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Ep. 551: Jack Schwager with Michael Covel on Trend Following Radio

Michael Covel's Trend Following

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The Differences Between Speculators and Derivatives

"Not all speculators win in the futures markets. Plenty of them go bust," he says. "Derivatives like credit default swaps, some of these things that are kind of arcane created by banks really can set us up for trouble." 'I'm still waiting to see the first newspaper article about speculators driving down the price of oil'

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