Please enjoy my monologue Correlation with Michael Covel on Trend Following Radio. This episode may also include great outside guests from my archive.
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All these years later, all these stories later, and CNBC still has a difficult time explaining trend following to the masses. One good excerpt:
Funds managed by ISAM, Cantab, AHL, Systematica and others produced double-digit gains over the first three months of 2015, according to private performance figures obtained by CNBC. “Trend followers and other macro investors clearly outperformed,” said Robert Christian, head of research at K2 Advisors and Franklin Templeton Solutions. “What’s carried people is just classic, good old trend following.”
Note: ISAM is Larry Hite’s shop. One of my favorite no-nonsense trend following pros.
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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.
While going through some of my old Trend Following Radio monologues I came across this excerpt from a David Harding interview:
Interviewer: Okay, one final question. When you look back at your long and successful career, was courage rewarded in your investment decisions?
Harding: The main place I would say that courage had entered into my career, and I’m not sure whether this is virtuous courage or not, [Name] this morning differentiated between good courage and bad courage and I’m not sure whether mine is good courage or bad courage. But I can tell you that everybody, most of my career, all of the intellectual orthodoxy and all the professors and the businessmen and all the forces of respectability said that what we did was impossible. Completely theoretically impossible and therefore we must either be cheats, charlatans or crooks. To go on running your business when everyone says that what you’re doing is theoretically impossible clearly means you’re in a very lonely position. I think part of the reason I’ve been very well rewarded is out of sheer perversity. I went on doing what I was doing because I trusted the evidence of my scientific research and the evidence of my senses over received wisdom of the powers that be and the authorities in the world. So if I had any lesson, Mark Twain said, “How come when physical courage is so common, moral courage is so rare.” That saying has always had a special meaning for me because I’m particularly cowardly physically as well.
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.
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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.
My guest today is Gary Dayton. Dayton stands apart as a trading psychologist in his use of the Mindfulness-Acceptance-Commitment (MAC) approach to peak performance, a model of human behavior based on mindfulness. Dayton is a psychologist and holds a doctorate in clinical psychology and a certificate in human performance/sport psychology from Rutgers University. He is President of Peak Psychology, Inc., a consulting firm that specializes in developing “peak” performance in traders.
The topic is his book Trade Mindfully: Achieve Your Optimum Trading Performance with Mindfulness and Cutting-Edge Psychology.
In this episode of Trend Following Radio we discuss:
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Hey Michael, Not sure if you caught Seth Godin’s most recent blog post, so I thought I’d pass it along:
Surfing, the conceptual kind, is more essential than ever, it’s not optional. And the hardest part of surfing, by far, is paddling out, not surfing in. Carrying the board, getting back into the water, paddling through the waves, waiting for the next set…it’s exhausting, and surfers spend far more time doing this than they do on the other part. Having the guts to surf is what change demands. And finding the stamina to paddle back out is a key part of surfing.
I thought it had many parallels to trend following. Enjoy!
[Name]
Thanks!
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.
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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.
My guest today is Brian Proctor, an original TurtleTrader trained by Richard Dennis and Bill Eckhardt and today is a Managing Director at EMC Capital. He began his futures career in 1982, with experience at both the Chicago Mercantile Exchange and Chicago Board of Trade. Proctor was a participant in the renowned Turtle Program, and managed all trading operations at C&D Commodities through 2000.
The topic is Trend Following.
In this episode of Trend Following Radio we discuss:
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Dear Terry and Mike,
I just heard the interview the two of you did on Mike’s show, and I really enjoyed it. I’ve known Terry for many years not only because he was a guest on my show in 2011, but also because he was kind enough to endorse my recent book about chess and investing, Rich As A King: How the Wisdom of Chess Can Make You a Grandmaster of Investing. And I know Mike because we had a great conversation a little while back on his show when he interviewed both me and my co-author, Susan Polgar.
I wanted to write to the two of you to say thanks not only because I enjoyed the interview, but because one of the stories that came up reminded me of something that happened to me when I was young and I thought you would get a kick out of it.
When I was in high school and my two older brothers were at Princeton, we decided during winter break that we would use our new Apple computer to write a program to predict the stock market. We thought we were pretty clever and we stayed up late at night programming, watching Star Trek, and going out for midnight runs. We didn’t know how to access data easily in those days, so we went to the library and looked up on microfiche a year’s worth of daily closing values of the Dow Jones Industrial Average.
For weeks and weeks we toiled over our project until finally we figured out an algorithm that if we invested in a certain way, based on our historical review, we would have winning trades about 55% of the time. We realized that advantage, especially if leveraged using margin, could lead to billion-dollar success. Thrilled with our brilliance, we went to bed and dreamed about our future success. Two of us did at least. My oldest brother David, now a professor of aeronautical engineering and the guy who originally planned the mission to crash a satellite on the moon to detect water, stayed up for a few more hours.
Crawling through every line of our code, he eventually realized that we were suffering from information leak, including the next day’s market close in our predictions. So much for prophetic algorithms!
I enjoyed hearing Terry tell his story because it made me think of what happened to my brothers and me 30 years ago. And I love the way that Mike does the interviews because he really asks excellent questions and helps his guests shine.
Finally, Terry, I should thank you (as thousands of investment advisers should) for all the work that you have done because it has helped me guide my clients to handle their portfolios responsibly. I tell them things like, “There’s this professor out in California who did some fantastic research and based on his studies, Mr. Client, I don’t think you should try to trade your own account.”
All the best,
Doug
Thanks!
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.