Ep. 1086: Jim Cullen Interview with Michael Covel on Trend Following Radio

Michael Covel's Trend Following

Michael Covel

Investing, Business

4.6 • 730 Ratings

🗓️ 20 June 2022

⏱️ 50 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

My guest today is Jim Cullen, founder, CEO, and Portfolio Manager of Schafer Cullen Capital Management. His experience in the investment business spans over 50 years. Prior to founding the firm, Cullen was the Vice President at Donaldson, Lufkin & Jenrette. Previously to Donaldson, Cullen co-managed the New York Research, which specialized in low P/E research. He began his career at Merrill Lynch in 1965 and later worked for the research firm Spencer Trask & Company. He spent four years as a Navy Officer on the aircraft carrier USS Essex after receiving a B.S. in finance from Seton Hall University.

The topic is his book The Case for Long-Term Value Investing: A Guide to the Data and Strategies That Drive Stock Market Success.

In this episode of Trend Following Radio we discuss:

60 years on Wall Street
How did Amazon come into existence with Walmart’s dominance?
October 2008
Millennials, the stock market, trading, and bitcoin
The value perspective in Asian countries
Real estate and Fed tightening

Jump in!

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I’m MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I’m proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show.

To start? I’d like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/

You can watch a free video here: https://www.trendfollowing.com/video/

Can’t get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast

My social media platforms:
Twitter: @covel
Facebook: @trendfollowing
LinkedIn: @covel
Instagram: @mikecovel

Hope you enjoy my never-ending podcast conversation!

Transcript

Click on a timestamp to play from that location

0:00.0	This is trend following radio where great thinking comes alive.
0:10.9	Nobel Prize winners, legendary traders, bestselling authors, and the pros that know what drive us irrational human beings.
0:21.2	I am your host, Michael Covel, not filtered, raw, honest.
0:27.4	That's my passion.
0:33.4	Jim Collin runs a fund.
0:35.7	He's been running that fund since 1983. His Wall Street experience goes back to the 60s. We're talking five plus decades. Jim is a value guy. His firm, Schaefer Cullen, manages multiple billions under management. I love these types of conversations. I love to have the conversations with the people that have been
0:54.4	around that have seen all the different types of environments. Yes, Jim's strategy might be
1:00.1	different than some of the strategies that I talk about on this podcast, like trend following,
1:04.7	but his mindset, as you will see, is very systematic. It's always worth drawing the distinction.
1:12.3	Value is one strategy.
1:19.2	Buying and holding the S&P is a different strategy. Without any further delay, let's jump right into my guest today, Jim Cullen, and go on a Wall Street tour of five decades. I hope you
1:26.2	enjoy this conversation.
1:43.6	Music of five decades. I hope you enjoy this conversation. You know, Jim, and going through your work, going through your career some, and understanding that you've probably
1:44.9	got a wider perspective of Wall Street than most people. So I'm Gen X, age 53. I'm curious your
1:51.6	perspective on what I'm about to say. To me, it feels like we've never left the dot-com bubble.
1:58.4	And let me clarify that before you add. We have this meltdown of the
2:01.5	dot-com bubble. We get to the fall of 2002, the NASDAX down 77%. We know what happens to interest rates.
2:08.6	We know the big short movie happens. And then we get to March of 2009, the equity indices bottom out.
2:14.2	And then all of a sudden, some kind of Fed stuff, and then we take off on this
2:19.0	12, 13-year bowl. And now here we are early 2022. Is that a fair assessment? Does it all feel
2:26.0	connected to you? Oh, it's all very connected. You can go back 100 years before that. Markets get
2:31.9	heated up. They go to excess. How that plays out is different, depending on
	...

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