Ep. 314: Peter Larson Interview with Michael Covel on Trend Following Radio

Synopsis: Michael Covel speaks with Peter Larson. First, Michael Covel discusses some feedback he’s received from author Jack Schwager about the podcast. Specifically, Schwager brought up the episode from paleontologist Jack Horner. Covel brings another dinosaur hunter to the podcast today: Peter Larson. Larson is an American paleontologist, fossil collector, and president of the Black Hills Institute of Geological Research, a company that excavates, prepares, and sells fossils. He led the team that excavated “Sue”, the largest and most complete specimen of Tyrannosaurus rex found to date, and has published numerous scientific and popular works on dinosaur paleontology. A movie based on “Sue”, Dinosaur 13, has been produced as well. You might ask, what’s the connection to Michael Covel? Covel explains that Larson’s story involves government intervention, a massive legal case, and ownership issues in addition to Covel’s personal connection to Larson. Covel and Larson talk about luck’s role in finding dinosaurs; Larson’s personal anecdotes about finding “Sue”; whether Larson knew at the time that he was finding a piece of “land” in a legal sense; the scientific data that Larson was able to glean before the government took the bones; telling a male dinosaur from a female dinosaur; what makes Larson a T-Rex entrepreneur; T-Rex as a predator or scavenger; and the legal case surrounding “Sue”. For more information on Peter Larson, visit BHIGR.com. Want a free trend following DVD? Go to trendfollowing.com/win.

Peter Larson interview with Michael Covel

Peter Larson interview with Michael Covel

Posted in Trend Following

Trading Food For Thought

Interesting reads:


Posted in Trend Following

Football Wisdom Translates Perfectly to Trading

Posted in Trend Following

2014 Trend Following Performance

First performance column is December 2014. Second column contains 2014 totals:

Trend Following 2014 Performance

Trend Following 2014 Performance

Note: Shout to Jez Liberty and IASG for performance aggregation.

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Posted in Trend Following

Ep. 313: Jean-Philippe Bouchaud Interview #2 with Michael Covel on Trend Following Radio

Synopsis: Jean-Philippe Bouchaud speaks with Michael Covel on his second visit to the podcast. He is founder and Chairman of Capital Fund Management (CFM) and professor of physics at École polytechnique. Today, Covel and Bouchaud focus on Bouchaud’s co-authored paper, “Tail Risk Premia vs. Pure Alpha”. Additionally, Covel and Bouchaud discuss his firm’s performance for 2014; whether trend following actually “died” prior to it’s “reappearance” in 2014; what trend following manages to exploit; exploiting vs. exploring; looking at volatility as a precursor to profit; volatility as a measure of risk; trend following as a genuine market anomaly; the behavioral biases in play as oil has fallen fifty percent plus; the feedback Bouchaud has received from peers on his newest paper; whether other strategies exploit a genuine market anomaly; Bouchaud’s philosophy on transparency and “secrets” in his work; and why Bouchaud’s work culture is not a culture of MBA’s. Note: In this episode a white paper is mentioned. There are short (www.trendfollowing.com/cfm-short.pdf) and long (www.trendfollowing.com/cfm-long.pdf) versions. Receive a free trend following DVD: www.trendfollowing.com/win.

Jean-Philippe Bouchaud interview with Michael Covel

Jean-Philippe Bouchaud interview with Michael Covel

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Posted in Interviews, Multimedia, Podcasts, Trading 101, Trend Following

Three Locations to Listen to the Trend Following Podcast

I recently learned that iTunes limits all podcasts to the last 300 episodes (mine included). Not good since I have passed 300 episodes. However, there are several places to always hear all of my podcast episodes:

1. www.trendfollowingradio.com
2. www.trendfollowing.com/podcast

All episodes will always be live.

Want a change at iTunes? Write Apple and ask them to increase the episode limit past 300.

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Posted in Multimedia, Podcasts

Gaining Experience in the World of Trend Following

A recent exchange:

Listener: I would enjoy the opportunity to gain lots of experience in the world of trend following. I would like to explore the opportunity of offering my employment services free of charge to anyone (yourself included) who could benefit from the services of a young, ambitious, intelligent and entrepreneurial spirit. I need to change my family’s life. We are a young family of 5 with a 7, 2 and 5 month old. My wife and I have discussed this at length, and I am ready to put in 24 hr days anywhere in the world. I have been an entrepreneur all my life. I am not scared to work. I am willing to relocate if you would agree that any opportunity presenting itself warrants it, or work remotely on any endeavour where I can gain more knowledge and some first hand experience. I am sure this is not the first email of this type that you have received. But mark my words, I am willing to give my all to anyone who needs assistance and help them make a lot of money! I just want to learn this business and learn from the best players in the industry if possible. I am ready for this. I have been on the outside looking in for way too long. I want to make the leap but do not have the experience. I am available any time of day or night to discuss this in further detail if necessary. 2015 needs to be a fresh start for me and my family. I am ready to give my all to whomever could use a hard worker in their business.

Covel: You have gone through all of my books and all of my podcast? My first big question.

Listener: No I have not completed all of the books and podcasts as of yet. I am completing the books and will have to start the podcasts. Admittedly, I have only ever listened to one podcast in my whole life which was one in which you were a guest speaker and that was via YouTube. I will commit to reading all of the books and listening to all of the podcasts by Wednesday Jan 14th at midnight. I will email you with my progress by 9am est on Wed Jan 15th or sooner if I complete this task earlier.

Weeks later:

Listener: I am in the process of finishing the books and have a big task of listening to all of the podcasts now. Would you like for me to ensure I have listened to them all before re-contacting you? I apologize for being late as I stated I would email by 9am this morning.

Covel: Sure, but you will also have many answers then.

Listener: Not sure I follow what you have said. Sorry. I had originally contacted you asking if you had any ideas or opportunities for employment or for me to enter the field and then you had asked if I read the books and listened to the podcasts.

Covel: Exactly. Your question will go a long way to being answered if you follow my instructions.

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Posted in Feedback, Trading 101, Trend Following

Ep. 312: Dan Hill Interview with Michael Covel on Trend Following Radio

Synopsis: Michael Covel speaks with Dan Hill on today’s podcast. Hill is a recognized authority on the role of emotions in consumer and employee behavior. He runs Sensory Logic, a scientific insights firm that analyzes consumers’ facial expressions to help companies better navigate consumers’ emotional decision-making processes. Before the interview, Covel discusses the Swiss Franc, David Harding, and trend following trading in his introduction. Next, Covel and Hill discuss what a face coding expert is; the evolutionary aspect to face coding and the 43 muscles present in the face; emotional decision-making; how Hill found his way personally into this field; why we feel before we think; being hired by the Milwaukee Bucks; the importance of a smile in the heart of a champion; the difference between technical skill and the factors that Hill is looking for; the importance of having the right amount of happiness; some of the limitations of facial coding; how technology is intertwined with facial coding; why a personality like Richard Nixon may never be President again; the say/feel gap; whether we can learn how to avoid negative facial expressions and emotions; a trading system based on the movement of human faces; and where we might see facial coding moving to in the future. For more information on Dan Hill, visit sensorylogic.com. Want a free trend following DVD? Go to trendfollowing.com/win.

Dan Hill interview with Michael Covel

Dan Hill interview with Michael Covel

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Posted in Interviews, Multimedia, Podcasts, Psychology

David Harding on Swiss Franc Losses

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Posted in Economics, Trading 101, Trend Following, Vlog


Feedback in:

Hi Michael,

Recently, I discovered you (through a Twitter suggestion). Since then, I discovered your books, your podcast (of which I have so far worked my way through about 100 episodes), and I wanted to thank you for the great material you put out.

Your book, Trend Following, in my opinion, is one of the best books in the marketplace on trading. I really appreciate how you blend: timeless wisdom (cut losses short, let winners run), psychology, and, in a way spirituality (being in the moment, acknowledging “not knowing,” simplicity, etc..). “Trend following” is really a way of life, not just a trading system.

Just wanted to send a shout-out and an “atta-boy” to let you know that what you are doing is meaningful and influential. I look forward to hearing more from you as time goes on.

Best regards,


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Posted in Feedback, Trend Following
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