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Category: Interviews

Ep. 162: Tim Dyer Interview with Michael Covel on Trend Following Radio

Posted on by Michael Covel

My guest today is Tim Dyer, an RIA (Registered Investment Advisor) in La Jolla, CA. Dyer has also seen the brokerage side of the world too, shares insights regarding how these worlds work, and how clients navigate the waters of professional investing advice.

The topic is personal investments.

In this episode of Trend Following Radio we discuss:

  • What an RIA does for the average investor
  • The difference between trend following fund managers and the RIA world
  • The difference between hiring Merrill Lynch and hiring an independent RIA
  • Fiduciary suitability
  • Black swan protection
  • Benchmark issues
  • Warren Buffett declaring The Fed as history’s greatest hedge fund
  • How the Internet might open up the RIA world, and the value of human-based advice in the RIA world
  • The disingenuousness of focusing only on the benefits, and failing to see the risks
  • Why some might say it “feels like 1999” today

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Ep. 161: Michael Konik Interview with Michael Covel on Trend Following Radio

Posted on by Michael Covel
Michael Konik
Michael Konik

My guest today is Michael Konik, the author of many books of fiction, non-fiction, and essays. Konik has had a fantastic experience in the world of sports betting, and the parallels between his world and the trend following world are off the charts.

The topic is his book The Smart Money: How the World’s Best Sports Bettors Beat the Bookies Out of Millions.

In this episode of Trend Following Radio we discuss:

  • Similarities between Konik’s world and the Turtle story
  • Konik’s background and how he came into this world of rule-based betting
  • Some of the stories about “Big Daddy” Rick Matthews (fake name for a very high profile individual featured on 60 Minutes), the main character in Konik’s book and the most successful sports wagerer in the world
  • Position limits
  • Konik’s theater background and how it tied in to the experiment
  • Sports betting technique, the line, the Kelly Criteria, and “Big Daddy’s” own line
  • The “brain trust” and how “Big Daddy” led his operation
  • Point spreads
  • Looking for value rather than a favorite home team
  • The importance of a dispassionate outlook
  • The importance of knowing why you place a bet or trade
  • How the brain trust came up with a line better than the other lines out there
  • The importance of injuries in sports betting

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Ep. 157: Mike Bellafiore Interview with Michael Covel on Trend Following Radio

Posted on by Michael Covel
Mike Bellafiore
Mike Bellafiore

My guest today is Mike Bellafiore, the co-founder of SMB Capital, a proprietary trading firm in New York City, and SMBU, its trader education company. Bellafiore also writes regularly for the globally popular SMBU blog, where he shares ideas on how to improve trading performance.

The topic is his book The Playbook: An Inside Look at How to Think Like a Professional Trader.

In this episode of Trend Following Radio we discuss:

  • Real rewards to being a successful trader
  • Passion in trading
  • Why professional traders fail
  • Parallels between trading and writing
  • Bellafiore’s history and definitions of “prop trading”
  • Trading short timeframes and intraday trading
  • The “prop desk”
  • Ups and downs in Bellafiore’s career
  • The early history of SMB Capital
  • Bellafiore’s early struggles with his father’s health concerns, his mother’s death, an SEC investigation, and how “The PlayBook” came out of it
  • The ten attributes of a great trader
  • Trading psychology and mindset
  • Personality types and short-term trading
  • Microscalping and swing trading
  • Expertise, flow, and mastery
  • Process vs. outcome
  • Entrepreneurship
  • The importance of coaching
  • The four ways to become great at anything

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Ep. 156: Patrick Boyle Interview with Michael Covel on Trend Following Radio

Posted on by Michael Covel
Patrick Boyle
Patrick Boyle

My guest today is Patrick Boyle, a fund manager, academic, and author. Boyle is the Founder of Palomar Capital Management, a UK-based hedge fund.

The topic is fund management.

In this episode of Trend Following Radio we discuss:

  • Directional trading
  • Timeframes in trading and short-term trading
  • Boyle’s background and how he came to be a founding partner of Palomar
  • Boyle’s time working with Victor Niederhoffer
  • Niederhoffer and his teaching lineage
  • David Harding and Bill Dunn
  • Boyle’s political stances, the Fed, and the SEC
  • Risk and running a directional fund
  • Performance correlation to the S&P and the trend following CTA’s
  • The big picture takeaways that Boyle learned under Niederhoffer
  • Correlations to people who have come out of Niederhoffer’s shop
  • Monroe Trout
  • Testing ideas
  • How quantitative analysis is different from technical analysis
  • The book publishing industry, and why all the secrets might not be in a $20 book
  • Where Palomar Fund Management is at today
  • Foundational advice to the budding fund manager
  • Libertarianism

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Ep. 152: Dan Andrews Interview with Michael Covel on Trend Following Radio

Posted on by Michael Covel
Dan Andrews
Dan Andrews

My guest today is Dan Andrews, the founder of The Lifestyle Business podcast. He is the host of the Tropical MBA.

The topic is entrepreneurship, travel and lifestyle.

In this episode of Trend Following Radio we discuss:

  • Location independence
  • Optimizing for time and mobility
  • Andrews’ beginnings as a teenager to where he is today
  • Artists and entrepreneurs
  • Andrews’ beginnings
  • How being in an entirely different atmosphere can bring out your creativity
  • How Paris in the 1920’s relates to the creative explosion in Asia
  • The importance of having a blog and telling your story
  • Why people need stories and ideas to follow
  • Telling a story with your business
  • The importance of “starting” and the iterative process
  • Your brand, and the nature of how you interact with people
  • Thinking you know how to “do it” before you know how the “soup” is made
  • How hard work means so much more than talent
  • Self-control, self-discipline
  • “Failing forward” and getting used to taking emotional risks
  • Hyper-globalization of small businesses
  • The revolution of podcasting
  • Distractions, laziness, and doing an inventory on your time

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Ep. 150: Harry Dent Interview with Michael Covel on Trend Following Radio

Posted on by Michael Covel
Harry Dent
Harry Dent

My guest today is Harry Dent, a best-selling author and one of the most outspoken financial editors in America.  Using proprietary research, Harry developed a unique method for studying economies around the world, and uses his analysis to provide insights on what to expect in the future.

The topic is his book Demographic Trends in Real Estate.

In this episode of Trend Following Radio we discuss:

  • How demographics and consumer spending help to determine what might happen tomorrow
  • “The demographic clip”
  • “Die-ers vs. buyers”
  • What happens when a smaller generation follows a larger one
  • Zero interest rate policy and asset prices
  • Inflation
  • How the government keeps the bubble inflated
  • Comparisons to Japan
  • The forced spending of principal
  • Whether we’ve lost the ability to have a conversation about the morals of our current policies
  • Real estate speculation
  • How we’ve lost direction on the idea of “resets”
  • The boom-bust cycle
  • The importance of failure
  • “Coma” economies
  • Early retirement, and why you can’t retire at 65
  • Public employee pensions
  • Why we ultimately need a crisis to secure our future

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Ep. 148: Jerry Parker Interview with Michael Covel on Trend Following Radio

Posted on by Michael Covel
Jerry Parker
Jerry Parker

My guest today is Jerry Parker, a trend following trader with over 25 years of experience. His firm is Chesapeake Capital and he was featured in Covel’s book “The Complete TurtleTrader.”

The topic is Trend Following.

In this episode of Trend Following Radio we discuss:

  • Fitness
  • The Hindenburg “omen”
  • Objective entry/exit criteria
  • Why you’d stay in a long position that you wouldn’t want to enter into today
  • The “oversleeping” hypothetical
  • The idea that reducing volatility increases risk
  • Definitions of volatility and risk
  • Parker’s thoughts on trend followers not really having drawdowns in the typical sense
  • “Managed futures” and why investors may not want that vs. “trend following”
  • Definitions of “managed futures” and “trend following”
  • Why managed futures isn’t a good term for some

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