SI111: Trend Following pros and cons ft. Michael Covel
Top Traders Unplugged
Niels Kaastrup-Larsen
4.8 • 670 Ratings
🗓️ 25 October 2020
⏱️ 68 minutes
🧾️ Download transcript
Summary
Legendary Trend Following author & podcast host, Michael Covel, joins us today to discuss the far-reaching popularity of his books, the advantages of allocating to a Trend Following manager rather than DIY trading, managing money for clients vs being an unknown successful private trader, why Trend Following funds should worry about AUM growing to be too large, why Trend Following still deserves an important allocation to any investment portfolio after recent mediocre returns, and whether central bank Quantitive Easing programs have changed the landscape for systematic investors.
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50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE
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Episode TimeStamps:
00:00 – Intro
01:04 – Weekly review of performance
10:17 – Moritz: Do you have any new books in the making?
13:07 – Announcement of Jack Schwager joining us on the show in 2 week’s time
13:16 – Moritz: How is your personal trading going?
16:00 – Listener question; Saeed: Which market sectors have the longest trends?
28:50 – Moritz: Do you think Trend Following is over-crowded?
29:49 – Niels: Is Trend Following’s mediocre performance over the last 10 years a new normal or an anomaly?
30:38 – Niels: What are your thoughts on pure Trend Following versus multi-strategy?
33:27 – Niels: How have institutional investors’ attitudes to Trend Following changed over the past 20 years?
38:24 – Niels: What do you say to those who ask, ‘has quantitive easing killed Trend Following’?
41:32 – Niels: What about those who say, ‘fast moving markets have killed Trend...
Transcript
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| 0:00.0 | You're about to join Jerry Parker, Maritz Siebert, and Nealz Kostrup Larson on their raw and honest journey into the world of systematic investing and learn about the most dependable and consistent yet often overlooked investment strategy. Welcome to the Systematic Investor podcast series. |
| 0:22.9 | Mort Sieber and I, Niels Kastel Lastner, |
| 0:25.1 | I'm back with this week's edition of the Systematic Investor Series, |
| 0:27.8 | which is our weekly ongoing raw exploration of the world of rules-based investing, |
| 0:32.2 | and of course, where we also take some of your questions. |
| 0:34.8 | But today we're going to deviate a bit from our usual format |
| 0:37.4 | because we are delighted to be joined a bit from our usual format because |
| 0:37.8 | we are delighted to be joined by a very special guest, namely Michael Coel, a true legend in our |
| 0:43.7 | industry. And I'm sure a lot of you, if not all of you, are already familiar with Mike's podcast |
| 0:48.2 | and his books. So let me start by saying, welcome to the show, Mike. It's great to have you here. |
| 0:53.8 | Thanks, guys. Thanks for having me. Absolutely. And as usual, good afternoon to you more. |
| 0:58.1 | It's how are things? Hey, Neil's doing fine. Good afternoon. Mike. Nice to have you on. I'm doing fine. |
| 1:03.5 | Sounds good. Now, we of course very much look forward to diving into the world of trend following with Mike and see what you've learned from your many decades |
| 1:12.8 | of being in the trenches. |
| 1:13.9 | But before we do that, we normally just do a quick review of the past week from the lens |
| 1:18.9 | of a trend follower. |
| 1:20.1 | So while you have an extra sip of maybe your evening drink where you are, we will quickly |
| 1:24.4 | go through the highlights from last week. |
| 1:27.2 | Hope that sounds good with you, Mike. |
| 1:29.1 | Sounds like a plan. I'll take a break. Good. Now, Moritz, we obviously want to spend as much time as we |
| 1:36.1 | can with Mike. So why don't you tell us what happened from your point of view? |
| 1:41.4 | Happy to start. And this time for a change, I'm actually happy to report that I've made some money with my trend following program up a bit more than a percent. |
... |
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