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Ep. 350: Michael Melissinos & Glenn Graham Interviews with Michael Covel on Trend Following Radio

Michael Melissinos & Glenn Graham
Michael Melissinos & Glenn Graham

My guests today are Michael Melissinos and Glenn Graham.

Michael has assumed research and trading responsibilities. He also works on his emotional and mental game with the help of his local Trading Tribe. Tribe helps him maintain discipline through tough performance periods, remain inventive and push the envelope of improving the firm’s investing and education strategy. He previously held positions at Rothstein Kass, Bear Stearns and J.P. Morgan.

Glenn’s firm is Golden Point Capital. Graham has had extensive experience in quantitative trading strategy development in the futures space. He holds the designation of Chartered Alternative Investment Analyst (CAIA), a designation focusing on the alternative asset classes.

The topic is Trend Following.

In this episode of Trend Following Radio we discuss:

  • Covel and Melissinos discuss Melissinos’ career and beginnings; his history with Bear Sterns; Melissinos’ introduction to trend following; “find trends, align with trends, and manage risks”; the similarities between crude oil, copper, sugar, the Euro, and wheat; and trading based purely on price.
  • Graham and Covel discuss Graham’s early trading track record; niche markets and hedging; Graham’s early trading experiences and his history at a high frequency trading firm; early influences in trend style trading; the parallels between trading and backgammon; the importance of the size of your winners over winning percentage; and style drift.

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Ep. 349: Donald MacKenzie Interview with Michael Covel on Trend Following Radio

Donald MacKenzie
Donald MacKenzie

My guest today is Donald MacKenzie, a Professor of Sociology at the University of Edinburgh, Scotland. He works on the sociology of markets, focusing on automated trading, the use of mathematical models, and the evaluation and trading of bonds. MacKenzie has worked in the past on topics ranging from the sociology of nuclear weapons to the meaning of proof in the context of computer systems critical to safety or security.

The topic is his book An Engine, Not A Camera: How Financial Models Shape Markets.

In this episode of Trend Following Radio we discuss:

  • Economic models
  • Self-fulfilling prophecies and economics
  • Our beliefs and the social world
  • The definition of performativity
  • Mackenzie’s analysis and study of the Black-Scholes model
  • Long Term Capital Management
  • Reflexivity
  • The intellectual gap between purveyors of the efficient market hypothesis vs. behavioral economists as reflected in the 2014 Nobel Prize winners
  • The arms race in high frequency trading.

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Ep. 348: Michael Covel Monologue and Interview on Trend Following Radio

Michael Covel Monologue and Interview on Trend Following Radio
Michael Covel Monologue and Interview on Trend Following Radio

Please enjoy my monologue Michael Covel Monologue and Interview on Trend Following Radio. This episode may also include great outside guests from my archive.

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Want to learn more Trend Following? Watch my video here.

Ep. 347: Kathryn Kaminski Interview with Michael Covel on Trend Following Radio

Kathryn Kaminski
Kathryn Kaminski

My guest today is Kathryn Kaminski, the Director of Investment Strategies at Campbell and Co–the famed CTA started by Keith Campbell. Today, Kaminski outlines her new whitepaper, specifically diving into correlation among traders (CTAs).

The topic is Trend Following.

In this episode of Trend Following Radio we discuss:

  • Correlation between fund managers and strategies
  • The media’s misrepresentation of systematic strategies
  • Diversification in the CTA and equity world
  • Why one trend following strategy is similar to just one stock

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Ep. 345: Spyros Makridakis Interview with Michael Covel on Trend Following Radio

Spyros Makridakis
Spyros Makridakis

My guest today is Spyros Makridakis, the Rector of the Neapolis University of Pafos NUP and an Emeritus Professor of Decision Sciences at INSEAD as well as the University of Piraeus and one of the world’s leading experts on forecasting, with many journal articles and books on the subject. He is famous as the organizer of the Makridakis Competitions, known in the forecasting literature as the M-Competitions. His calling is to poke holes in the notion that we can forecast with accuracy.

The topic is his paper Why Forecasts Fail. What to Do Instead.

In this episode of Trend Following Radio we discuss:

  • Known knowns, known unknowns, and unknown unknowns
  • The two main types of uncertainty–“subway” and “coconut”
  • Jim Collins, one of the best-selling business book authors of all time, and why it might not have any use to us
  • Medicine and chance
  • The placebo effect
  • Acceptance of an uncertain world
  • The illusion of control

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Ep. 344: Martin Lueck Interview with Michael Covel on Trend Following Radio

Martin Lueck
Martin Lueck

My guest today is Martin Lueck. Lueck holds an M.A. in Physics from Oxford University and currently is the Research Director and President of Aspect Capital. Lueck was originally with Adam, Harding and Lueck Limited (AHL), which he co-founded with Michael Adam and David Harding. At AHL, Martin initially focused on trading system research before taking on responsibility for the further development of the proprietary software language which provided the platform for all of AHL’s product engineering and implementation.

The topic is Trend Following.

In this episode of Trend Following Radio we discuss:

  • Quantitative, systematic styles in action
  • The beginnings of AHL
  • Early coding experiences
  • Early decisions that lead to a completely systematic strategy
  • Diversification
  • What percentage of the educated financial audience grasps the strategies that are used at Aspect
  • Behavioral economics
  • Bringing new potential opportunities into Aspect

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Ep. 343: Ryan Holiday Interview with Michael Covel on Trend Following Radio

Ryan Holiday
Ryan Holiday

My guest today is Ryan Holiday, an American author, writer, and marketer. He is the media strategist behind authors Tucker Max and Robert Greene, the former Director of Marketing for American Apparel and an editor-at-large for the New York Observer.

The topic is writing a book.

In this episode of Trend Following Radio we discuss:

  • Always being in a research mindset
  • Why some people don’t take advantage of standing on the shoulders of the giants that came before them
  • To know where you’re going and to have a plan when it comes to writing; why it’s “all material”
  • The idea of listening to the same song over and over again
  • The “flow” state and its importance in writing
  • The importance of having a purpose in your writing
  • Discipline and commitments
  • Outsourcing and hiring experts for your writing project

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