Ep. 88: Jonathan Davis Interview with Michael Covel on Trend Following Radio

Michael Covel's Trend Following

Michael Covel

Investing, Business

4.6 • 732 Ratings

🗓️ 12 December 2012

⏱️ 50 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

My guest today is Jonathan Davis, one of the UK's leading writers on investing. Davis has written 3 books, is a regular writer for the Financial Times, and is the director for three investment companies. Davis has been following the markets for over thirty years, first as a journalist, and has had quite a history. He was fortunate enough to spend some time at MIT studying and writing a thesis about Warren Buffet, whom he met on several occasions.

The topic is his book Professional Investor Rules: Top Investors Reveal the Secrets of Their Success.

In this episode of Trend Following Radio we discuss:

What's going on in Europe, where the socioeconomics might be headed, how the history of Europe plays into the problem, and how Davis sees it playing out
The importance of performance data
How "the recent past is out to get you"
How volatility is not something the average investor instinctively understands
Investing in Asian markets
The efficient market theory
The idea of "the hedgehog" (people who only really know one thing) and "the fox" (people who know many things, and are constantly looking for more) in the context of investing, and how the foxes can allow themselves to be adaptable and flexible to all sorts of market conditions over time
His take on David Harding of Winton Capital, and his view of Marc Faber

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.
0:33.1	So an interesting podcast today, a gentleman named Jonathan Davis.
0:39.6	He's one of the UK's leading writers on investment. He's an author of three books about investments. And he writes a regular
0:43.8	column for the Financial Times is the director of three investment companies. A really interesting
0:49.0	guy. We go into some of the history of Europe. What's going on. You hear all these headlines of crises, et cetera.
0:56.4	And his new book, which is called Professional Investor Rules, which definitely has a certain
1:01.5	fundamental flavor.
1:02.8	So for those people that are screaming and yelling, Mr. Covel, how can you possibly have
1:07.2	someone talking about fundamentals on your podcast?
1:09.8	Well, I do.
1:12.0	And it's a really good conversation, and I think you're going to enjoy it. So once again, this is Jonathan Davis and his new
1:16.4	book is Professional Investor Rules. So listen, I have to tell you, I was I was having a fun time, even though my world's a little bit different with the trend following, there's a lot of overlap with your newest book here, which is called Professional Investor Rules.
1:37.4	And, you know, I didn't really have a particular method for how we might do this today.
1:43.3	But I've got the book in front of me and I've
1:44.6	been marking it up like crazy. And I just thought maybe we could jump right in and just start
1:49.0	talking about. Maybe tell me how it even came to be initially. Of course. Well, as you may know,
1:55.9	I've been following the markets for a long time, something like 30 years, I'm ashamed to say,
2:01.1	initially as a journalist and now as a professional investor working in the city of London.
2:06.6	And over that time, I've had a lot of opportunities to meet professional investors and to listen
	...

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