Ep. 530: Against the Gods with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
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The Importance of Optionality in Risk Management
The risk business in mathematical terms moved so much faster in the financial world than in the corporate world. Think of all the data that people in finance have, including stock market history back to 1870s and interest rates back to beginning of time. We tend to think that something with a small probability is not going to happen tomorrow when it can happen at any moment. There is a large area of stuff that we don't know and we never will know.
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