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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.

Mar 1, 2013

Michael Covel opens up today's podcast by playing an interview with freelance journalist and author Helaine Olen from "The Daily Show With Jon Stewart". Olen is there to promote her book, "Pound Foolish: Exposing The Dark Side Of The Personal Finance Industry". Olen notes that how when those in the "financial entertainment" business such as Suze Orman and Jim Cramer gives stock picks, the stock goes up. However, it almost always falls back down several weeks later. To that end, Olen recommends immediately shorting anything Jim Cramer mentions as a buy. However, towards the end, the interview takes a different tone as Stewart mentions that he doesn't understand "why we don't value work more and why investment has become so valued". Covel kicks into gear and comments on the interview, first noting that he's a fan of Stewart, but also pointing out the problematic attitude Stewart takes. There was something distinctly missing from Stewart's interview with Olen: personal responsibility and how the world really works. The search for security, especially in your investments, is fool's gold. But why did Covel play this clip? It's a lead into today's topic: how the world really works. Covel talks about Google clinging onto it's cash waiting for the right opportunity. Google is waiting for the good bet. Their hand is not being forced and they don't care what you think about them. So, Google can wait, but can you? They know the right move will come, and they know they have to have the capital when it does. So in a sense, Google is acting like a trend following trader. That's trend following 101. You have to wait for the home run. So what causes us not to wait? What screws us up? Covel plays a clip from Keith Chen to illustrate why in which he about how language can have an effect on your ability to save money. Covel comments on the clip, noting how being a trend following trader involves reacting to right now. You're not dealing with tomorrow. All you're dealing with is the here and now. Looking at the machinations of American investors through Chen's speech, Covel notes how we all want to deal with the non-existent future, but if you want to step outside of that bubble, it's up to you. It's your personal responsibility. Free trend following DVD? Visit www.trendfollowing.com/win.

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