Ep. 270: Laurie Santos Interview with Michael Covel on Trend Following Radio

Michael Covel's Trend Following

Michael Covel

Business, Investing

4.6 • 732 Ratings

🗓️ 1 September 2014

⏱️ 33 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

My guest today is Laurie Santos, a professor of psychology and cognitive sciences at Yale University. Her research explores the evolutionary origins of the human mind by comparing the cognitive abilities of human and non-human primates. Santos is able to look at monkeys and their behavior in markets and money, and see the similarities with humans.

The topic is cognitive abilities.

In this episode of Trend Following Radio we discuss:

Santos' early "ah-ha" moments
Teaching monkeys about currencies
Whether the monkey economy is as irrational as ours
The endowment effect
How monkeys' behavior in markets quantitatively matches human behavior
Whether some monkeys took to the experimental economy better than others
Mistakes and predictable errors
Why humans might be uniquely irrational when it comes to enjoying what we pay more for
Vernon Smith's work
Relationships between Santos' work and the financial crisis of 2008
Bubbles, monkeys, and Daniel Kahneman
The "G.I. Joe fallacy"
Why we have trouble accepting cognitive limitations rather than our biological limitations

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.
0:21.1	I am your host, Michael Covel.
0:24.0	Not filtered, raw, honest.
0:27.3	That's my passion.
0:32.9	Today in the show, I'm pleased to have Lori Santos.
0:36.0	She's a professor of psychology and cognitive sciences at Yale University.
0:40.4	Her research explores the evolutionary origins of the human mind
0:44.4	by comparing the cognitive abilities of humans and non-human animals, including primates and canines.
0:52.9	Let me cut to the chase.
0:54.9	Lori is able to look at, for example, monkeys,
0:59.4	observe their behavior with markets, money, etc.
1:04.5	And look at the similarities between us.
1:09.4	Fascinating work.
1:10.9	I really hope you enjoy this episode.
1:20.0	Thank you for taking a few minutes with me today.
1:23.2	I think for my audience.
1:26.0	And, you know, I have to give a shout out to a friend who runs a very
1:29.5	popular financial blog called Pragmatic Capitalism, a guy named Colin Roach. And he's got a new,
1:34.8	he's got a new book out this summer. And I was reading his book. And I was like, ah, this is
1:39.9	terribly interesting. I must see if I can convince her to come onto my show.
1:44.6	Well, you have people like Vernon Smith and Danny Connamet on there. You know, people say,
	...

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