Ep. 1364: The Transformation II with Michael Covel on Trend Following Radio

Michael Covel's Trend Following

Michael Covel

Investing, Business

4.6 • 730 Ratings

🗓️ 10 November 2025

⏱️ 56 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Please enjoy my monologue The Transformation II with Michael Covel on Trend Following Radio. This episode may also include great outside guests from my archive.

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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	Even more detail is coming next week.
0:01.7	But as I move towards my big annual event at the end of November, I want to reach back.
0:08.6	I want to give some inspiration, some mindset, the way to think about odds, chance, luck, and psychology.
0:18.3	What I am about to play is not exactly trading, but it's exactly trading.
0:26.1	Again, even more is coming next week, but as I prepare for the end of November, for a transformation to help transform as many people as possible. Let me give you something.
0:38.8	A blast from my past to wake you up and to remind you.
1:02.0	My guest today is Annie Duke, professional poker player, entrepreneur, author.
1:10.5	Today, we talk psychology, we talk expected value, we talk loss aversion, we talk decision decision making. The parallels between her world of poker,
1:15.4	the decision making in the corporate world, the decision making in the trading and investing
1:19.5	world, the decision making in the VC world, the crossover is absolutely amazing. I hope you
1:26.8	enjoy this conversation with Annie Duke.
1:36.8	So Annie, I have to tell a quick story why we're even talking today.
1:40.7	Sometime in 2007, I was in Macau, China. I was on a ferry going back to Hong Kong.
1:45.9	I heard a group of people ask a guy what he did for a living. I caught when that he was
1:51.4	involved in ESPN and poker programming. I tracked him down at customs in Hong Kong. I said,
1:57.3	listen, I'm doing this film. I'm talking all these traders, all these investors, and all they keep talking about poker and these connections to poker in their investing mindset. And I said, listen, you've got to help me. I need to land some people in the poker world. And he looks at me like, who are you? You're like a stalker in line in Hong Kong. He said, well, I said, well, I wrote these books. What book did you write? So I wrote this one book called Trinfongy's oh I read your book okay I'll help you and that was how I
2:21.7	ended up in the house of a very nice tall guy in Las Vegas who gave me some great
2:28.6	understandings about psychology and odds a tall guy that I think you know. That sounds like my brother.
2:35.1	Exactly.
2:36.8	And the guy that I talked to was Matt Moran's.
2:39.6	Oh, okay.
2:40.6	Yeah, he's a great guy.
	...

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