Ep. 310: Daniel Simons Interview with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
Michael Covel
4.6 • 732 Ratings
🗓️ 16 January 2015
⏱️ 44 minutes
🧾️ Download transcript
Summary
My guest today is Daniel Simons, an experimental psychologist, cognitive scientist, and Professor in the Department of Psychology and the Beckman Institute for Advanced Science and Technology at the University of Illinois. Simons is most well known for his work on change blindness and inattentional blindness, two surprising examples of how people can be unaware of information right in front of their eyes. His research interests also include visual cognition, perception, memory, attention, and awareness.
The topics are experimental psychology and cognitive science.
In this episode of Trend Following Radio we discuss:
- Simons' YouTube success
- The definition of inattentional blindness
- Why our intuition about our own minds is often wrong
- Money managers and weather forecasters
- Serial tasking, multitasking, and focus
- How Simons became immersed in this area of study
- Memory and attention, and the myths and misconceptions surrounding them
- The notion of intuition, gut decisions, and Simons' thoughts on Malcolm Gladwell's "Blink"
- The idea of preparation in relation to expert performance
- The science behind eyewitness testimony
- How our minds don't work the way we think they do
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, not filtered, raw, honest. |
| 0:27.4 | That's my passion. |
| 0:33.1 | Today in the podcast, I have Daniel Simons, a prominent experimental psychologist, cognitive scientist, and professor in the Department of Psychology and the Beckman Institute for Advanced Science and Technology at the University of Illinois. |
| 0:49.8 | Most well known for his work on change blindness and inattentional blindness. |
| 0:57.0 | Two examples of how people can be unaware of information right in front of their eyes. |
| 1:04.0 | His most well-known book, The Invisible Gorilla, worth checking out. |
| 1:09.0 | Also worth checking out his YouTube videos, which are quite famous, and about 15 million |
| 1:15.8 | views or so. |
| 1:18.6 | Hey, you might be saying to yourself, Mike, what's the relevance here? |
| 1:21.8 | What's the relevance here? |
| 1:23.4 | Look, on my podcast, I like to have different flavors. |
| 1:29.2 | Different flavors of thought. Different flavors of thought. |
| 1:31.2 | Different ways of looking. |
| 1:34.6 | And what we're all trying to look at, which is to better understand ourselves, the world, make better decisions, understand our limitations, our advantages. |
| 1:46.9 | Daniel brings that right to the table. |
| 1:48.9 | And I was thinking, I saw a guy the other day on my Facebook, |
| 1:53.8 | and he was in there trying to justify fundamentally why oil had dropped. |
| 2:05.1 | Of course, fundamentals don't really make a good argument for why oil was going to drop. Nobody was predicting a 50% crash in oil in mid-2014, but it happened. |
| 2:11.2 | So this guy is now saying, but just wait, it's going to bounce back. And the fundamentals say |
| 2:16.0 | it's going to come zooming back. |
... |
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