Ep. 386: Expanding Your Thinking with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
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The Sunk Cost Fallacy
Michael Creighton: The sunk cost fallacy is the idea that if it's spent, it's gone. If you wake up in the middle of your retirement after trusting the system for 30 or 40 years and you don't have what you expected to have, he says, "it's all on you" He argues Jason Blom has made a fortune making films as he does because the rest of the system has this faulty notion of prediction and forecasting.
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