Ep. 265: Leo Melamed Interview with Michael Covel on Trend Following Radio

Michael Covel's Trend Following

Michael Covel

Business, Investing

4.6 • 732 Ratings

🗓️ 15 August 2014

⏱️ 41 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

My guest today is Leo Melamed, a pioneer of financial futures, currencies, and stock indexes. Melamed became Chairman of the Chicago Mercantile Exchange in 1969. In 1972, under his leadership, the CME created the International Monetary Market (IMM), the world's first financial futures exchange, and launched currency futures. He is currently Chairman Emeritus of CME Group (formerly the Chicago Mercantile Exchange).

The topic is his book Leo Melamed: Escape to the Futures.

In this episode of Trend Following Radio we discuss:

Overcoming odds
China's futures markets
The middle class in China
Melamed's experience meeting Milton Friedman and some of the lessons learned
Melamed's early experiences escaping Nazi-controlled Poland, and eventually going to work for Merrill Lynch
Stock futures
The importance of speculation

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.
0:33.3	Today on the show I have Leo Malamid.
0:35.5	He is a pioneer of financial futures, currencies,
0:39.0	stock indexes. Leo was there at the Merck, making it all happen, along with many other people,
0:46.9	but he was a leader. He is currently Chairman Emeritus of CME Group, formerly the Chicago
0:52.7	Mercantile Exchange.
0:55.5	What a great conversation.
0:59.3	I'm lucky to get the guys that lived it on this show.
1:00.7	I hope you enjoy.
1:09.4	Let me jump right in, Leo.
1:27.9	I was thinking you don't recall, for sure, because I was just a guy in the audience, but I'm fairly certain it was at an MFA event in Berlin in the spring of 1996. And I was at a small group meeting that you were presenting at. And I have to tell you, it was so inspirational. And this is before I had read your book, Escape to the Futures, but it was so inspirational just to listen to someone
1:32.3	talk about overcoming odds. As a young guy who was starting out, it was like to listen to your
1:37.9	story. It was just so inspirational to go out and make it. I mean, looking back even for you,
1:43.6	it's still got to be kind of crazy
1:44.9	to look at your life's story, isn't it?
1:47.0	Well, I do remember, this is in Berlin.
1:50.2	I'm pretty sure it was Berlin.
1:51.9	Yes, it was.
	...

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