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Bestselling author Michael Covel is the host of Trend Following Radio with 15+ million listens. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trading -- all passionately explored and debated. Guests include Nobel Prize winners: Robert Aumann, Angus Deaton, Daniel Kahneman, Oliver Hart, Harry Markowitz & Vernon Smith. More guests: Jack Canfield, Howard Marks, 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. 1200+ episodes.

Mar 23, 2014

My guest today is Martin Bergin, CEO of Dunn Capital Management. Bill Dunn and Dunn Capital were famously profiled in Covel’s book Trend Following and they have a 39 year track record of trend following performance.

The topic is Trend Following.

In this episode of Trend Following Radio we discuss:

  • The early stages of Dunn Capital, and how it arrived where it is today
  • Trend following with futures
  • Volatility within Dunn’s system, and why volatility is important to the overall performance
  • Targeting losses
  • How history informs system creation
  • Adapting to the marketplace and to available technology
  • What it means to be 100% systematic with no overrides
  • Defining “black box” systems, and the difference between Dunn Capital’s strategy and black box strategies
  • Location in relation to Dunn Capital, and why it isn’t necessary to be in a big city like London or Tokyo
  • How the core of Dunn Capital has stayed the same while certain aspects of business has evolved
  • Decreasing drawdown without decreasing profitability
  • Behavioral finance and dealing with biases
  • The adaptive nature of trend following
  • Predictive vs. reactive trend following
  • Dunn Capital’s fee structure

Jump in!


I’m MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I’m proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show.

To start? I’d like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here:

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