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Bestselling author Michael Covel is the host of Trend Following Radio with 9.5+ 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.

Praise:

“Your questions were excellent questions. I enjoyed this very much.”

--Vernon Smith, Nobel Prize in Economics

“You’ve surrounded yourself with one of the most advanced group of mentors possible…The people on your podcasts, and people in your life, all are people with strong opinions, all people that make you think and make you grow. You just have some kind of an affinity for people like that, and that’s part of what makes you good at what you do.”

--Ed Seykota

“Michael Covel’s podcast has had over [9.5] million listeners and he’s completed [900+] episodes. He’s probably the most established podcaster on this list—and it shows. Mr. Covel’s podcast is great for those looking for alternative views on the market, those who are tired of hearing the same old stories told on CBNC and other traditional outlets. This is highly recommended if you are looking to expand your mind in investing. Mr. Covel has had some incredible guests, to include multiple Nobel Prize winners and world-famous investors. One of my favorite episodes was when Mr. Covel interviewed Annie Duke, a former professional poker player who has some incredible insights on decision making. Mr. Covel always has me thinking and Annie Duke only amplified my brain-wave activity.”

--Wall Street Journal

Oct 26, 2018

Howard Marks is an investor, writer and author of “Mastering the Market Cycle: Getting the Odds on Your Side.” After working in senior positions at Citibank early in his career, Howard joined The TCW Group, Inc. in 1985. He led groups within the company responsible for investments in distressed debt, high yield bonds, and convertible securities. After 10 years at The TCW Group, Inc. he co-founded Oaktree Capital Management.

Howard got into high yield bonds in August of 1978. This was a turning point in financial history because up until this moment only good companies could borrow money. High yield bonds opened the market to more risky companies and also showed Howard a different way of looking at markets. The first company he worked for had a strategy of buying stock in the 50 most successful companies in hopes they would continue to go up forever. With the advent of the high yield market he saw himself making good and steady money off of the worst/most risky companies–turning everything he had been previously been taught upside down.

Howard has lived through over 50 years of financial history and with his new book he has gone back hundreds of years to examine and study cycles. So how does Howard define a cycle? There are many different cycles–cycles in science, speed, people inhabited, etc. Cycles in the financial world are produced by people and are created by their feelings. The cycle represents a fluctuation in something around a mid-point, but time-frames and reasons for fluctuations do not repeat themselves–except for in human behavior. Looking back hundreds of years there are a few things that are underlying in every financial boom–too much optimism, too much money chasing, and too much risk aversion.

In this episode of Trend Following Radio:

High yield bonds
Financial cycles
Sub prime bubble
Dot-com crash
Continued learning by reading
Risk management
Decision making