Ep. 1288: Ilya Strebulaev Interview with Michael Covel on Trend Following Radio

Michael Covel's Trend Following

Michael Covel

Investing, Business

4.6 • 730 Ratings

🗓️ 27 May 2024

⏱️ 50 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

My guest today is Ilya Strebulaev, a Russian-American financial economist, researcher, author, and speaker with expertise in venture capital, startups, and corporate innovation. He has been a professor at the Stanford Graduate School of Business since 2004. From 2018 to 2022 he was on the board of directors of Yandex, the Russian equivalent of Google. Ilya co-developed a framework that asses the value of private venture capital (VC) backed companies. His research also includes studies on the decision-making of startup investors, the organization and design of VC and corporate VC units, and the importance of venture capital in innovation and the economy.

The topic is his co-authored book The Venture Mindset: How to Make Smarter Bets and Achieve Extraordinary Growth.

In this episode of Trend Following Radio we discuss:

Venture capital
Risk and uncertainty
Decision making
Home runs vs. strikeouts
Counterintuitive principles
Applying venture mindset on business
Cultural differences on the venture mindset

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

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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.
0:21.1	I am your host, Michael Covel.
0:24.0	Not filtered, raw, honest.
0:27.3	That's my passion.
0:33.5	The trend following mindset doesn't exist in a vacuum.
0:38.9	There are other mindsets very similar.
0:42.4	For example, the venture mindset, the venture capital mindset is very similar.
0:49.0	We don't know what's going to happen.
0:51.0	So we make bets.
0:52.7	We have stop losses.
0:58.1	Trend following, venture capital, quite similar.
1:07.0	My guest today from Stanford, Ilya Stribilev, writes a new book, The Venture Mindset, How to Make Smarter Betts and Achieve Extraordinary Growth. I mean, for all you traders out there,
1:12.0	that could almost be a trend following title, right? But let's face it, whether it's venture
1:16.6	capital or trend following, it's counterintuitive. The idea that you can't predict anything,
1:22.7	the idea that you'll make many small bets, and the idea that you're going to have small losses,
1:28.4	hopefully small losses, and then you're going to get the 100 bagger. You're going to get the huge move,
1:34.7	the massive home run. Is your life designed this way? Can you live this way? Well, when you read
1:42.1	about all the guys out there, the ladies out there that make
1:44.7	the super fortunes, you only get the super fortunes if you think this way, if you play this way. There's
1:51.7	no other way. It is the venture mindset. Without any further delay, let's jump right into my
1:58.2	guest today and see if we can learn something.
	...

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