Ep. 49: David Cheval Interview with Michael Covel on Trend Following Radio

Michael Covel's Trend Following

Michael Covel

Business, Investing

4.6 • 732 Ratings

🗓️ 22 August 2012

⏱️ 41 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

My guest today is David Cheval. Cheval was an inside witness to Richard Dennis and Bill Eckhardt's famed Turtle experiment. Through the involvement of his former wife, famed original TurtleTrader Liz Cheval, David Cheval's history and background for the Turtle story comes from a unique vantage point.

The topic is Turtle Trading.

In this episode of Trend Following Radio we discuss:

Events surrounding the Turtle experiment, including his own interesting part in alerting his former wife to the opportunity (he is still an investor in her firm)
Cheval's progression from a runner on the Chicago pits, to the formation of his CPO (Dearborn Capital Management), to his career in law today
The presence of Richard Dennis on the Chicago Board of Trade in the years prior to the Turtle experiment
Some of the lessons that can be gleaned from some of the most successful Turtles
The difference between volatility and risk
Why basic trend following philosophies are timeless

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, not filtered, raw, honest.
0:27.3	That's my passion.
0:32.5	So today is the show, I have an interesting guest.
0:35.9	He is an administrative law judge in Colorado.
0:40.0	And, oh, come on.
0:42.4	Now you're thinking, why, Covel, do you have an administrative law judge on from Colorado?
0:46.7	I want to know about trading.
0:48.5	Ah, hold tight for a second.
0:50.7	My guest is Dave Chival.
0:52.9	And Dave was once in an earlier life, uh, on the floor and,
0:59.4	uh, sat at a desk with, uh, with, with a woman who became his, uh, became his wife, Liz Chival.
1:05.8	Who became one of the turtles. And, uh, I think, uh, you know, this is, this is Dave's former wife and
1:13.8	very collegial relationship and everything. But I just think Dave will probably have some
1:18.8	great insights into the turtle story, trading, how things unfolded and perhaps some views on today.
1:28.2	Dave, thank you for joining me today.
1:30.6	Sure, Mike.
1:31.1	Thanks for having me.
1:32.3	So let me get started, you know, because you're in an entirely different career today.
1:38.9	You know, a judge in Colorado is quite a path from the pits in Chicago.
1:45.2	So you've got to go back and date for me your starting point in Chicago.
	...

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