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Ep. 588: Dan Pena Interview with Michael Covel on Trend Following Radio

Dan Pena
Dan Pena

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Dan Pena is a high performance coach, philanthropist, businessman and author. He has seen every type of business imaginable. He brings an attitude that inspires and provokes action.

The pussification of America has come to fruition through low self-esteem individuals creating a snowflake generation. Youth today are being raised by beta males who aren’t teaching them how to live strong, persistent and driven lives. Dan explains why the lack of alpha males in today’s society is the root of the politically correct driven culture.

When someone has a beta personality, they tend to be less than a high performance achiever. High performance people succeed because they get things done. They walk the walk on a consistent basis. They do not live a sheltered, PC life. How do they accomplish this? Picking the right friends is the first key to success. Pushing yourself to be around others who inspire, will lead to you being inspired. When kids are around other kids looking for success, they are given a much higher probability of becoming successful.

Dan doesn’t have a subtle, gentle teaching style – as anyone can sense from this podcast. His students regularly ask him, “Why are you so mean? Why do you use such harsh language?” He responds by saying, “Because life is hard.” Most people want change, but they only want change that conforms to their definition — and that is not change. That is staying the same.

In this episode of Trend Following Radio:

  • Lack of leadership in today’s society
  • Alpha males
  • Beta males
  • Getting out of victim mode
  • Political correctness syndrome
  • Snowflakes

“Being a high performance person doesn’t mean you are a good guy. Being a high performance person means that you get shit done. You are trying to be all that you can be.” – Dan Pena

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Ep. 587: Robert Sutton Interview with Michael Covel on Trend Following Radio

Robert Sutton
Robert Sutton

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Robert Sutton is Professor of Management science at the Stanford Engineering School and researcher in the field of Evidence-based management. Sutton is also the best-selling author of “The No Asshole Rule.” What does it mean to live in a “no asshole environment”? It means to weed out the people who demean and make you and others feel horrible. He gives the science and craft behind how to deal with assholes, how to prune these people from your life and get out of negative situations.

But the question ever since that book has been:

“Help, I’m dealing with an asshole! What can I do?”

Sutton has heard that question asked in a thousand different ways. He answers the question in “The Asshole Survival Guide: How to Deal with People Who Treat You Like Dirt”. It shifts focus from building civilized workplaces to providing relief for anybody who feels plagued and pushed around by assholes.

The Asshole Survival Guide delivers a cogent and methodical game plan. Sutton starts with diagnosis—what kind of asshole problem, exactly, are you dealing with? From there, he provides field-tested, evidence-based, and sometimes surprising strategies for dealing with assholes—avoiding them, outwitting them, disarming them, sending them packing, and developing protective psychological armor.

Ultimately, this survival guide is about developing an outlook and personal plan that will help you preserve the sanity in your work life, and will prevent all those perfectly good days from being ruined by some jerk.

In this episode of Trend Following Radio:

  • The no asshole rule
  • The role of assholes in entrepreneurship
  • Steve Jobs
  • Demeaned and de-energized
  • Self-awareness
  • Depression in relation to to workplace
  • Weeding out nasty people from your life
  • The asshole tax
  • Avoiding “the crazy”

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Ep. 586: Jason Calacanis Interview with Michael Covel on Trend Following Radio

Jason Calacanis
Jason Calacanis

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Jason Calacanis is a venture capitalist, entrepreneur, angel investor, author, blogger and has years of perspective when it comes to investing in start ups. His new book is “Angel: How to Invest in Technology Startups–Timeless Advice from an Angel Investor Who Turned $100,000 into $100,000,000”. Even if you never plan on becoming an angel investor, his book is a great look at how the modern economy works.

Technology is accelerating at an ever-increasing rate and Jason argues that there are approximately 30 million jobs that will disappear in upcoming years due to advancements in technology. He wrote his book to try and help people step away from the usual way of thinking and look at where the world is moving. For example, the cheapest car you could buy today is far and above more sophisticated than the most expensive car you could have bought 20 years ago. When Jason evaluates a company, he looks at a couple things: What is in the best interest of society? And what is the best technology that we can use to get there?

What is Silicon Valley like through the eyes of someone living and breathing it? Jason talks about Silicon Valley as the center of the world. There is an infectious need to look for the next $100 billion dollar idea rather than the next million dollar idea. It’s also very liberal, political and quirky. It is where the largest amount of high power tech companies derive from.

What is the biggest factor in becoming a successful angel investor? Success in angel investing comes down to portfolio diversification. You need to cast a wide net, knowing you are going to have a lot of loser companies. There are massive implied odds. The upside to finding a winning company far exceeds any amount of losses you may incur. Michael relates this to the Babe Ruth effect and Jason puts his own spin on it, “Finding a winning company is more like the equivalent of a grand slam scoring 100 runs rather than just four.”

In this episode of Trend Following Radio:

  • Creating a global footprint
  • Who is able to export their ideas around the world
  • Silicon Valley
  • Chinese border controls
  • Unicorn companies
  • Portfolio diversification
  • Risk aversion

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Ep. 585: Laura Doyle Interview with Michael Covel on Trend Following Radio

Laura Doyle
Laura Doyle

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Laura Doyle is bestselling author of “The Surrendered Wife”, and her newest work is “The Empowered Wife.” Relationships are a skill just like everything else in life. They can be hard and sometimes having some basic survival tools could make the difference between having a failed relationship or a thriving relationship. Laura gives a perspective and tools that we can all use in our modern day relationships.

Laura went through thousands of hours and thousands of dollars of marriage counseling that did not work before she tried asking her friends what they were doing right in their relationships. She wanted to learn what was working for them and what hadn’t worked for them over the years. Her main “aha” moment was when she realized the problems her and her husband were having were self inflicted.

Who has the most power in a relationship? How do you make your spouse feel respected? What are some main differences emotionally between men and women? What type of language do men respond best to? What type of language do women respond best to? Laura answers these questions and more on today’s podcast.

In this episode of Trend Following Radio:

  • Different traits between men and women
  • Femininity
  • Men and Women are more powerful together
  • Self care
  • Spouse fulfilling prophecy

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Ep. 583: Richard Clarke Interview with Michael Covel on Trend Following Radio

Richard Clarke
Richard Clarke

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Richard Clarke is co-author of “Warnings: Finding Cassandras to Stop Catastrophes.” Richard was also the former National Coordinator for Security, Infrastructure Protection and Counter-terrorism for the United States. He worked for the government starting with Ronald Reagan’s Presidency and continued to move up the ladder until he resigned in 2003 under President George W. Bush’s presidency.

Was there a starting point to Islamist terrorism? Were American’s affected much by the Gulf War? What was some red flags raised about the World Trade Center bombing? What are Cassandras? What did we know, and what were some warning signs at the time of 9-11? Why did we still go to war after 9-11 when the evidence was so lacking to go into Iraq? Michael and Richard go through these questions and many more throughout the podcast. Michael ends the interview asking Richard, “How can you see the next 10 to 20 years unfolding?”

In this episode of Trend Following Radio:

  • The Gulf War
  • Islamist terrorism
  • World Trade Center bombing
  • Osama bin Laden
  • The underestimation of Al-Qaida
  • Forcing democracy on the world
  • 9-11
  • War on Iraq
  • Global Warming

“We invaded Iraq with no legitimate reason to do so… it was complete and utter folly.” – Richard Clarke

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Ep 582: Peter Borish Interview with Michael Covel on Trend Following Radio

Peter Borish Net Worth is thought to be in the region of $14 million
Peter Borish

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Peter Borish is chief strategist of Quad Capital. He works as a trading coach and helps recruit new traders and develop the company’s trading strategy. He also is a founding member of the Robin Hood Foundation. The Robin Hood Foundation has made great strides in their charity work and are continuing to do bigger and better things. Peter believes that the quality of life for those around you is much more important than the material possessions that can be accumulated.

Michael and Peter change gears from charity work, to trading and Quad Capital. Quad Capital has had only 5 or 6 down months since inception about 42 months ago. What does their multi-strategy approach consist of? They look at alpha generating, capacity constrained strategies. They also believe investors are looking at liquidity, therefore that is exactly what they provide in their funds.

Peter is the business of managing risk, not just being right. Another way of putting it is, “Are you interested in making money or are you interested in being right?” We should all be in the business of making money, over being right. That being said, is Quad Capital open to other strategies that could make them money? As long as the strategy fits within their trading philosophy, then they are always open to new talent. Michael and Peter finish the conversation talking sports analogies. A lot of traders think they are Michael Jordon, but are they Michael Jordon on the Bulls? Or are they Michael Jordon on the White Sox?

In this episode of Trend Following Radio:

  • Politics
  • Robin Hood Foundation
  • Risk management
  • Discretionary trading
  • Having objectivity in your trading
  • Kelly criteria
  • Own up to your mistakes

“Everyone trades too large relative to their perceived edge.” – Peter Borish

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Other Recommended Listens and Reads:

Simon Black Interview

Against the Gods

Peter Borish, a View

Ep. 579: Mihir Desai Interview with Michael Covel on Trend Following Radio

Mihir Desai
Mihir Desai

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Mihir Desai is author of “The Wisdom of Finance: Discovering Humanity in the World of Risk and Return.” Mihir is currently the Mizuho Financial Group Professor of Finance at Harvard Business School and a Professor of Law at Harvard Law School.

He wrote his new book with two goals in mind: 1. Demystifying finance and 2. Have people look at finance in a more inspirational way. After each financial bubble bursts, the public repeatedly retreats to stereotypical ideas of finance. Mihir doesn’t want to wait for a generational shift to take place for finance to be looked at in a positive light. Financial literacy has gone by the way side in schools. How do you get children to think about basic risk taking? How do you think about protecting yourself? How do you buy insurance? How do you pool your money as a family? He hopes his book may help change some views and enlighten.

Mihir explains why diversification isn’t important just in the markets, it is important to diversify in all aspects of life. As an athlete you should workout all your muscles not just pinpoint one area. Or if you are looking at your health, you should look at all aspects of your health, not just what you are eating or how you are sleeping. Broaden your outlook and diversify your time and energy accordingly.

What is Agency theory? If you give someone money to invest, why do you get the money back? Arguably this is the biggest problem in modern finance. 150 years ago most people were self employed. Nowadays we appoint people as our “agents”. We have a system where we give money to people we don’t know and expect them to take care of it. Michael and Mihir end the conversation talking about people finding their path and true happiness in life rather than doing what their parents or society has told them to do.

In this episode of Trend Following Radio:

  • Reputation of finance
  • Diversification
  • Risk management
  • Black-Scholes model
  • Behavioral phenomena
  • The magic of leverage
  • The asshole theory of finance
  • Agency theory

“Luck is a dominant force in your outcome. That is lost on a lot of people in finance.” – Mihir Desai

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