold on to my loser’s hoping for a turnaround, which as you know doesn’t happen. I am working hard to change these bad habits of mine, so I stopped trading for now and I am going back to the drawing board to regroup. Thank you for your time sir.

Anthony E. Jr.

Start here with my FAQs.

Ep. 840: Dan Ferris Interview with Michael Covel on Trend Following Radio

Dan Ferris
Dan Ferris

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Dan Ferris is the editor of Extreme Value, a monthly investment advisory that focuses on some of the safest and yet most profitable stocks in the market: great businesses trading at steep discounts. And while Dan and Michael employ different investing strategies, their conversation today reveals much in common.

Dan joined Stansberry Research in 2000. He became editor of Extreme Value in 2002. His strategy of finding safe, cheap, and profitable stocks has earned him a loyal following – as well as one of the most impressive track records in the industry.

Dan was among the few analysts to accurately describe the breadth and depth of the coming 2008 financial crisis. And he told investors to get out of small-cap mining stocks in 2011, before they went into a brutal, multi-year bear market.

As a result of his work in Extreme Value, Dan has appeared on Money with Melissa Francis and The Willis Report on Fox Business News, as well as The Street with Paul Bagnell on Business News Network. He has also been featured in Barron’s, the Value Investing Letter, and financial radio programs around the country.

In this episode of Trend Following Radio:

  • Extreme Value

Mentions & Resources:

Don’t Chase So-Called Today’s Markets…

Trend Following
Trend Following

Feedback in:

Michael, I know there are a lot of different people out there trying to teach others how to do it, but I have found few that actually trade themselves and teach others based on what they are doing themselves. If someone is not trading it themselves, then I become skeptical about the method… so I have found very few people to consider. Most of the systems I have seen focus more on daytrading or swing trading, not much being taught on trend trading by someone who is actually doing it themselves. I have seen various things on the turtle method and its history, but have not come across anyone trading it themselves in today’s market and teaching others what they are doing.

Start here 1, 2, 3, 4, 5, 6, 7.

Today’s market?

No.

Markets are the same. People are the same.