Ep. 997: Some Surprise and Origins 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 larger public's participation was primarily as trend followers in the lower sense taking part in one or another of the bubbles that permeated the financial scene from time to time. 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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