Michael Covel's Trend Following cover image

Ep. 767: Steve Burns Interview with Michael Covel on Trend Following Radio

Michael Covel's Trend Following

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Warren Buffett's Drawdowns

If you back test something, anytime you adjust or try to change it, you're diminishing the original edge that was created by the back test itself. It's actually a weakness to defer from your original back test. We talk about drawdown in the trend following way, we're a price-based way. But as you just mentioned a moment ago, Buffett has drawdowns. So here's what I find so funny about when people approach this: The data is all out there.

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