YouSaid · the spoken record

Michael Covel

lines on the record: 142
first: 2016-01-08
most recent: 2016-01-08
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“Brought something up a second ago that I want to circle back to. You were talking about. Talking about risk essentially, one of the things I find really fascinating about the world that I'm in is I shift out of Vietnamese food is drawdown. And when I had Ben Carlson of your firm on my show, we talked about this. We specifically talked about Warren Buffett because in my world, the trend following world, it's not unusual to have your capital go down a significant amount. Sure. I mean, look, if you're trying to jump on a trend and you can't predict the trend's direction. And you got to take a bite of the apple and you lose, those little losses can add up. Sure. Right. Bandit pointed something out in his book about the number of 30% down moves that Buffett had taken in the last 25 years. I think it was five. And two of those were minus 50%.”
2016-01-08 · Masters in Business · Interview With Michael Covel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Let me give one tip to your audience. I don't think this tip has been given yet on your show. If you want to take an interesting vacation. Just go to Saigon. Trust me. Go to Saigon. Don't go to Thailand. Don't go to Singapore. Don't go to Tokyo. I mean, you can go to all those places. They're all fine. But go to the place that's off the beaten track. You will be shocked. My parents just came back. I don't think my father is going to stop talking about Vietnam until the day he dies. Really?”
2016-01-08 · Masters in Business · Interview With Michael Covel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Bring up a good point. Generally, and I see this in Tokyo now, too. English is really permeating. It's permeating because look, it's the business language and I'm not being a cocky American or listen, it's not.”
2016-01-08 · Masters in Business · Interview With Michael Covel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“But think about living in a place like Vietnam where you don't know most of the menu. That's not true. You can't read it.”
2016-01-08 · Masters in Business · Interview With Michael Covel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I have some fantastic Singaporean friends. I love them to death. If I've given a choice of food, I'm going to go right alongside Bourdain and we're going to go to Tokyo.”
2016-01-08 · Masters in Business · Interview With Michael Covel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I've not been to Korea yet. I've not been to Korea yet. I have to make it. My first trip, I want to go in the new year is Myanmar.”
2016-01-08 · Masters in Business · Interview With Michael Covel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I took the bullet train from Shanghai to Beijing, which is about the same distance from Washington, DC to Orlando. And the entire way was construction cranes and condos Whether they've moved everyone into those or not, I don't know.”
2016-01-08 · Masters in Business · Interview With Michael Covel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And I think they do a pretty good job of that. I mean, anyone spend to Shanghai, you know, I mean, even Hong Kong continues to do well, but Shanghai is the real jewel. I don't know how many cities there are in China with over a population of 1 million. It's a hundred. It's massive.”
2016-01-08 · Masters in Business · Interview With Michael Covel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Brought the guy up out of the audience and he translated for the rest of the event. It made me realize about China. The leaders of China have to give that crowd what they want.”
2016-01-08 · Masters in Business · Interview With Michael Covel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“The translators were so bad, they then commandeered and found people in the audience from Malaysia who spoke English, English and Mandarin, who had read by books.”
2016-01-08 · Masters in Business · Interview With Michael Covel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I'll pass something along about interesting about China though. When I presented there in Beijing of this year, like I said, it was over in front of about a thousand people. And the translation was really rough. The translation was not good.”
2016-01-08 · Masters in Business · Interview With Michael Covel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“They're all young people that just want to get ahead It's, you know, look, it doesn't make a difference where we're at. But the real issue when I travel the world and seeing Asia and it passed along some insights demographics. Look at the demographics. Japan.”
2016-01-08 · Masters in Business · Interview With Michael Covel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I think Well, the Japanese have been huge investors in Vietnam. So the Singaporeans and the Japanese invest huge in Vietnam.”
2016-01-08 · Masters in Business · Interview With Michael Covel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“So, you know, we have this, we have the media in the States talking about a war and this and that. And every time I go there, they treat me like royalty. They are so nice. They want to engage. They want to talk. They're not happy about the Japanese. They're free to tell you that.”
2016-01-08 · Masters in Business · Interview With Michael Covel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And the other thing is, too, is that I find every time that I've been in mainland China, the reception and the warmth is off the charts.”
2016-01-08 · Masters in Business · Interview With Michael Covel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Every place is different. Speaking in Hong Kong Nobody in Hong Kong is interested in the subject of trend following. It's just expat white guys that know everything. They don't want to know anything else. It's funny.”
2016-01-08 · Masters in Business · Interview With Michael Covel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“You know, one of the wealthiest countries in the world, the desire to hold on and the desire to, or the need to break away and do something different.”
2016-01-08 · Masters in Business · Interview With Michael Covel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I'll share another one with you so that during that period I spoke with the Sovereign Wealth Fund in Singapore. And so here I am at this very nice office. It's called GIC and three people. There are three key people and I'll give a presentation on trend following. And the first guy immediately says, ah, we can't do any of this. We're value guys. We're fundamental guys. We can't do any of this. This is just not us. And over there on the other side was one of the three main guys contemplating. And then he bursts out and he says, oh man, we can't keep doing this stuff. It's not working. We just read the Kahneman book. None of this is we've got to do some other stuff. So it's interesting to see, even at the highest reaches.”
2016-01-08 · Masters in Business · Interview With Michael Covel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I find it's just the opposite. I find every time I'm in Tokyo, everyone's super nice, but their interest level is kind of like a, you know, it's like a pulse that's this flatline. The Chinese is the Chinese when it comes to, you know,”
2016-01-08 · Masters in Business · Interview With Michael Covel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Perfect English. Perfect English. And then they immediately got so excited because they were like, oh my gosh, there's this trader we all know about in China who's made billions of dollars and what he does is he buys right before the market goes limit up. And so they all, China of all the countries that I've been to instinctively understands momentum and trend. It's in their blood. Why? Why do you think that is?”
2016-01-08 · Masters in Business · Interview With Michael Covel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And I give this presentation. There's a translator. I talk for a sentence, translate. At the end of it, I say, hey, any questions, the lead guy, very first question, perfect English.”
2016-01-08 · Masters in Business · Interview With Michael Covel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I was about to say, you know, on this little excursion I told you about this four-month tour that got me to Asia, one of the fascinating things about that was it was four months of speaking to the biggest funds in Asia. So, when I was in China, I was speaking to China asset management, which is their largest sovereign wealth fund. When I was in Singapore, GIC, their sovereign wealth fund. And just to share some fun stories about how things go down in different parts of the world. So I'm presenting a trend following presentation to a group of people at China Asset Management. This is the largest fund in the country. So there's 25 you have to assume the smartest people in the country of 1.4 billion. You know they've gone through who knows how many tests to get to that room.”
2016-01-08 · Masters in Business · Interview With Michael Covel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“It's the Wau West of Capitalism. I mean, it's just everything's under construction. The Japanese are building their first metro there. There's a million motorbikes. I mean, right now I'm looking out of this Bloomberg facility and I can imagine if I was to walk out here in Saigon, there could be 200 meters of motorbikes going in different directions. And as an American, I would have absolutely no problem walking straight out into the middle of it and not even blinking. Nobody's going to.”
2016-01-08 · Masters in Business · Interview With Michael Covel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Not bad. I stay at a pretty cool place. Not bad. It's not New York City for sure. It's not Tokyo. I was just in Tokyo. Love Tokyo. But it's not even the cost of living. There's a cowboy feel”
2016-01-08 · Masters in Business · Interview With Michael Covel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“So you get over there and you're like, whoa, it really forces you. And of course, then you have the whole. To Jesus, like, why were we even here? Because look, we thought that there's this domino theory. And apparently nobody in the State Department bothered to understand that the Vietnamese hate the Chinese. The Vietnamese didn't really like the Russians and they just wanted their own damn country after being dominated for a thousand years by the Chinese, the French, and the Americans. And so somehow or another, we decided that was going to be the domino theory. And it was a huge mistake.”
2016-01-08 · Masters in Business · Interview With Michael Covel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Not one. Not one. And just for numbers so people can wrap their arms around this. Most of us in America know, since my family lives about 15 miles outside Washington, D.C., most of us know that about 60,000 Americans died during the Vietnamese War”
2016-01-08 · Masters in Business · Interview With Michael Covel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, by first four months of 2013. And my last stop, I was doing this around the world fair and first class on United or something. And my last stop was Bali. And I was in Bali and I was like, okay, I'm not going back to San Diego. I'm going to live in Asia. But I can't stand Bali after two weeks. And I said to myself, where did I have the most fun over the last four months? It was Saigon Vietnam, now known as Ho Chi Minh City. And so...”
2016-01-08 · Masters in Business · Interview With Michael Covel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I started doing yoga in 2012, and a guy listening to my podcast said, hey, I really like yoga. My friend of mine runs the CLSA office in CLSA, Hong Kong brokerage firm. Runs the CLASA office in Tokyo. Will you come speak? I've done a gig for them before. I said, sure. They called me up. They said, let's have you over. At that moment, he said, well, let's book the ticket for you. And I said, well, he said, where are you flying from? And I said, well, I'm going to already be in Asia. I wasn't already going to be in Asia. I just said this. At that moment, he then said to me, hey, would you like to speak for us in Beijing, Shanghai, Guangzhou, Shenzhen, Kuala Lumpur, Singapore? In Hong Kong. I said, and we'll pay you the same for each day over four months. And I said, oh, thank you, Twistmarm. Yes, we've got a deal.”
2016-01-08 · Masters in Business · Interview With Michael Covel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I was living most of my life in Vienna, Virginia 2008, working on this film when you were kind enough to appear in my film. I moved to San Diego and I was living in San Diego. I started this podcast and actually starting the podcast got me to Asia because”
2016-01-08 · Masters in Business · Interview With Michael Covel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“There's too many environmental this and environmental debt. The benevolent dictator solves those issues. It just takes, for your point even to another level.”
2016-01-08 · Masters in Business · Interview With Michael Covel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Take that benevolent dictator and expand it geopolitically. I currently live and spend the vast majority of my time in Southeast Asia, specifically Saigon, Vietnam. Okay, benevolent dictator. You might not think that's how you would describe a communist country. I think you could put that term Singapore, benevolent dictator, Vietnam benevolent dictator, China, benevolent dictator. Look, those guys want the power in those countries, but they let the people get rich. They let the people keep improving. And they make the big decisions. New York City, as I walk around for the first time in four years, this city can never be rebuilt in 2015. Never. People would never allow it to happen. There'd be too many hands in the cookie jar. There's too many environmental.”
2016-01-08 · Masters in Business · Interview With Michael Covel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Mechanical. In fact, I'm fairly certain you and Kirk told me on the show that he has an algorithm that picks lunch for the day.”
2016-01-08 · Masters in Business · Interview With Michael Covel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Can you say mechanic? Yes, absolutely. I would say the vast majority look, Trend following is my world. I would say the vast majority of trend following traders are mechanical”
2016-01-08 · Masters in Business · Interview With Michael Covel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I mean, come on. That's a story in of itself. I remember going to his office for the first time, I believe it was 1996, and I walked in. It was in Stewart, Florida, you know, right down there near Palm Beach. And I walked in and there was no one in the waiting room. There was no secretary. There was several magazines that were, I looked at them. There were several years old. There was no one in the office looking at a screen, and they were running billions of dollars. It felt like a CPA office. That experience also, because here you are, you're talking about all the excitement you're talking about veins and all that kind of stuff. My first experience is were the exact opposite. I was looking at these guys that were treating trading like a law office, like a CPA firm. And so I never had the experience that you're talking about.”
2016-01-08 · Masters in Business · Interview With Michael Covel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I remember going into Bill Dunn's office. Bill Dunn is one of the few investors that has a continuous track record going on over 40 years. That's amazing. I think it's somewhere between 16 and 19% after fees.”
2016-01-08 · Masters in Business · Interview With Michael Covel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Know we're talking about traders, some of the newer trend following traders today, physics backgrounds. Huge. Jean-Philippe Bouchot, CFM out of Paris, Ewan Kirk, Ken Tab out of London, David Harding Winton out of London. These guys all have physics backgrounds. Now their systems ultimately might be. So, you want to have simple rules, but the thinking behind it, extreme complexity.”
2016-01-08 · Masters in Business · Interview With Michael Covel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Right, and you've got to walk down the street of New York City because somebody has reengineered raptors to run wild. This is not exactly related to investing, but these guys fascinate me.”
2016-01-08 · Masters in Business · Interview With Michael Covel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“His own Jurassic Park figured out how to make the tail turn on the wings will go from wings to claws and they figured out how to turn on teeth in the beak.”
2016-01-08 · Masters in Business · Interview With Michael Covel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I mean, so it's, you know, and he started this through the study of dung beetles. Jack Horner. On my podcast, who is the paleontologist? Oh, he was that must have been amazing. You got to get him off. He's ever New York. He is fantastic. He's fantastic.”
2016-01-08 · Masters in Business · Interview With Michael Covel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“They spend so much energy Trying to get these things and they don't survive. They usually die out. The saber tooth cat or whatever. The saber tooth cat could barely run. It sat in a tree and fell on top of elephants and bit into it.”
2016-01-08 · Masters in Business · Interview With Michael Covel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, it came out recently. Basically, he wrote about the idea that the animals that have the elongated, the larger ones and claws and horns and claws and claws.”
2016-01-08 · Masters in Business · Interview With Michael Covel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“A surprise attack. 40 years we had bombers in the air, both sides, 40 years with loaded with nukes. But he brings up the point of Switzerland, and it's the idea that you have to have a credible threat. So while I don't attempt to get political, it was interesting, here is a man who was talking essentially about the idea of arming yourself. Protect yourself. Now, if you look at it strictly from a political standpoint in America that opens up Pandora's box, you have both sides, everyone's arguing, but it's a challenge when you're talking to a man who you know is grounded in that much math. What is the idea of armament to that man? He's thinking, you know what he's thinking. It's the beautiful mind movie going on while you're interviewing him.”
2016-01-08 · Masters in Business · Interview With Michael Covel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“So I go into this episode and he's kind of dragging this is over the phone. We get to talking about Switzerland. And we're talking a little bit about gun control. And it might have sounded political, but we start, well, why are there fighter jets flying over? He goes to vacation in Switzerland in the summer. Why are there fighter jets flying over Switzerland? Now, this is one of the guys with Thomas Shelling, who basically laid out that mutually assured destruction routine with the Soviets. So they were figuring out the math that you have to have bombers in the air 24 and 7.”
2016-01-08 · Masters in Business · Interview With Michael Covel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“One that really comes, two that come to mind Robert Aman, I believe 85 year old Israeli? He won the Nobel Prize in Game Theory. Now, you already know if you're out there in the audience, you're saying, my gosh, I can't imagine interviewing an 85-year-old Nobel Prize winner in game theory because the man knows more math than we could ever attempt to know.”
2016-01-08 · Masters in Business · Interview With Michael Covel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“But it's this is true, but it's when if you're going to have those types of minds on, There is a certain you have to be confident, you have to be well researched, and you have to make those people stimulated in such a way that they're not bored. The worst thing is to hear a bored guest on your show.”
2016-01-08 · Masters in Business · Interview With Michael Covel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“His Seinfeld interview of either 2013 or 2014 on the Howard Stern show easily found on YouTube or whatever is one of the best pieces of listening.”
2016-01-08 · Masters in Business · Interview With Michael Covel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“It's always a challenge, though, too, right? You've got to. Doing it on the phone, you're doing it live, but you still have to bring something out of somebody”
2016-01-08 · Masters in Business · Interview With Michael Covel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm going to pile in too, and I'm going to have a stop loss as I pile in. Stop loss in that case, I guess, would be food poisoning. But if I get that, I'm getting out.”
2016-01-08 · Masters in Business · Interview With Michael Covel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Look, if you've got a strategy to follow the crowd, that can be a good thing too. So, but look, too many traders don't have a sound strategy when it comes to something like hurting. They will see the crowd move. They'll get on board, but they don't have a full plan thought out. Trend following, for example, takes into account this hurting and says, you know what? If everyone's moving that direction, we want to be on board. Why not? Why not? Let's be on board. Look, take a restaurant, for example. You walk into a new city like New York City. If I walk down the street, I haven't been to the city for four years. If I walk down the street, I walk four blocks. I pass 10 restaurants. Nine of those restaurants are empty. One of those restaurants is packed. Where am I eating?”
2016-01-08 · Masters in Business · Interview With Michael Covel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I think it helps people to have a coach. Make a difference how much money you have, how much success you have. If somebody can walk in and analyze you unemotionally and say, here, I've broken it down, I've observed you, here's what you need to think about. That helps. I'm sure that's one of the secrets to Brett's success”
2016-01-08 · Masters in Business · Interview With Michael Covel: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source