Ep. 446: Abundant Anarchy with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
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The Cost of a Free Service
Online asset management firms are spending $600 to acquire a customer that will pay them $60. The new fixed income or currency trader on Wall Street will never need health care, take a vacation or grab a female co-worker's ass. Skyping is free. Chatting is free. Why would you spend money on anything? Where do you think people spend their time now? Endless entertainment and content for almost nothing. Oil costs almost nothing too. We have so much, there's nowhere to even store it. Natural gas supplies are overflowing. They're burning it off at the well head. Cold demand is going extinct. Copper prices, iron ore prices, it's going bidless. No
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