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Ep. 67: Rich and Poor Thoughts with Michael Covel on Trend Following Radio

Rich and Poor Thoughts with Michael Covel on Trend Following Radio
Rich and Poor Thoughts with Michael Covel on Trend Following Radio

Michael Covel discusses an article titled “21 Ways Rich People Think Differently Than Average People”. The word rich may not be the best term here as Covel notes, “being rich or poor doesn’t stop you from being a schmuck.” Covel makes a more clear distinction between average people and people of high character. He goes through the list and offers commentary on statements such as “average people think money is the root of all evil; rich people believe poverty is the root of all evil.” Money, Covel maintains, is just a medium of exchange and that’s all it is. It’s what you make of it that becomes good or bad. Readers will see that many of the precepts and principles in this article are straight out of Trend Following 101. Further, commentary includes seeing money through the eyes of emotion vs. seeing it logically; following your passion vs. working for the man; setting low expectations vs. challenging yourself; knowing the markets are driven by emotion and greed; being a slave to debt; surviving vs. thriving; education vs. entertainment; finding comfort in uncertainty; and trend follower Larry Hite’s concept of asymmetric bets. Next, Covel discusses “An Investor’s Guide to Famous Last Words” from The Motley Fool. Covel used to spend time ripping The Motley Fool for pumping buy and hold, and in the end pulls no punches in revealing the author to be a die hard “value” guy (despite agreeing on certain points).

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