Ep. 599: Trend Following Insights and Lessons with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
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The Origins of Speculation
Prior to the mid-19th century, speculation seems to have been largely the province of the elite and a small coterie of early but still semi-elite trend followers. The next half-century and beyond saw the growth of a much larger pool of market participants as well as some fundamental changes in thinking and procedures. According to William Fowler, in his book Ten Years in Wall Street, written in 1870, the key year was 1862 when began the greatest era of speculation the world has ever seen.
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