Michael Covel talks with John H. Cochrane on today’s podcast. Cochrane is the AQR Capital Management Distinguished Service Professor of Finance at the University of Chicago Booth School of Business. Covel and Cochrane cover wide territory today. Covel and Cochrane discuss Warren Buffett’s quote that he “would have made a fortune” if the banks weren’t bailed out; crony capitalism; why “a good Bear failure may have saved us from a bad Lehman failure”; the cost of regulation; Uber, taxi service, and regulation; why commodities keep getting cheaper and cheaper, but people with expertise keep getting more and more expensive; the idea of discretion; and healthcare. Want a free trend following DVD? Go to trendfollowing.com/win.