Ep. 749: Bill Wooditch Interview with Michael Covel on Trend Following Radio

Michael Covel's Trend Following

Michael Covel

Investing, Business

4.6 • 730 Ratings

🗓️ 29 March 2019

⏱️ 54 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

My guest today is Bill Wooditch, the founder and CEO of The Wooditch Group, a risk-management and corporate insurance firm. He mentors and teaches clients skills to harness the lessons of failure to create success driven opportunities. His approach is a physical, intellectual, spiritual and emotional journey based on 25 years of real life experience.

The topic is his book Fail More: Embrace, Learn, and Adapt to Failure As a Way to Success.

In this episode of Trend Following Radio we discuss:

Venture capital mindset
Risk
The power of reading
Pre-internet
Short-term thinking
Steven King
Keith Richards
Growth mindset vs. fixed mindset

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

Click on a timestamp to play from that location

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.
0:27.4	That's my passion.
0:33.4	I've had the good fortune here in 2019 to compose the foreword for Larry Heights's first book.
0:41.7	Larry Height featured in Jack Schwager's The Market Wizards.
0:46.2	A great firsthand narrative of his life, of Larry's life.
0:51.9	And it's motivational, as you know what. It's just motivational. It's titled
0:59.3	The Rule. And the rule is based on David Ricardo's rule of cut your losses and let your
1:07.2	winners run. Now with that setup, I'd like to introduce my guest today, Bill Wittich, author, motivational
1:17.0	speaker.
1:18.9	And Bill is right there with Larry's headspace, even though Bill is not talking trading at all.
1:26.4	That's not his perspective. Now, he has a
1:29.2	risk finance background. He understands all those issues. But consider the title of his book
1:36.7	that we will talk about today. Fail more. Embrace, learn, and adapt to failure as a way to success. Now, for those of you that know
1:47.6	something about Larry Hight, you now know why I connected Larry Hight to this conversation.
1:52.5	It's right there in the same headspace. I could put Bill Wooditch and Larry Hight in the same
1:58.0	room and they'd have a fantastic time because they get it they get
2:03.2	the idea that you're going to take small losses in your life i mean they can become big losses
2:09.4	but you've got to manage that but the idea is to keep trying keep trying fail take the small loss stay Take the small loss. Stay in the game. Don't worry about the sunk cost. worry about the opportunity cost. The opportunity cost of what you're missing. If you just sit there in the same damn cubicle and you don't do something new. Before I go off on any further tangent, let me jump right into my guest today, Bill Wooditch, as we talk about failing more.
2:50.4	Bill, I would not be talking to you if I did not write these crazy trading books.
2:56.3	They're not really crazy, but they're kind of interesting because, and I only bring this up at the
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