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Ep. 248: Mark Miller Interview with Michael Covel on Trend Following Radio

Michael Covel's Trend Following

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The Mystery of Capital

In the third world, we're to put a monetary value on this informal property that really can't be used as capital. It was over the set of countries that he surveyed, he was estimating several trillion dollars and it was something like, I remember correctly, something like a third of the total value of all U.S. publicly created companies combined. Basically they're just locked out of using leverage. And now here's where DeSoto is advocating and has gotten tremendous success at solving the problem by bringing informal property into the formal economy.

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