Ep. 1192: Scott Patterson Interview with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
Michael Covel
4.6 • 732 Ratings
🗓️ 26 June 2023
⏱️ 48 minutes
🧾️ Download transcript
Summary
My guest today is Scott Patterson, an author and a staff reporter for The Wall Street Journal, where has written about hedge funds, high-speed trading, Warren Buffett, the global mining industry, the Jan. 6, 2021 investigation, and climate change. His work has also appeared in the New York Times, Rolling Stone and Mother Earth News.
The topic is his book Chaos Kings: How Wall Street Traders Make Billions in the New Age of Crisis.
In this episode of Trend Following Radio we discuss:
- Unforeseeable outcomes; the risk of Covid
- Mark Spitznagel systematic strategy
- Mark Spitznagel and and Nassim Taleb; extreme volatility and market chaos
- Bill Ackman discretionary trading
Jump in!
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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: https://www.trendfollowing.com/trend/
You can watch a free video here: https://www.trendfollowing.com/video/
Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast
My social media platforms:
Twitter: @covel
Facebook: @trendfollowing
LinkedIn: @covel
Instagram: @mikecovel
Hope you enjoy my never-ending podcast conversation!
Transcript
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| 0:00.0 | This is trend following radio where great thinking comes alive. |
| 0:10.9 | Nobel Prize winners, legendary traders, bestselling authors, and the pros that know what drive us irrational human beings. |
| 0:21.3 | I am your host, Michael Covel, not filtered, raw, honest. |
| 0:27.4 | That's my passion. |
| 0:33.5 | My guest today is Scott Patterson. |
| 0:35.7 | He's an author who has appeared on this podcast before, over 10 years ago, I believe. His new book is called Chaos Kings, How Wall Street Traders Make Billions and the New Age of Crisis. All kinds of interesting names in this podcast, Bill Ackman, Mark Spitznagel, Nassim Talib, Daniel Kahneman, Cliff Asniss, a lot of names you probably |
| 0:56.9 | heard about, a lot of really successful thinkers. Scott does a great job of taking a complicated |
| 1:02.9 | story. I mean, look, it's very similar to trend following in a way. But taking a complicated |
| 1:08.0 | story, breaking it down, adding a lot of color, I'm sure some people are going to like some things. |
| 1:13.0 | I'm sure some people are not going to like some things. |
| 1:15.6 | But, hey, that's a good read. |
| 1:17.7 | Without any further delay, let's jump right into my conversation with Scott Patterson. So, Scott, I'm going to be the only interview that you're going to do where the |
| 1:37.5 | interviewer has written eight books essentially on the same topic. |
| 1:43.2 | Because the trend following books that I've written over the |
| 1:45.9 | years, they're right in the same headspace. I still remember being fascinated all those years ago |
| 1:51.4 | to find out who was on the other side of the Bering's bank trade, which happens to be the owner |
| 1:56.0 | of the Boston Red Sox right now. And that sent me down the dusty trail of saying every time there was a big event, |
| 2:03.0 | long-term capital management, summer of 98, or the dot-com crash, or October of 08, or March of 2020, or |
| 2:11.8 | 2022, all these traders, these interesting traders that I write about always just popped up because |
| 2:18.7 | they were always doing exceptionally well during that time. Whether one wants to call it crisis alpha |
| 2:23.5 | or big events, which as I've often called it, you're calling it Chaos Kings. It's all in that same |
| 2:28.5 | headspace. I also want to add, though, too, what's interesting about your book is there's |
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