Ep. 369: Market Predictability with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
00:00
The Shamanistic Function of CNBC
The anchors turned aggressive on Peter Schiff by forcing him to admit he wrongly predicted that gold prices would rise. He had to defend himself by noting that he was correct about predicting the housing crisis while CNBC was busy cheerleading. The function of a shaman is to give puzzled victims a narrative framework for redemption, in which their afflictions can be worded off and blessings bestowed. A person who consults a shaman does not seek evidence or backtesting. He wants a comforting myth that casts himself as the master of his destiny when things go well and as a blameless victim of the gods when things go wrong.
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