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Ep. 705: Howard Marks Interview with Michael Covel on Trend Following Radio

Michael Covel's Trend Following

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The Consistency of Psychology in the Investment Environment

If the stock market appreciates returns about 10% a year, why doesn't it just return 10% every year? In fact, if you look at the history, are very few years in which the return on the S&P 500 is between 8 and 12. Why human psychology? The point is that when the economy is doing well, when the news reports are good, people get excited; they buy more aggressively.

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