Ep. 750: Eclectic Mega Episode with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
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The Kelly Criterion: A Psychological Approach to Money Management
The idea of accepting a small risk of losing everything you will eventually lose everything is what sets the Kelly criterion apart from almost any other money management system. Even since I've written the book we've learned a lot in behavioral economics about people just systematically tend to be over confident. So it's actually very useful to have a Kelly type philosophy because it is a little more forgiving of errors and tells you to shy away from anything that would cause you to completely go broke.
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