Ep. 569: Andrew Lo with Michael Covel on Trend Following Radio

Michael Covel's Trend Following

Michael Covel

Investing, Business

4.6 • 730 Ratings

🗓️ 7 July 2017

⏱️ 48 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

My guest today is Andrew Lo, the author of “Adaptive Markets: Financial Evolution at the Speed of Thought.” He is also the Charles E. and Susan T. Harris Professor of Finance at MIT and the chairman and chief investment strategist of the AlphaSimplex Group.

The topic is his book Adaptive Markets: Financial Evolution at the Speed of Thought.

In this episode of Trend Following Radio we discuss:

Efficient market hypothesis
Adaptive markets hypothesis
The random walk hypothesis
Crowded trade phenomenon
2008 meltdown
Paul Samuelson
Commodities Corporation

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

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LinkedIn: @covel
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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.
0:27.4	That's my passion.
0:33.1	Before I get into my guests today, a quick reminder recently released the new audiobook of my latest edition of trend following.
0:43.9	An edition of trend following expanded by over 100%.
0:47.3	This audiobook, over 34 hours.
0:51.4	Go check it out.
0:52.9	My guest today is Andrew Lowe, Professor of Finance at the MIT
0:57.4	Sloan School of Management. Andrew has a great perspective on many of the subjects near and dear to me.
1:05.8	His newest work, adaptive markets, financial evolution at the speed of thought, you must read this book.
1:14.0	Look, the efficient market hypothesis, come on, give me a break. You know in your heart of
1:19.6	hearts, it's not useful. Andrew digs in deep to present an alternative, an alternative way of thinking. And I got to tell you, this is where
1:32.3	we should all be going. I hope you enjoy this conversation with Andrew Lowe. So, Andrew, the first time I saw your name, I want to say it was in a transcript.
1:52.9	It was in a transcript, and I believe it was called the Greenwich Roundtable.
1:56.9	All these great hedge fund manager names, Jim Simons, Toby Crable, Ken Troppin, all these guys that are seemingly with their work showing there's a problem with the efficient market hypothesis.
2:10.3	And that was where I first saw your name in those.
2:13.1	And those are some great transcripts.
2:14.5	I don't even know if they're available, but they're fantastic information in those transcripts.
2:19.7	But let me take you back in time a little bit.
2:22.0	I know and I've seen you talk about being an event, the National Bureau of Economic Research,
	...

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