Ep. 126: James Altucher Interview with Michael Covel on Trend Following Radio

Michael Covel's Trend Following

Michael Covel

Business, Investing

4.6 • 732 Ratings

🗓️ 4 June 2013

⏱️ 51 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

My guest today is James Altucher, an American hedge-fund manager, author, podcaster, and entrepreneur who has founded and cofounded over 20 companies. He has published 20 books and is a contributor to publications including The Financial Times, The Wall Street Journal, TechCrunch, and The Huffington Post.

The topic is his book Choose Yourself!

In this episode of Trend Following Radio we discuss:

The new book and why all the rules we thought of as normal ("The banks will always finance my house", "The stock market will always go up", "The big corporations will always hire me", "If I have a college degree, there will always be a job for me") are imaginary
Why a good trader trades their own self first, and the importance of choosing yourself and making a consistent inner life
The need to become an entrepreneur and artist in today's climate, and why you might be looking down the barrel of a career in temp staffing if you don't
The collapse of the middle class and 9-5 "jobs" as we know them
The importance of doing the un-obvious
Why you're only as valuable as your network
The need to exercise your idea muscle
Sunk costs and opportunity costs
Breaking the cycle of consumerism, buying memories and not buying objects
Commitment bias
Finding a career at 27, Stan Lee of Marvel Comics, endurance, and the importance of doing something for yourself today
David Gilmour of Fiji Water and the benefits of adventure
Medication, lifestyle choices, and the necessity of good sleep hygiene
The need to be an artist where your life is the canvas

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

Click on a timestamp to play from that location

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.
0:21.2	I am your host, Michael Coval.
0:24.0	Not filtered, raw, honest.
0:27.4	That's my passion.
0:33.5	Today in the podcast, I have a returned guest, James Altuscher, and James has got a new book out called Choose Yourself, which is available on Amazon right now, and I think you're going to enjoy this.
0:46.4	James, I believe, is either in New York City or the suburbs, and I am in Ho Chi Men City, formerly Saigon in Vietnam. So hopefully our
0:57.2	connection was pretty good and hopefully everyone will enjoy.
1:10.2	What made you decide to do all?
1:12.3	And we can cover this in the podcast, actually,
1:14.3	but I really want to ask you about what made you decide to do what you're doing right now.
1:19.8	Like go to Asia and kind of recreate your career there or continue your career.
1:25.5	The short answer was I was doing these podcasts last year and a banker in Tokyo heard me talking about yoga.
1:33.9	And he said, hey, my buddy wants, will have you come speak for his bank in Tokyo.
1:39.4	And so then when they called up to do the booking, he said, well, where are you flying out of?
1:43.5	And I said, I said, well, I think I'm already going to be in Asia.
1:48.2	And then he goes, oh, hey, if you're going to be in Asia, do you want to speak for us in Hong Kong, Singapore, Kuala Lumpur, Beijing, Shenzhen, Guangzhou, and Shanghai, too.
1:57.1	And I said, hey, please twist my arm.
2:00.3	Wow, that's fantastic and I'm sure banks in Asia
2:04.5	getting you know American super traders there that must be pretty good speaking engagements
2:10.4	you know the Chinese were especially interesting I mean they they did it upright in Beijing
2:15.7	and Shanghai this one group,
	...

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