Ep. 526: I Will Survive with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
00:00
The Power of Reinforcement
One of the economists who shared a Nobel Prize and as he looked at Berkshire Hathaway year after year, which people would throw in his face as saying maybe the market isn't quite as efficient as you think. "Better to add a segmo than change a theory just because the evidence comes in differently," says John Maynard Keynes. Why would you expect general market levels to always be totally efficient, say, even in 1973, fourth, the pit? Or in 1972 or whatever it was when the NFT50 were in their heyday? If the psychological motions are correct, you would expect some waves of irrationality, which carry general levels to their inconsistent with reason"
Play episode from 28:43
Transcript
