Ep. 758: The Foundation of Good Trading with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
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How the Markets Are Efficient
Market prices are neither fully efficient nor completely inefficient but they are inefficient enough that smart asset managers and active investors have a chance to beat the market. The marginal investor is sort of indifferent about pursuing this active investing with the benefits being you know better performancebut the cost being transactions cost asset management fees and and the cost associated with finding a good asset manager so that's just that equilibrium in which markets are just the right place in the betweenthey're just efficiently inefficient for the audience.
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