Ep. 213: Jonathan Hoenig Interview with Michael Covel on Trend Following Radio

Michael Covel's Trend Following

Michael Covel

Investing, Business

4.6 • 730 Ratings

🗓️ 20 February 2014

⏱️ 23 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

My guest today is Jonathan Hoenig, an American, founding member of the Capitalist Pig hedge fund, and a regular contributor to and regular panelist on Fox News Channel's Cashin' In, Your World with Neil Cavuto, Red Eye w/ Greg Gutfeld and WLS 890's morning show, Don Wade & Roma.

The topic is his documentary Pit Trading 101.

In this episode of Trend Following Radio we discuss:

Hoenig’s branding for his hedge fund, Capitalist Pig
Why capitalism has become demonized
The difference between capitalism and crony capitalism
Ayn Rand and capitalism as the “unknown ideal”
How Hoenig ended up in the Chicago trading pits, and what we can learn from studying pit trading today
The physical type of pit traders
The subculture of the pits
Where Hoenig sees futures markets going
The blame of speculators
America’s place in the world 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.
0:21.2	I am your host, Michael Covel, not filtered, raw, honest.
0:27.3	That's my passion.
0:32.1	Today on the podcast, I have Jonathan Honig.
0:35.2	Jonathan is a regular on assorted news shows, cable news shows.
0:39.7	You have seen him everywhere over the last decade.
0:42.9	He also happens to have got his start on the Chicago trading floors.
0:48.1	Today, we talk about his new documentary, Pit Trading 101.
0:52.7	Yes, pit trading has long died. However, there are some extremely
0:57.6	interesting lessons that can be taken from Jonathan's experience and pit trading that once was
1:04.5	king in Chicago. I hope you enjoy.
1:17.2	Hey, listen, the first thing I was thinking about before, you know, we haven't chatted for a long time.
1:18.2	And I was thinking, right when I see your brand name, I always smile, you know, because
1:24.9	I instantly know, I was like, oh, my gosh, he's fighting the good
1:28.2	fight too. I'm right there. I love it. So, but do you have, because you were a young man when
1:32.4	you branded yourself with the name capitalist pig, do you have any regrets? Do you still love it
1:37.8	as much as when you picked it? Absolutely, Mike. And I'm still fighting the good fight.
1:42.9	Unfortunately, I think we're losing the good fight.
1:46.0	You know, back when I got started in the mid-90s, in the late 90s, you know, being a capitalist,
1:53.3	I think it was still thought of as being an admirable thing. And, you know, guys, like back
1:57.3	then it was, you know, Scott McNeely or, or, uh, uh, what's his name, uh, from
	...

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