Trend Following Mindset brings to life the timeless conversations between Tom Basso and Michael Covel originally featured on Michael’s renowned Trend Following podcast. In these profound and enlightening exchanges, Tom shares with Michael his deep wisdom on trading, business, life, and the how and why of his mindset.
Author’s Note:
Tom Basso was originally featured in Jack Schwager’s Market Wizards series and is most famously known as “Mr. Serenity.” Now retired from managing client money, Tom was president and founder of Trendstat Capital Management. He became a registered investment advisor in 1980 and a registered commodities advisor in 1984. He has deep experience in trend following trading. He’s a living legend.
No surprise I pursued him for his first podcast interview and he graciously agreed. Then he came on the podcast again, and again and again. The reception? The enthusiasm for Tom the retired legend was tremendous. What was it about Tom that resonated? His mindset. Meat and potatoes. Blunt. To the point, but caring. This is a unique way of being.
Then, one day I said to myself, “What if I added all of Tom’s episodes together to create one mega episode?” That became my episode 400. Mega episode 400 became an instant hit, but it did not stop there. Tom came on again and again. People loved him, so being the wise broadcaster, I listened to my audience.
- What’s special about Tom Basso?
- What makes his voice one you must consider?
Most investors attempt to study supply and demand, or some other fundamental factor they believe underlies some market value. They rely on government policy, economic projections, price-earnings ratios, and balance sheet analysis to make their buy and sell decisions. It’s a religion. And that religion (or cult) is called fundamental analysis. It boils down to telling stories—the stuff you see across Bloomberg, CNBC, etc., 24/7. It’s all a big guessing game. It’s an ego game.
Turn all of that off. I want you to think differently. I want you to think like Tom Basso—the trend follower. My objective with Trend Following Mindset is simple: combine all I can find about Tom in one unique book. That means all of my interviews (and others), plus Tom’s most important trend following research papers.
Before jumping into my first interview with Tom, I want to say something about my interview philosophy. A good interview doesn’t ask questions. It’s a conversation. I don’t ask topical questions about current events—that’s pointless. Headline interviews are brain poison for newbies who want to lose all of their money. I want timeless, universal insights from my guests. And what follows is just that—my timeless conversations with Tom (in Part 1), plus detailed insights about trading pulled from Tom’s career research (Part 2).
Author Seth Godin once said, “Once a commitment is made to a streak, the question shifts from, ‘Should I blog tomorrow?’ to, ‘What will tomorrow’s blog say?’” That’s exactly how I view my books and podcast. And I am damn lucky that a guy like Tom Basso helped to launch my podcast and ultimately Trend Following Mindset. Now it’s up to you. Take Tom’s market wisdom, his making money wisdom, or not. Your choice.
Contents:
- Enjoy the Ride
- Q&A with Mr. Serenity
- Brain Teasers
- Travel, Politics and Catastrophic Events
- Tools That Make or Break Us
- Adding Low Sharpe Ratio Investments Can Increase Your Sharpe Ratio
- Algorithmic Trading Is Getting a Bad Rap
- Currency Investing—Increasing Net Worth While Protecting Net Wealth
- Good Trading Is Not Rocket Science
- Some Leverage Is Good, Too Much Is Dangerous
- Study of Time Spent in Trending and Sideways Markets
- 10 Rules to Consider When Investing Your Money
- The ETR Comfort Ratio
- The Value Added of Asset Allocation Combined with Rebalancing
- Thoughts on Good Investing Psychology in the Midst of Turmoil
- Time Stocks Spent in Up, Down and Sideways Markets
- Timing the Market Revisited
- Risk Control System
- Measuring Futures Volatility
- The Logic of Trend Following and How to Improve Your Trader Psychology with Market Wizard Tom Basso
Trend Following Mindset: The Genius of Legendary Trader Tom Basso By Michael W. Covel pdf
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