Peter Leeson is an economics professor at George Mason University and is known for connecting rational choice theory with unusual domains. He looks at human behavior as a series of puzzles that are being solved by those involved. He focuses his studies on everything from bizarre rituals and superstitions to the behavior of Caribbean pirates. Peter’s work has also been quoted as “Freakonomics on steroids.”
How does Peter come up with some of his “crazy” ideas? He likes to have a broad library to read from, particularly history books. As he reads he comes across a lot of practices that may seem outlandish to most, but fascinating to him. From there he digs deeper and finds meaning in certain practices through religion, economics, politics, etc.
Throughout Peter’s work it is clear that the main motivator driving behavior is incentives. What happens when we have government incentives vs. private incentives? Michael and Peter finish the podcast talking government intervention, wealth creation and cultural behavior driving capitalistic efforts.
Brooks Koepka has won three major golf championships in the last 14 months. He has had the emotional fortitude to push through the obvious pressures of being on the top, especially for being only 28 years old.
Brooks wasn’t able to go pro right out of college and moved to Europe to get his PGA tour card. He wasn’t thrilled about having to go overseas to get his chance at the pros in the U.S., but with a chip on his shoulder he used that as motivation to push forward, excel and win championships.
Lawrence Krauss is a theoretical physicist and cosmologist, professor at Arizona State University, director of its Origins Project and author of bestselling books: “The Physics of Star Trek” and “A Universe from Nothing.” He is an advocate for science based data, public policy based on sound empirical data, and scientific skepticism. His goal is to reduce the influence of superstition and religious dogma in popular culture. His most recent book is “The Greatest Story Ever Told–So Far: Why Are We Here?”
When did Lawrence first discover he was a skeptic, someone who would think outside the box? He was encouraged to think for himself from a very early age. He grew up Jewish but slowly grew out of ideas that surrounded the religion. No real a-ha moment, just gradually decided that religion wasn’t something he could believe in. In 6th grade he also began doing poorly in school. His parents moved him to a different school where he subsequently did much better. Lawrence knew that he wasn’t a different person, but it was other people’s expectations that wavered how he performed. From then on, he was conscious of not letting others opinions of him bring down his performance.
Richard Feynman has played a large role in Lawrence and his studies. He is a great example of someone who did not let other’s hinder him. Feynman was charismatic, intelligent, and excited about all things new – he didn’t rely on other’s opinions. The charisma Feynman possessed, combined with the genius of his science made him the legend.
How does Lawrence describe science? It is a process rather than a collection of facts. Science helps to establish what is true from what is non-sense. It also breaks the sensible from the non-sensible. Lawrence brings this mindset into religion taking a controversial stance saying, “God is completely irrelevant to science.” He fiercely believes that the idea of religion was created as a way to explain how the world worked before we had the technology and science to know how it actually works.
Information on the Trend Following™ network of sites may not be copied, reprinted, or redistributed without written permission from Michael Covel and or Trend Following (but written permission is easily and typically granted). The purpose of this website is to encourage the free exchange of ideas across investments, risk, economics, psychology, human behavior, entrepreneurship and innovation. The entire contents of this website are based upon the opinions of Michael Covel, unless otherwise noted. Individual articles are based upon the opinions of the respective author, who may retain copyright as noted. The information on this website is intended as a sharing of knowledge and information from the research and experience of Michael Covel and his community. Information contained herein is not designed to be used as an invitation for investment with any adviser profiled. All data on this site is direct from the CFTC, SEC, Yahoo Finance, Google and disclosure documents by managers mentioned herein. We assume all data to be accurate, but assume no responsibility for errors, omissions or clerical errors made by sources. Trend Following™ markets and sells various investment research and investment information products. Readers are solely responsible for selection of stocks, currencies, options, commodities, futures contracts, strategies, and monitoring their brokerage accounts. Trend Following™, its subsidiaries, employees, and agents do not solicit or execute trades or give investment advice, and are not registered as brokers or advisors with any federal or state agency. Trend Following™, TurtleTrader®, TurtleTrader.com® are trademarks/service marks of Trend Following. Other trademarks and service marks appearing on the Trend Following network of sites may be owned by Trend Following or by other parties including third parties not affiliated with Trend Following™.
Reminiscences of a Stock Operator by Edwin Lefèvre PDF
"If you want the chance for big returns in bull, bear and black swan markets, THIS is where you want to be. But this ain't clipping coupons. No risk, no return."