Ep. 212: Daniel Kahneman Interview with Michael Covel on Trend Following Radio

Michael Covel's Trend Following

Michael Covel

Investing, Business

4.6 • 730 Ratings

🗓️ 16 February 2014

⏱️ 28 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

My guest today is Daniel Kahneman, the second Nobel Prize winner to appear on this podcast. Kahneman is an Israeli-American psychologist and economist notable for his work on the psychology of judgment and decision-making, as well as behavioral economics, for which he was awarded the 2002 Nobel Memorial Prize in Economic Sciences.

The topic is behavioral psychology.

In this episode of Trend Following Radio we discuss:

Kahneman’s beginnings, and how he came to realize he was looking at the world from a different vantage point than most
How Kahneman’s work is foundational to trading
Questioning the dogma of rationality
Happiness, and the distinction between the remembering self and the experiencing self
The consumption of memories
The danger of not making peace with a loss
Bubbles and crowd behavior
Happiness research and public policy
Emotion, possibility, and probability
Hope and fear
Why optimism is the engine of capitalism
The influence of prospect theory

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.
0:33.1	My guest today has been called the most important psychologist alive today. His name is Daniel
0:39.1	Connaman. He's the winner of the 2002 Nobel Memorial Prize and Economic Sciences. Prospect
0:46.7	theory for those of you in the trend following world. Behavioral economics, behavioral finance.
0:52.2	He is the guy.
0:58.7	He started it all along with his partner many years ago.
1:01.3	I welcome him to my podcast.
1:02.4	I hope you enjoy.
1:18.5	I was looking at your career, looking at all the research and findings, everything behind what you've done, and obviously we're not going to fill it in on this conversation.
1:29.1	But at what point in your life did you start to realize that you were comfortable looking at the world, people, behavior from outside the norm.
1:33.1	When did you first realize that you were looking at things from a different vantage point?
1:38.3	I think a very difficult question.
1:40.8	I like to give the hard ones right out of the gate.
1:51.0	You know, one than those signs, of course, you publish things because you think that they're new.
1:58.2	What we didn't see was how far our research would be taken.
2:04.6	So we studied, Amistowski and I began our work by studying judgment under uncertainty, you know, a limited set of problems of judgment.
2:07.6	And we worked on that five years and we wrote an article at the end of those five years in
2:12.6	1974, which was published in science.
	...

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