Ep. 235: Harry Markowitz Interview with Michael Covel on Trend Following Radio

Michael Covel's Trend Following

Michael Covel

Business, Investing

4.6 • 732 Ratings

🗓️ 6 May 2014

⏱️ 40 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

My guest today is Harry Markowitz, the third Nobel Prize winner to appear on this podcast. Markowitz is an American economist who received the 1989 John von Neumann Theory Prize and the 1990 Nobel Memorial Prize in Economic Sciences. Markowitz is a professor of finance at the Rady School of Management at the University of California, San Diego.

The topic is modern finance.

In this episode of Trend Following Radio we discuss:

Justin Fox and "The Myth Of The Rational Market"
Markowitz's beginnings, and the Nobel Prize
Markowitz's 1952 paper
How Markowitz felt about some of his prescriptions and ideas being interpreted into dogma
Why Wall Street was not interested in Markowitz's theories at one time
Diversification for the right reason
Markowitz's new four-volume book
Advice on maintaining mental acuity at an advanced age and sounding like you're 35 when you're 86 years young
Markowitz's attraction to the philosopher Hume
If it was fifty years later, if Markowitz would be a quant running a hedge fund today
Markowitz's legacy
On being comfortable vs. being rich
The leveraged long-only hedge fund industry and being coaxed into putting your money into these institutions
Long Term Capital Management and portfolio 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 Cobell.
0:24.0	Not filtered, raw, honest.
0:27.3	That's my passion.
0:33.1	Today in the podcast, I have Harry Markowitz.
0:36.5	Harry is the father of modern finance.
0:40.4	He has a Nobel Prize to prove it.
0:43.3	Harry was also kind enough to appear in my documentary film a few years back.
0:48.2	I hope you enjoy this conversation.
0:57.8	How are you, sir?
1:00.3	You do realize we met a few years back, right?
1:02.1	Yes, I remember.
1:03.4	You interviewed me, didn't you? Yes, sir.
1:04.1	Yes, sir.
1:04.6	We came out to Pacific Beach area and interview.
1:08.1	Right, yes.
1:09.5	Absolutely.
1:10.2	Absolutely.
1:11.1	My little podcast has grown quite a bit, and interview. Yes. Absolutely. Absolutely. My little podcast has grown quite a bit.
1:13.9	And so I thought it would be a perfect time after seeing some comments of yours in the press.
1:20.0	And I thought it would be a perfect time to reach out and maybe let you explain.
	...

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