3min chapter

Michael Covel's Trend Following cover image

Ep. 1165: Big Events with Michael Covel on Trend Following Radio

Michael Covel's Trend Following

CHAPTER

Trend-Following in the Middle of a Crisis

For markets to move in tandem, there has to be a common perception or consensus about economic conditions that drive it. A major event such as the Russian debt default of August 1998 will often accelerate existing trends already in place. Anyone who accepts a small risk of losing everything will lose everything sooner or later. The ultimate compound return rate is acutely sensitive to fat-tails.

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