Ep. 772: Wake Up and Think with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
00:00
How to Estimate Risk
I've tried hard to distinguish epistemologically, somehow between the idea, the theory and a model. And I don't think finance has any real absolute theories that are correct. If you look at efficient market models or black shows, finance models are saying stock prices behave like smoke diffusing. That would be the real risk if stocks really did behave like particles of dust being bumped around under Brownian motion - but they don't.
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