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Ep. 516: Wesley Gray Interview with Michael Covel on Trend Following Radio

Wesley Gray
Wesley Gray

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My guest today is Wesley Gray. He served as a Captain in the United States Marine Corps and taught as a finance professor at Drexel University. He earned an MBA and a PhD in finance from the University of Chicago and graduated magna cum laude with a BS from The Wharton School of the University of Pennsylvania. Wesley is founder of Alpha Architect, an asset management that delivers affordable active exposures for tax-sensitive investors. He has published four books including: “Quantitative Value,” “DIY Financial Advisor,” “Embedded” and his newest book “Quantitative Momentum.” He is a contributor to the Wall Street Journal, Forbes, and the CFA Institute.

The topics are his books Quantitative Momentum: A Practitioner’s Guide to Building a Momentum-Based Stock Selection System and Quantitative Value: A Practitioner’s Guide to Automating Intelligent Investment and Eliminating Behavioral Errors.

In this episode of Trend Following Radio with Wes Gray:

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Ep. 515: Epic Trend Following Episode with Michael Covel on Trend Following Radio

Epic Trend Following Episode with Michael Covel on Trend Following Radio
Epic Trend Following Episode with Michael Covel on Trend Following Radio

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Please enjoy my monologue Epic Trend Following Episode with Michael Covel. This episode may also include great outside guests from my archive.

In this episode of Trend Following Radio:

  • Importance of consistent marginal improvements
  • Understanding a client’s drivers
  • Benefits the economy, society, and the world
  • Randomness is everything
  • Discretionary traders
  • Losses are statistically inevitable
  • Holy grails in trading
  • Behavioral biases
  • Volatility as measuring risk
  • Exploiting vs. Exploring
  • Tail risk premia vs. Pure alpha
  • Behavioral economics
  • Systematic trading
  • Price action
  • Benchmark selection
  • Time period selection
  • Markets teach humility
  • Time management

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Ep. 514: Epic Behavioral Episode with Michael Covel on Trend Following Radio

Epic Behavioral Episode with Michael Covel on Trend Following Radio
Epic Behavioral Episode with Michael Covel on Trend Following Radio

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Please enjoy my monologue Epic Behavioral Episode with Michael Covel on Trend Following Radio. This episode may also include great outside guests from my archive.

In this episode of Trend Following Radio:

  • Remembering self vs. Experiencing self
  • How the measures of happiness are being implemented into public policy
  • How failure to accept one’s losses can lead to risk-taking in trading
  • Crowd behavior relating economic bubbles
  • Why capitalism is largely driven by optimism
  • Behavioral economics affecting the trading world
  • Monkeys and humans
  • The monkey economy
  • The endowment effect
  • G.I. Joe fallacy
  • Discipline and practice
  • Solo and group practice
  • Flow state
  • Social motivation
  • The late birthday rule
  • 10,000 hours of practice
  • Nature vs. nurture
  • Brain plasticity
  • What are superforecasters?
  • Probabilistic thinking
  • Looking at data
  • The basis of decision making

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Ep. 513: John Galt Returns with Michael Covel on Trend Following Radio

John Galt Returns with Michael Covel on Trend Following Radio
John Galt Returns with Michael Covel on Trend Following Radio

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My guest today is Ayn Rand. Rand is best known for her two best selling novels, “The Fountainhead” and “Atlas Shrugged.” Michael plays two clips of Donahue interviewing Rand. Rand is controversial, but her thinking is accurate and clear. She breaks down altruism, government regulation, free market, monopoly, God, feminism, terrorism, and many more topics. You may not agree with her on all points, but there is inspiration to be taken away from her passion and to-the-point thinking.

The topic is Objectivism.

In this episode of Trend Following Radio we discuss:

  • Altruism
  • Government regulation
  • Acting on faith
  • Living by emotion, not reason
  • Women’s rights
  • Religion
  • Monopoly
  • Spending money on the un-gifted minds rather than the gifted
  • A “me” society
  • Definition of a dictator

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Who is John Galt?
Who is John Galt?

Ep. 512: Tim Price Interview with Michael Covel on Trend Following Radio

Tim Price
Tim Price

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My guest today is Tim Price. He has worked in capital markets for over 25 years across three management firms. A graduate of Christ Church, Oxford, he spent a decade as a bond specialist before going on to serve as Chief Investment Officer at three separate wealth management firms. Tim has been shortlisted for five successive years in the UK Private Asset Managers Awards programme and was a winner in 2005 in the category of Defensive Investing. He is now manager of the VT Price Value Portfolio, a fund investing in Benjamin Graham-style value stocks, and specialist value funds, from around the world. Tim also writes regularly for MoneyWeek magazine and The Spectator.

The topic is his book Investing Through the Looking Glass: A Rational Guide to Irrational Financial Markets.

In this episode of Trend Following Radio we discuss:

  • Trusting central planners
  • Going against the establishment
  • Banking system
  • Owning gold
  • Lehman Brothers collapse
  • 2008 bubble
  • The Brexit and Trump narrative

“Mankind has survived because of our ability to believe in things that do not actually exist.” – Tim Price

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Ep. 511: A Zen Money Perspective with Michael Covel on Trend Following Radio

A Zen Money Perspective with Michael Covel on Trend Following Radio
A Zen Money Perspective with Michael Covel on Trend Following Radio

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Please enjoy my monologue A Zen Money Perspective with Michael Covel on Trend Following Radio. This episode may also include great outside guests from my archive.

In this episode of Trend Following Radio:

  • Liberty
  • Relationship between guilt and gold
  • You don’t learn if you don’t make mistakes
  • Psychological attitude toward money
  • Money is just bookkeeping
  • National debt
  • Money as the circulation of information
  • Changing the psychological attitude toward money
  • The cost of paying income tax
  • Psychologically poor

“I wonder often if there is any relationship between guilt and gold.” – Alan Watts

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Ep. 510: Milton Friedman Returns with Michael Covel on Trend Following Radio

Milton Friedman Returns with Michael Covel on Trend Following Radio
Milton Friedman Returns with Michael Covel on Trend Following Radio

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My guest today is Milton Friedman, one of Michael’s favorite dead guests to bring on the podcast. Milton foreshadows Uber, talks about the deep state (without mentioning the deep state), brings up airline service and monopoly. His solutions to problems in government 35 years ago were to cut government spending, hold monetary growth back and cut regulations. The same solutions to government are at the forefront of American politics today. Today, Michael curates two interviews between Phil Donahue and Milton Friedman. These interviews were recorded back in the 1980’s, but many of the points made are more relevant today than ever.

The topic is airline service and monopoly.

In this episode of Trend Following Radio:

  • Government spending
  • Liberty in trading
  • Government regulation
  • Unknowingly supporting private interests
  • How to prevent monopoly
  • Legalizing drugs
  • Prohibition

“I don’t believe government is the mother of children, I don’t believe it is the father of children, I believe government is a way in which you and I and our fellow citizens achieve certain things jointly that we can’t achieve separately.” – Milton Friedman

“The private market system is a system of profit and loss. And the loss part is just as essential as the profit part.” – Milton Friedman

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Milton Friedman
Milton Friedman