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Ep. 224: Tom Dorsey Interview with Michael Covel on Trend Following Radio

Michael Covel's Trend Following

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The Future of Portfolio Theory

In 1975 when I was a stockbroker at Merrill Lynch, all of a sudden Charles Schwab came out in 1975. Today nobody needs these guys to do it. They have discount operations. Fees have come down significantly. Computers operate now. Most brokers have gone to modern portfolio theory, which doesn't work,. And it's something that's computerizable. John Bogle has come a long way and people can just buy an S&P 500 index fund for 75%.

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