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Michael Covel's Trend Following
Ep. 1286: Mike Dever Interview with Michael Covel on Trend Following Radio
May 20, 2024
Mike Dever, founder and CEO of Brandywine Asset Management, dives into the world of trend following and investment innovation. He discusses the psychological nuances behind speculative markets, particularly with tech stocks and cryptocurrencies. The conversation covers risk assessment strategies and the evolution of trading practices over time. Dever also emphasizes the importance of capital preservation and challenges the conventional skepticism surrounding trend-following methods. His insights provide a fresh perspective on navigating market uncertainty.
47:56
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Quick takeaways
- Investor psychology heavily influences market behavior, leading to cycles of irrational exuberance and speculative trends, particularly in tech stocks and cryptocurrencies.
- Implementing a systematic strategy for risk management, such as using put options and diversification, is essential for navigating the emotional challenges of investing.
Deep dives
Market Speculation Dynamics
The conversation emphasizes the continuing presence of speculative markets, as seen in the recent surge of tech stocks and cryptocurrencies. Historical trends illustrate that every market correction often leads to an even more exuberant recovery, reinforcing the belief among investors that holding during downturns is beneficial. Notably, assets like cocoa have experienced significant increases, amplifying the speculative nature of current market behavior. This trend suggests that investor psychology, rather than fundamentals, drives market prices, highlighting a cycle of irrational exuberance that recurs over decades.
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Discover
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