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Ep. 449: Neil Pasricha Interview with Michael Covel on Trend Following Radio

Neil Pasricha
Neil Pasricha

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My guest today is Neil Pasricha, an author, entrepreneur, podcaster, and public speaker characterized by his advocacy of positivity and simple pleasures. He is also an established speaker and his TEDx talk, “The 3 A’s of Awesome”, is ranked as the ninth most inspiring TEDx talk with over 3 million views to date. In total, he has sold over 1 million books. The book and TED talk are based on Pasricha’s blog, 1000 Awesome Things. The blog has won three Webby Awards and ranked in PC Magazines list of top blogs and websites in 2009 and 2010.

The topic is his book The Happiness Equation: Want Nothing + Do Anything = Have Everything.

In this episode of Trend Following Radio:

  • Happiness
  • Retirement is a lie
  • Loving your work
  • The lottery
  • The note card system
  • Criticism
  • Goals are never ending
  • Having less wants in life

“The action proceeds the motivation.” – Neil Pasricha

“Wealth exists not in having great possessions but in having few wants.” – Epictetus

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Seven-time Lottery Winner Shares Secret to Winning Powerball

Curious how to win the lottery? Seven time lottery winner, Richard Lustig, shares:

Saturday’s Powerball drawing is a staggering $320 million. With such an enormous sum at stake, who better to turn to then Richard Lustig — seven-time lottery grand prize winner and author of “Learn How To Increase Your Chances of Winning The Lottery” — for tips on how to win.

Lustig says he’s been playing the lottery for about 25 years. He claims to play every day, but in the first few years, he says he was not winning very much.

So Lustig decided to come up with a method, which he claims has helped him win seven grand prizes, including his last jackpot of $98,000 two-and-a-half years ago.

Lustig says a guaranteed way to increase your chances of winning the lottery is simply by picking your own numbers versus using the “quick-pick” ticket option.

“It doesn’t matter how you pick your numbers, once you pick your set of numbers, research them to know if it’s a good set of numbers and stick with them. There’s no magic method to picking your numbers, I get emails every day asking. One number doesn’t win the jackpot, a set of numbers does,” says Lustig.

“The lazy way out is to buy quick-picks. The computer picks out the numbers. Don’t play quick-picks. Quick-picks are the worst thing you can do, you are playing with the worst odds,” he says.

Lustig believes that what matters is whether the set of numbers people pick is a good one or not. To know this out however, one has to research the numbers in a method only taught in his book, which, as we found out, he guards very closely … unless you buy the book.

“The research is not that easy, it takes some time. Anything in life that’s worth having takes time,” says Lustig.

Another important part of playing the lottery, Lustig cautions, is setting a budget of how much you can afford on tickets.

“Don’t get lottery fever, don’t use your grocery money, or your rent money. Remember one thing, if there is one winner on Saturday night, there will be millions of losers, don’t be that person Sunday morning worrying about how you can pay back the money you spent,” says Lustig.

One secret Lustig will share is that he believes picking the same numbers regularly, even if you are losing, gives you more edge in the next drawing.

Lustig says he will absolutely be playing Saturday’s Powerball. But when asked what numbers he’ll be playing, he wouldn’t share.

“Not telling. Good try though,” said Lustig.

The analysis: 100% bullshit.

Note: Shout out to Steve Peterson for the find.


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Why Is the EMF Theory So Widely Advocated?

Consider (source) an excerpt:

Why is the EMF theory so widely advocated? Academics love EMH because they can claim that they have mathematics-based formulas which can predict the future even though the underlying assumptions (borrowed from physics) are provably false. For a professor, the ability to create beautiful mathematics is important since it means that they are less likely to be teased by physicists in the faculty club. Life is infinitely more interesting for an academic if they can create beautiful mathematics in their papers.

Charlie Munger adds:

“I have a name for people who went to the extreme efficient market theory—which is “bonkers.” It was an intellectually consistent theory that enabled them to do pretty mathematics. So I understand its seductiveness to people with large mathematical gifts. It just had a difficulty in that the fundamental assumption did not tie properly to reality.”

More Munger:

“The possibility that stock value in aggregate can become irrationally high is contrary to the hard-form “efficient market” theory that many of you once learned as gospel from your mistaken professors of yore. Your mistaken professors were too much influenced by “rational man” models of human behavior from economics and too little by “foolish man” models from psychology and real-world experience.”

More Munger:

“Efficient market theory [is] a wonderful economic doctrine that had a long vogue in spite of the experience of Berkshire Hathaway. In fact one of the economists who won — he shared a Nobel Prize — and as he looked at Berkshire Hathaway year after year, which people would throw in his face as saying maybe the market isn’t quite as efficient as you think, he said, “Well, it’s a two-sigma event.” And then he said we were a three-sigma event. And then he said we were a four-sigma event. And he finally got up to six sigmas — better to add a sigma than change a theory, just because the evidence comes in differently. [Laughter] And, of course, when this share of a Nobel Prize went into money management himself, he sank like a stone.”

I will add more to this on today’s podcast (will be episode 51).


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.

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