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Ep. 366: The Statistical Mindset with Michael Covel on Trend Following Radio: There is often misunderstanding among the general public when it comes to probability and risk. For example, 20% of Americans believe they are in the top 1% of income earners, or are soon to be there. This is, of course, statistically...

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Summary

There is often misunderstanding among the general public when it comes to probability and risk. For example, 20% of Americans believe they are in the top 1% of income earners, or are soon to be there. This is, of course, statistically impossible.
Statistical thinking needs to have a bigger focus in our society, especially since the amount of data we have to deal with on a daily basis is constantly increasing. We need systems to help us sift through the noise.
Today’s episode is a selection of excerpts from some of the brightest minds of today and yesterday, and their takes on systematic and statistical thinking. Michael Covel provides the commentary. Though this is not strictly a trend following episode, all the material is very much applicable and relevant for anyone in trading or business.
From Penn Jillette (of Penn & Teller) to Gerd Gigerenzer, to Daniel Dennett, to Richard Feynman, this episode is permeated with wisdom to help you cultivate a trend following mindset.
In this episode of Trend Following Radio:

Having a foundation, a system to get through the noise
Developing a statistical mindset
Understanding risk and knowing how to deal with it
Getting “under the hood” of any trading system
Richard Feynman’s lecture on computer heuristics
What computer heuristics have to do with systems trading
A trait that geniuses have in common
The importance of isolation and concentration in learning

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