Ep. 178: Vernon Smith Interview with Michael Covel on Trend Following Radio

Michael Covel's Trend Following

Michael Covel

Investing, Business

4.6 • 732 Ratings

🗓️ 6 November 2013

⏱️ 59 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

My guest today is Vernon Smith, the first Nobel Prize winner to appear on this podcast. Smith is an American economist and professor of business economics and law at Chapman University. He is formerly a professor of economics at the University of Arizona, a professor of economics and law at George Mason University, and a board member of the Mercatus Center.

The topic is economics.

In this episode of Trend Following Radio we discuss:

Bubbles
Some of Smith's early experiments
How "we're all born traders"
Early "ah ha" moments
Early science and engineering beginnings
Upsetting the conventional economics "apple cart"
The difference between "hamburgers and haircuts" and the other 25% of goods
Smith's experience bringing Chicago traders into lab experiments
How we see the dotcom bubble, spring of 2003, and the real estate bubble today
Differences between housing bubbles and stock market bubbles
Understanding why bubbles happen
Liberty
Views on Adam Smith
Smith's ideological journey from socialist to his libertarian leanings today

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.
0:21.1	I am your host, Michael Covel, not filtered, raw, honest.
0:27.4	That's my passion.
0:33.1	Today in the show I have Vernon Smith.
0:36.6	Vernon is a professor of economics at Chapman University in California, Orange, California.
0:43.2	He is also a former professor at my alma mater, George Mason University.
0:48.3	He also shared the 2002 Nobel Memorial Prize in Economic Sciences with Daniel Conneman.
0:57.1	So that's pretty strong credentials right there.
1:01.5	Today, our conversation is about bubbles.
1:05.9	Vernon is quite famous for going into the lab and learning, studying bubbles, bubble behavior.
1:16.3	He has some strong views and some great insights.
1:19.8	I hope you enjoy this conversation.
1:31.1	Hi, Vernon, this is Mike Covel. I think you were expecting me this morning.
1:32.7	That's right, Mike.
1:33.7	How are you?
1:35.7	Well, I'm fine, yeah.
1:43.8	So I, we last spoke at your office in George Mason, fall of 07, fall of 08, I believe. So I finally remember our conversation.
1:47.1	But I wanted to jump in today because I think you are someone who has an immense amount of
1:54.0	experience in an area of economics that I still think, even though you've gotten quite a bit of
2:00.1	recognition for it, I don't think the average person.
2:03.1	The average person could be a doctor and attorney, a hedge fund manager.
	...

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