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Ep. 331: Douglas Emlen Interview with Michael Covel on Trend Following Radio

Michael Covel's Trend Following

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The Importance of Deterrence

There's tons of nuclear weapons out there that are rotting away in storage sheds and we have biological weapons now that are really dangerous, that you can build for a couple grand in a basement. The weapons with the most killing power aren't the most expensive now. But how is a deterrent when too many players on the stage start having these things? I mean, again, if we're going to take lessons from animals, deterrence only works in very specific situations.

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