Ep. 222: Martin Bergin Interview with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
Michael Covel
4.6 • 732 Ratings
🗓️ 23 March 2014
⏱️ 33 minutes
🧾️ Download transcript
Summary
My guest today is Martin Bergin, CEO of Dunn Capital Management. Bill Dunn and Dunn Capital were famously profiled in Covel's book Trend Following and they have a 39 year track record of trend following performance.
The topic is Trend Following.
In this episode of Trend Following Radio we discuss:
- The early stages of Dunn Capital, and how it arrived where it is today
- Trend following with futures
- Volatility within Dunn's system, and why volatility is important to the overall performance
- Targeting losses
- How history informs system creation
- Adapting to the marketplace and to available technology
- What it means to be 100% systematic with no overrides
- Defining "black box" systems, and the difference between Dunn Capital's strategy and black box strategies
- Location in relation to Dunn Capital, and why it isn't necessary to be in a big city like London or Tokyo
- How the core of Dunn Capital has stayed the same while certain aspects of business has evolved
- Decreasing drawdown without decreasing profitability
- Behavioral finance and dealing with biases
- The adaptive nature of trend following
- Predictive vs. reactive trend following
- Dunn Capital's fee structure
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. |
| 0:33.7 | Today on the podcast, I have Marty Bergen. |
| 0:36.6 | Marty is the CEO of Dunn Capital. |
| 0:39.3 | Dun Capital, I'd like to say famously profiled in my book, Trend Following. |
| 0:44.2 | Started by Bill Dunn, still the chairman of Dun Capital today. |
| 0:49.1 | I think you will enjoy this conversation. |
| 0:51.5 | Marty brings a very, very down-to-earth tone to what can often be a |
| 0:58.1 | complicated subject. I hope you enjoy. For me, Marty, and we've known each other for a long time, and you actually introduced me to Dunn Capital, the concept of Dunn Capital, the man Bill Dunn. |
| 1:18.0 | I was unaware of this story. |
| 1:20.5 | And I'm sure you feel the same way, even as the CEO of Dun Capital today. |
| 1:26.1 | This is just one amazing story. And yes, there are quite a few |
| 1:29.5 | people that know about this story, but there's quite a few people that don't know about a story |
| 1:33.8 | that I believe is 39 years in the making. Yep, almost 40 years. And I don't know if it's all |
| 1:42.2 | that special. I'm sure there's people throughout the world that are people like Bill that start out with nothing, |
| 1:51.0 | have an idea, and develop the idea and create a business. |
| 1:54.6 | I mean, this is the American dream, right? |
| 1:58.8 | And he was originally working as a contractor for the U.S. Government Department of Defense |
| 2:06.5 | and sat down one day and said there must be a better way to make a living, |
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