Ep. 784: Trend Following Legend Wisdom with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
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The Importance of Systematicity in the Investment Process
You talk about that notion of 95% systematic and some portion of discretion. That was a very common marketing line in the disclosure documents of trend following CTAs for a long, long time. And I always used to think about this doesn't make any sense. Over the years, although we knew at the outset that it was a good thing to systematize over the years, I've become more, more resolute in how important it is across the entire investment process.
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