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Ep. 319: Salem Abraham Interview with Michael Covel on Trend Following Radio

Salem Abraham
Salem Abraham

My guest today is Salem Abraham, the President of Abraham Trading Company with a 27-year track record. Salem graduated cum laude from the University of Notre Dame in December 1987 with a bachelor’s degree in finance. He began his investing career as a futures trader while still in college, using quantitative models to trade global futures markets beginning in 1987.

The topic is Trend Following.

In this episode of Trend Following Radio we discuss:

  • Living in Asia and Asian economics
  • A market lesson Abraham first learned in 1987
  • The recent action of the Swiss Franc
  • Artificially priced markets and the analogy of a dam
  • Crude Oil as a trend
  • Speculation at the core of Abraham’s business and its effect on markets generally
  • The effect of Abraham’s grandfather on his work
  • The influences on Abraham’s thinking and business decisions
  • Location independence
  • The importance of a link to the outside world
  • Avoiding disaster
  • Being agnostic to the market

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Ep. 317: Michael Covel Monologue and Peter Shankman Interview with Michael Covel on Trend Following Radio

Peter Shankman
Peter Shankman

Please enjoy my monologue Michael Covel Monologue and Peter Shankman Interview with Michael Covel 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. 316: Gary Antonacci Interview with Michael Covel on Trend Following Radio

Gary Antonacci
Gary Antonacci

My guest today is Gary Antonacci. Antonacci focuses on two issues in the quant world: relative strength price momentum with trend following absolute momentum. He’s developed a strategy where he believes it’s best to combine both.

The topic is his book Dual Momentum Investing: An Innovative Strategy for Higher Returns with Lower Risk.

In this episode of Trend Following Radio we discuss:

  • Momentum vs. trend
  • Relative strength momentum, cross sectional momentum, absolute momentum, and time series momentum
  • Trend following vs. managed futures as terms
  • Antonacci’s early history and how he found his way into the career he has today
  • Three legendary traders that crossed paths with Antonacci early on
  • The efficient market hypothesis as a less-than-solid foundation
  • Buying higher highs
  • Ray Dalio and risk parity strategies
  • Academic perspectives on momentum
  • The interaction and correlation between the two momentum strategies (relative and absolute)

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Ep. 315: Michael Mauboussin Interview with Michael Covel on Trend Following Radio

Michael Mauboussin
Michael Mauboussin

My guest today is Michael Mauboussin, an investment strategist in the financial services industry, professor at the Columbia Graduate School of Business, and serves on the board of trustees at the Sante Fe Institute (an independent, nonprofit theoretical research institute). He is managing director and head of Global Financial Strategies at Credit Suisse, where he advises clients on valuation and portfolio positioning, capital markets theory, competitive strategy analysis, and decision making.

The topics are his books More Than You Know and Think Twice: Harnessing the Power of Counterintuition.

In this episode of Trend Following Radio we discuss:

  • Multi-disciplinary thinking and its influence on Covel
  • Looking at larger reference classes
  • The Swiss Franc
  • Mauboussin’s personal take on the recent oil move
  • Fundamentals and expectation
  • Luck or skill when it comes to trading profits
  • The paradox of skill, absolute, and relative skill
  • Whether scientific principles of luck exist
  • Defining luck
  • Outcome bias
  • The general public perception of behavioral economics

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Football Wisdom Translates Perfectly to Trading


How can you move forward immediately to Trend Following profits? My books and my Flagship Course and Systems are trusted options by clients in 70+ countries.

Also jump in:

Trend Following Podcast Guests
Frequently Asked Questions
Performance
Research
Markets to Trade
Crisis Times
Trading Technology
About Us

Trend Following is for beginners, students and pros in all countries. This is not day trading 5-minute bars, prediction or analyzing fundamentals–it’s Trend Following.

Ep. 313: Jean-Philippe Bouchaud Interview with Michael Covel on Trend Following Radio

Jean-Philippe Bouchaud
Jean-Philippe Bouchaud

My guest today is Jean-Philippe Bouchaud, a French physicist. He is co-founder and Chairman of Capital Fund Management, adjunct professor at École Normale Supérieure and co-director of the CFM-Imperial Institute of Quantitative Finance at Imperial College London.

The topic is Trend Following.

In this episode of Trend Following Radio we discuss:

  • His firm’s performance for 2014
  • Whether trend following actually “died” prior to it’s “reappearance” in 2014
  • What trend following manages to exploit
  • Exploiting vs. exploring
  • Looking at volatility as a precursor to profit
  • Volatility as a measure of risk
  • Trend following as a genuine market anomaly
  • The behavioral biases in play as oil has fallen fifty percent plus
  • The feedback Bouchaud has received from peers on his newest paper
  • Whether other strategies exploit a genuine market anomaly
  • Bouchaud’s philosophy on transparency and “secrets” in his work
  • Why Bouchaud’s work culture is not a culture of MBA’s

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Gaining Experience in the World of Trend Following

A recent exchange:

Listener: I would enjoy the opportunity to gain lots of experience in the world of trend following. I would like to explore the opportunity of offering my employment services free of charge to anyone (yourself included) who could benefit from the services of a young, ambitious, intelligent and entrepreneurial spirit. I need to change my family’s life. We are a young family of 5 with a 7, 2 and 5 month old. My wife and I have discussed this at length, and I am ready to put in 24 hr days anywhere in the world. I have been an entrepreneur all my life. I am not scared to work. I am willing to relocate if you would agree that any opportunity presenting itself warrants it, or work remotely on any endeavour where I can gain more knowledge and some first hand experience. I am sure this is not the first email of this type that you have received. But mark my words, I am willing to give my all to anyone who needs assistance and help them make a lot of money! I just want to learn this business and learn from the best players in the industry if possible. I am ready for this. I have been on the outside looking in for way too long. I want to make the leap but do not have the experience. I am available any time of day or night to discuss this in further detail if necessary. 2015 needs to be a fresh start for me and my family. I am ready to give my all to whomever could use a hard worker in their business.

Covel: You have gone through all of my books and all of my podcast? My first big question.

Listener: No I have not completed all of the books and podcasts as of yet. I am completing the books and will have to start the podcasts. Admittedly, I have only ever listened to one podcast in my whole life which was one in which you were a guest speaker and that was via YouTube. I will commit to reading all of the books and listening to all of the podcasts by Wednesday Jan 14th at midnight. I will email you with my progress by 9am est on Wed Jan 15th or sooner if I complete this task earlier.

Weeks later:

Listener: I am in the process of finishing the books and have a big task of listening to all of the podcasts now. Would you like for me to ensure I have listened to them all before re-contacting you? I apologize for being late as I stated I would email by 9am this morning.

Covel: Sure, but you will also have many answers then.

Listener: Not sure I follow what you have said. Sorry. I had originally contacted you asking if you had any ideas or opportunities for employment or for me to enter the field and then you had asked if I read the books and listened to the podcasts.

Covel: Exactly. Your question will go a long way to being answered if you follow my instructions.


How can you move forward immediately to Trend Following profits? My books and my Flagship Course and Systems are trusted options by clients in 70+ countries.

Also jump in:

Trend Following Podcast Guests
Frequently Asked Questions
Performance
Research
Markets to Trade
Crisis Times
Trading Technology
About Us

Trend Following is for beginners, students and pros in all countries. This is not day trading 5-minute bars, prediction or analyzing fundamentals–it’s Trend Following.