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Ep. 896: Tim Koller Interview with Michael Covel on Trend Following Radio

Tim Koller
Tim Koller

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Tim Koller joins me today to discuss Valuation: Measuring and Managing the Value of Companies. Different than my world? Indeed. But this podcast is about diverse voices and Tim adds to the discussion.

“Valuation” has been the foremost resource for measuring company value for nearly three decades. Now in its seventh edition, this acclaimed volume continues to help financial professionals around the world gain a deep understanding of valuation and help their companies create, manage, and maximize economic value for their shareholders. This latest edition has been carefully revised and updated throughout, and includes new insights on topics such as digital, ESG (environmental, social and governance), and long-term investing, as well as fresh case studies.

Tim covers:

  • Detailed guidance on every crucial aspect of corporate valuation
  • Strategies, techniques, and nuances of valuation every manager needs to know
  • Advanced valuation techniques and management strategies
  • Real-world valuation examples from the capital markets

Bio: Tim Koller is a partner in McKinsey’s Stamford, Connecticut office, where he leads a global team of corporate-finance expert consultants. Tim has served clients globally on corporate strategy and capital markets, mergers and acquisitions transactions, and strategic planning and resource allocation. For over 90 years, McKinsey & Company has helped corporations and organizations make substantial and lasting improvements in their performance. Through seven editions and 30 years, Valuation: Measuring and Managing the Value of Companies, has served as the definitive reference for finance professionals, including investment bankers, financial analysts, CFOs and corporate managers, venture capitalists, and students and instructors in all areas of finance.

In this episode of Trend Following Radio:

  • Recession and Recovery
  • The first half of 2020
  • Government Debt
  • Valuation: Measuring and Managing the Value of Companies 1st Edition
  • Stock Market and Real Economy

Mentions & Resources:

Listen to this episode:

“Your book opened my eyes. Thank God for that.”

Listener: Recently, I read three books you have written about Trend Following. Primarily, I am a value investor, but your book opened my eyes. Thank God for that. I am not saying value investing does not work but trend following is perhaps more important.

Thank you very much for having written your splendid books and educating me on Trend Following.

Covel: Thanks [Name]!

Listener: You are welcome Mr. Covel. I have actually bought another one of your books, Trend Commandments. It is very good. I am always surprised at people’s dating and money making strategy and how convinced they are that they have it right even if they are not getting results. To quote John Maynard Keynes who said “When the facts change, I change my mind. What do you do Sir?”. Unfortunately, people rarely change their mind.

I am surprised you don’t have higher book sales than you have presently. Your books are probably some of the most important works on investing I have read in the last few years. People are lemmings and they’ll easily forgo pots of gold if it means that they’ve stand out of the crowd. I am following you on Twitter now.

Covel: Thanks for the nice words! But I have sold over 200,000 books. My Turtle book is #3000 out of 10 million books on amazon right now. So actually some of best investing sales around.

Curiosity and Strong Passion for Trend Following

Feedback in:

Mr. Covel,

My name is [Name]. I wanted to send you an email saying thank you for all of your publications about trend trading. I started trading when I was 15 based on all curiosity and now has grown into a strong passion. I’m 23 years old and have followed your work for 3 years now and now drastically increased my returns but also my view point on the market.

After the fund I worked at sold its assets, I was laid off. Once that happened I went through your books again and it has only kept me more focused on my goals of running my own fund one day. Your work is very appreciated and anyone I know that trades or wants to get into trading, I forward them to your website and to all the books and podcasts.

Thank you Mr. Covel.

Best,
[Name]

You are welcome! As you know Curiosity drives Trend Following.

Ep. 387: Gabriel Weinberg Interview with Michael Covel on Trend Following Radio

Gabriel Weinberg
Gabriel Weinberg

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Today on Trend Following Radio Michael Covel talks with author and startup entrepreneur Gabriel Weinberg about the concept of traction. Gabriel points out that in the business world traction is about far more than simply getting a grip and hanging in there – it’s about then moving forward, ultimately toward a defined goal (customers).

Just like a trend following trader that uses quantitative methods to invest scientifically, Gabriel relies on numbers and hard data to inform him about which marketing channels are working and which should be focused on, and which are less effective and should be dropped. The result is a streamlined marketing approach that’s allowed Gabriel, a self-published author, to sell upwards of 35,000 copies of his book.

Michael and Gabriel also talk about how psychology factors into startup entrepreneurship. For anyone investing their time and energy into a project, both passion and resiliency are paramount. If you aren’t passionate about the work you’re doing, and if you don’t genuinely enjoy the challenge of bringing a product to market, then you’re doomed before you ever start. Best, as Michael suggests, to run back to the office cubicle.

In this episode of Trend Following Radio:

  • Reaching your goal, then setting another
  • Resilience: vital to the entrepreneur
  • Committing to your idea
  • Psychology: the main barrier to success
  • Understanding that it’s okay to fail
  • Enjoy the challenge – or go do something else

“And so if you think of your initial product as a leaky bucket – you know, you pour in customers at the top and customers leak out of the bucket because your product’s not good yet…You need a steady stream of cold customers with fresh eyes to tell you where those leaks are, and if you don’t have that when you launch you’re still gonna have leaks more of the time than not.” – Gabriel Weinberg

Mentions & Resources:

Listen to this episode:

Get the foundation to making money in up, down and *surprise markets on the Trend Following mailing list.

Approach the Market in a New Way

Feedback in:

I want to thank you for writing your books. They got me to approach the market in a new way. I have dived head long into algo/quant trading through trend trading. As long as you trust the system and follow through you will succeed. I think that the simpler systems are better than complex. Also the markets are noisier than they were 20 years ago which make trend trading harder, but it is still the most successful method for trading. Thanks again Michael.

[Name]

Thanks.

Trend Following Feedback

Feedback in:

Hello Michael,

I’m a 25 year veteran as a financial advisor and I’ve subscribed to more newsletters and systems than I care to admit. I know there’s no “magic bullet” to investing success when confronted with the chaos that exists in this world, but your writings and the evidence you provide has made a significant impact on me. I, like most of my financial advisor brethren, (particularly those who are independent like the [name] advisors) want to make a positive impact on the financial lives of our clients and break free from the “buy and hope” nonsense still prescribed by Wall Street professionals and the index funds. Your teaching has already helped me help my clients to better manage the risks of the markets and I’m extremely grateful. I’m an avid listener to your podcast and own three of your books (all with extensive highlighting and underlining).

All the best to you and the Trend Following team.

Regards,
[Name]

Thanks!

Starting Point: Trend Following Suggestions

Feedback in:

Hello Michael! Honestly thank you so much for this opportunity, unfortunately I am 21 and do not have enough money to take you up on this offer. I will most definitely get both of your books. Your podcasts usually get me to laugh! You are a true bad ass as well. If you could suggest any books to me (the more the better) that I can also read to start my mastery of being a trader I would appreciate that. Thanks in advance.

Sincerly,
[Name]

Go: 1, 2, 3, 4.

That list should keep you busy.

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