Ep. 546: New Trend Following with Michael Covel
Michael Covel's Trend Following
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The Efficient Market Hypothesis
Koval: I can't put down something with a certain controversy tinge without being willing to accept the slings and arrows. Markets are efficient, shut up, Koval, go away, turn you off. We want all of our suckers lined up so we can commission, bleed them to death. All trend following firms take big drawdowns. You don't make the Warren Buffett money unless you take a 50% drawdown. If there's no volatility, if there's no up and down, it's fake. It's not real. There's no such thing as prediction in the markets. The only people that have consistency in the markets are the major banks that basically run the
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