Ep. 156: Patrick Boyle Interview with Michael Covel on Trend Following Radio

Michael Covel's Trend Following

Michael Covel

Business, Investing

4.6 • 732 Ratings

🗓️ 13 September 2013

⏱️ 47 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

My guest today is Patrick Boyle, a fund manager, academic, and author. Boyle is the Founder of Palomar Capital Management, a UK-based hedge fund.

The topic is fund management.

In this episode of Trend Following Radio we discuss:

Directional trading
Timeframes in trading and short-term trading
Boyle's background and how he came to be a founding partner of Palomar
Boyle's time working with Victor Niederhoffer
Niederhoffer and his teaching lineage
David Harding and Bill Dunn
Boyle's political stances, the Fed, and the SEC
Risk and running a directional fund
Performance correlation to the S&P and the trend following CTA's
The big picture takeaways that Boyle learned under Niederhoffer
Correlations to people who have come out of Niederhoffer's shop
Monroe Trout
Testing ideas
How quantitative analysis is different from technical analysis
The book publishing industry, and why all the secrets might not be in a $20 book
Where Palomar Fund Management is at today
Foundational advice to the budding fund manager
Libertarianism

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.
0:21.2	I am your host, Michael Covel.
0:24.0	Not filtered, raw, honest.
0:27.3	That's my passion.
0:33.0	Today in the show I have Patrick Boyle of Palomar Fund Management out of London.
0:39.5	A fun conversation, our first conversation, but I think you'll enjoy.
0:52.5	Well, listen, let me jump right in.
0:54.0	So Dave Goodboy, mutual friend, associate. Well, listen, let me jump right in.
1:00.1	So Dave Goodboy, mutual friend, associate, he recommended I should have you on.
1:07.0	I did a little homework, and you're probably going to be doing more education of me today than anything.
1:14.4	And from what I understand about your style, it's a directional style of trading,
1:23.4	all systematic, all computerized, but on a much, a much smaller time frame than perhaps the work and the styles that I've written about over the years.
1:29.5	Yeah, yeah, that's probably true.
1:37.6	Yeah, I guess, you know, it's, you know, I guess everyone just sort of finds their time frame based on the research that they do.
1:41.3	And I actually, when I first started out doing any market research
1:46.0	at all, I was looking for kind of, you know, multi-year type signals, simply because, you know,
1:55.0	if you can keep your transaction costs down and if you can, you know, it's sort of tax-optimized in the States in
2:03.9	particular to have, you know, longer holding periods. You know, it's quite attractive. But
2:12.6	unfortunately for me, the better the signals I found, the shorter the timebring.
2:21.3	Or at least, you know, balanced against transaction costs.
2:25.3	So I ended up with, you know, the best research I was doing was finding sort of half day to kind of three or four day holding period
	...

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