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Ep. 350: Michael Melissinos & Glenn Graham Interviews with Michael Covel on Trend Following Radio

Michael Covel's Trend Following

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Hedging and the Source of Profits

Style drift is really where I sell that I'm doing one thing. And if I decide to, you know, cut that to a quarter of the risk profile without kind of notifying people or anything along those lines, then I'm no longer doing what I was designed to do in that portfolio. So it's really irresponsible on my part to do that. Other people that are hedging and so gets the zero sum game. When you win, you're capturing their hedging activity.

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