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Trend Following with Michael Covel

Bestselling author Michael Covel is the host of Trend Following Radio with 7+ million listens. Investments, economics, decision-making, human behavior & entrepreneurship--all passionately explored. Guests include Nobel Prize winners Robert Aumann, Angus Deaton, Daniel Kahneman, Harry Markowitz & Vernon Smith. Also: James Altucher, Dan Ariely, Jean-Philippe Bouchaud, Kathleen Eisenhardt, Marc Faber, Tim Ferriss, Jason Fried, Gerd Gigerenzer, Larry Hite, Sally Hogshead, Ryan Holiday, Jack Horner, Ewan Kirk, Steven Kotler, Michael Mauboussin, Tucker Max, Barry Ritholtz, Jim Rogers, Jack Schwager, Ed Seykota, Philip Tetlock & Walter Williams. All 600+ eps at www.trendfollowing.com/podcast.
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Bestselling author Michael Covel is the host of Trend Following Radio with 7+ million listens. Investments, economics, decision-making, human behavior & entrepreneurship--all passionately explored. Guests include Nobel Prize winners Robert Aumann, Angus Deaton, Daniel Kahneman, Harry Markowitz & Vernon Smith. Also: James Altucher, Dan Ariely, Jean-Philippe Bouchaud, Kathleen Eisenhardt, Marc Faber, Tim Ferriss, Jason Fried, Gerd Gigerenzer, Larry Hite, Sally Hogshead, Ryan Holiday, Jack Horner, Ewan Kirk, Steven Kotler, Michael Mauboussin, Tucker Max, Barry Ritholtz, Jim Rogers, Jack Schwager, Ed Seykota, Philip Tetlock & Walter Williams. All 600+ eps at trendfollowingradio.com/rss.

Nov 9, 2015

On today’s episode of Trend Following Radio Michael Covel interviews Kathleen Eisenhardt. Kathleen is Co-Author of the best selling book “Simple Rules.” She is also the Co-Director of the Stanford Technology Ventures Program. Her book’s foundation is based on the argument that too much structure and too many rules don’t get products out the door and the other extreme, no rules or structure tend to not produce results either. In short, simplicity beats complexity. Her book “Simple Rules” is not just about rules in business, but in all aspects of life; sports, entertainment, investing, diets, etc.

Kathleen defines simple rules as shortcuts that save on time and are more commonly known as, “rules of thumb” (heuristics). Michael and Kathleen pull in examples from Google, Netflix, The White Stripes, Billy Bean and the Oakland A’s, General Motors, Stanford football and an expedition in the South Pole launched in 1912. Kathleen shows in all the scenarios how people who modeled the past failed and how the simple route conquered the complex every time. She stresses that the philosophy, psychology, and the system itself may not be so simple, but the rules to follow are.

Kathleen and Michael go on to discuss people who make a living out of of being complicated. Lawyers, accountants, lobbyists make a living out of having a lot of rules nobody can decipher. Kathleen discusses the differences in risk adverse people, more strategic people and the people who just go ahead and wing it in business and in life. Kathleen explains her three step process in creating simpler guidelines. “Bottleneck” is the 2nd rule in the three step process. The “Bottleneck” is what keeps you from getting to the objective. It’s what holds you up from moving forward. You solve the bottleneck and you have solved your problem.

In this episode of Trend Following Radio:

  •     Bottleneck concept
  •     Complexity is not always best
  •     Tax code for political gain
  •     Simplifying government
  •     Improving your probabilities with rules
  •     The Federal Reserve
1 Comments
  • almost three years ago
    Michael Porter
    If there is any way, a written transcript would be much appreciated, as I have difficulty hearing unless I can see someone's lips. hanks for considering. I am excited about making some money with you.
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