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Ep. 705: Howard Marks Interview with Michael Covel on Trend Following Radio

Michael Covel's Trend Following

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The History of Cycles

"It really was a sea change. You have a delineation of point in time before that point in time, only good companies could borrow money," he says. "That latter attitude made its way through to all aspects of our financial system over the last 40 years" A cycle is an up and down pattern around a midpoint or it can be likened to the swing of a pendulum back and forth from a midpoint,. The economic cycle, the corporate cycle, the market cycle, and many others, are not as regular as sine waves and radio waves.

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