Ep. 400: Special Tom Basso Compilation Episode with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
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How to Avoid a Large Drawdown
Jim Byers: What do you learn from your earliest large drawdown? It was a silver trade I think it was documented maybe in the market wizards interview. The whole thing just fell apart and went limit down no day after day after day, he says. He learned that volatility as a percent of the equity in his portfolio need not change. Jim Byers: Every position had a meaningful impact on the portfolio and when you get to that level then you're truly managing the portfolio.
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Transcript
