Ep. 515: Epic Trend Following Episode with Michael Covel

1

Introduction

00:00 • 2min

2

The Importance of Computer Programming

01:32 • 2min

3

How to Stand Out in a Black Tie Dinner

03:04 • 2min

4

The London CTA's and the London Quants

05:20 • 2min

5

The Evolution of the CTA's

06:57 • 3min

6

The Importance of a Good Investment Strategy

10:22 • 4min

7

The Demand for Disdiscretionary Trading

14:35 • 3min

8

The Problem With Systematic Trading

17:34 • 3min

9

The Importance of Conviction in Trading

20:45 • 3min

10

The Importance of Uncertainty

23:20 • 3min

11

The Importance of Social Value in the Economy

26:21 • 4min

12

The Libertarian's Perspective on Politics

30:07 • 2min

13

The Importance of Understanding Your Client's Utility Function

32:32 • 5min

14

How Stomachlases Has Gone From Zero to Significant in a Very Competitive Space

37:20 • 2min

15

The Importance of Accepting Criticisms

39:00 • 2min

16

The Systematic Space

40:46 • 2min

17

The Uncertainty of Trend Following

42:22 • 2min

18

The Importance of Physics in Economics

43:56 • 3min

19

The Importance of Simulation in Economics

47:13 • 4min

20

The Importance of Science in Trading

50:51 • 4min

21

The Importance of Trends in Financial Markets

54:35 • 2min

22

The Importance of Trend Predating Trend Following

56:38 • 2min

23

The Relationship Between Trend and Mean Revulsion

58:36 • 2min

24

The Importance of Wildness in Economics

01:00:37 • 4min

25

The Privilege of Accepting Uncertainty

01:04:34 • 2min

26

Should I Raise Taxes or Should I Do This or That?

01:06:21 • 2min

27

The Power of Voyeurousness

01:08:12 • 2min

28

The First Time I Met Larry Wynton, the Head of Wynton Capital

01:09:56 • 2min

29

The Importance of Having a Role Model

01:11:55 • 3min

30

The Origins of AHL

01:14:37 • 2min

31

The Style of Trading That You Were Executing

01:16:34 • 2min

32

The Early Coding of Trading

01:18:08 • 3min

33

The Evolution of Aspect

01:20:50 • 4min

34

The Importance of Risk Management in Trading

01:24:31 • 5min

35

The Magic of 5% Disdiscretion in Trend Following

01:29:02 • 2min

36

The Importance of Being Systematic

01:30:41 • 2min

37

The Diversification of Assets

01:32:15 • 5min

38

The Importance of Education in Marketing

01:36:56 • 2min

39

The Evolution of Hedge Funds

01:38:29 • 2min

40

The Evolution of Portfolio Construction

01:40:36 • 2min

41

The Disconnect Between Behavioral Economists and the Traders in the Industry

01:42:19 • 3min

42

The Indiana Jones of Trend Following

01:45:13 • 2min

43

How to Parameterize Your Execution Allocations

01:47:05 • 3min

44

How to Be a Great Trader

01:50:14 • 2min

45

How to Keep Score

01:51:59 • 2min

46

The Price Is the Only Reality

01:53:31 • 2min

47

How to Be a Successful Stockbroker

01:55:02 • 4min

48

The Differentiating Point of Trend Following

01:58:55 • 2min

49

Kintyre: A Zero Correlation of Currency

02:01:02 • 2min

50

The Benefits of a Traditional Portfolio

02:03:04 • 2min

51

The Importance of Capital Flight in the Currency Markets

02:04:56 • 2min

52

The Importance of Risk Management

02:06:29 • 2min

53

The Importance of Benchmark Selection in Asset Management

02:08:39 • 4min

54

The Performance Drivers of Your G7 Currency Portfolio

02:12:17 • 2min

55

The Importance of Time Period Analysis

02:14:02 • 2min

56

The Computer's Thinking Process

02:15:56 • 2min

57

The Differences Between Winning and Losing Trades

02:17:45 • 2min

58

The Effect of Rules-Based Approaches on Trading Volume

02:19:18 • 3min

59

The Future of Trading the Euro

02:21:53 • 2min

60

The Importance of Volatility Drag

02:23:44 • 2min

61

The Importance of Humility in Trading

02:25:36 • 2min

62

The Importance of Understanding Your Trading System

02:27:19 • 2min

63

The Humility of Donkey Work

02:28:49 • 2min

64

The Red Ink in Trend Following Track Record

02:30:33 • 2min

65

The Importance of Track Record

02:32:22 • 2min

66

How to Make Money Up, Down, and Surprise Markets

02:33:54 • 2min