Ep. 376: Overcoming Bias with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
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The Value of Trend Following
David Harding: We tend to make money out of surprises and people are very bad at foreseeing surprises. Markets reflect certain things about the price formation process, he says. But for an investor to benefit from a surprise, it cannot be a complete surprise,. It would have to show up in prices before it happened - this is just not possible. The collapse of the banking system unfolded with a sickening series of events over time – trend following worked well.
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Transcript
