Ep. 194: Dan Ariely Interview with Michael Covel on Trend Following Radio

Michael Covel's Trend Following

Michael Covel

Investing, Business

4.6 • 730 Ratings

🗓️ 23 December 2013

⏱️ 31 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

My guest today is Dan Ariely, a professor of psychology and behavioral economics at Duke. He has given great TED Talks with millions of views. Covel and Ariely discuss irrationality and rationality on today’s show, including how we make decisions (with often poor processes).

The topic is his book Predictably Irrational: The Hidden Forces That Shape Our Decisions.

In this episode of Trend Following Radio we discuss:

The irrationality of fundamentals in equity markets
The wisdom of crowds, constraints and where else our money can go
The awarding of the Nobel Prize to professor Shiller and Fama--two famed professors with very different outlooks--and whether it’s irrational or not
Macroeconomics vs. microeconomics
Lessons learned during his life-threatening burns
Why people lie
Why the freedom to do whatever we want and change our mind is the shortest path to making bad decisions
How 2008 became a constructive tool for Ariely
Why Bubbles are some of the most imprecise factors out there
Ben Bernanke

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 Cobell.
0:24.0	Not filtered, raw, honest.
0:27.3	That's my passion.
0:33.4	Today in the show I have Dan Aurely.
0:35.6	He's a professor of psychology and behavioral economics at Duke.
0:39.1	He has some great talks on TED.
0:41.5	Millions of people have watched his talks.
0:44.0	His book, a bestseller, was called Predictably Irrational.
0:48.3	I love the way Dan thinks.
0:49.9	Enjoy this conversation.
1:00.2	So, Dan, I got to ask you out of the gate.
1:03.1	You've got to have way too much fun in this career of yours.
1:05.6	I am having lots of fun.
1:07.4	Seriously, this is not fair.
1:16.2	You get to observe the world and say, well, gosh, everyone looks at it this way, but are they really thinking rationally or irrationally?
1:17.1	Quite fun.
1:18.3	I'm jealous.
1:21.6	Well, you're welcome to join us.
1:23.8	So let me ask.
1:24.6	Let me jump right in. You know, my world is somewhat in this Wall Street world, this trading world, and I know a lot of your work has crossover appeals, so to speak. And so
	...

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