Ep. 861: Patrick McGinnis Interview with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
Michael Covel
4.6 • 732 Ratings
🗓️ 24 April 2020
⏱️ 48 minutes
🧾️ Download transcript
Summary
My guest today is Patrick J. McGinnis, a venture capitalist and private equity investor who founded Dirigo Advisors, after a decade on Wall Street, to provide strategic advice to investors, entrepreneurs, and fast-growing businesses.
The topic is his book Fear of Missing Out: Practical Decision-Making in a World of Overwhelming Choice.
In this episode of Trend Following Radio we discuss:
- Overwhelming Choice
- Decision-making
- Fear of a Better Option (FOBO)
- Fear of Missing Out (FOMO)
- Social Theory at HBS: McGinnis' Two FOs
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 Coval. |
| 0:24.0 | Not filtered, raw, honest. |
| 0:27.4 | That's my passion. |
| 0:33.3 | My guest today is Patrick McGuinness. |
| 0:36.7 | He coined the term, FOMO, the fear of missing out. |
| 0:43.3 | He also happens to have a new book out, the fear of missing out, practical decision making in a world of overwhelming choice. |
| 0:52.3 | And you know the way he says it, what are you really missing out on? |
| 0:57.0 | And how much does that simple little thought affect all of us every damn day? Well, instinctively, |
| 1:06.0 | we know immediately it does. Patrick does a great job of digging through the psych research, digging through his own |
| 1:13.0 | experiences, his own connections with an assortment of people, and really gives a great |
| 1:18.7 | perspective on this concept. All the props to him for coining the term and a really interesting |
| 1:26.3 | backstory that he shares about how it ultimately |
| 1:29.7 | became famous, famous enough that United States presidents use it. Without any further delay, |
| 1:36.1 | let's jump right into my conversation today with Patrick McGinnis. There's an interesting thing happening right now in America. |
| 1:56.3 | And here I'm about two months ahead of America in terms of this corona scare, but we're talking the day |
| 2:02.7 | after the 10% drop in stocks. What's so interesting about what's happening now is we're having |
| 2:10.6 | the most significant countrywide restriction of choice in the history of America. |
| 2:19.7 | On one fell swoop, we're telling everybody, no choice, go home. |
| 2:25.6 | Yeah, it's incredible because we live in a society that typically has overwhelming choice. |
| 2:31.1 | Whether it's what you're going to watch on television or what you're going to buy or |
... |
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