Ep. 544: Serenity with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
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How to Avoid a Large Drawdown
Jim Byers asked if you could describe what you learned from your earliest large drawdown. It was a silver trade, and I didn't know it at the time but it turned out to be that time. What I learned from that was that volatility as a percent of the equity in my portfolio need not change. The rest of them doesn't make a difference at all.
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