Ep. 969: A Speculative Reminder with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
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The Art of Speculation
David Ricardo, the shrewdest operator ever known on the London Stock Board was David Ricardo, 1772-1823. In advice to a friend he sums up as the true secret of his success, the rule, every word of which is golden. Keep down your losses, never let them get away from you, let your profits take care of themselves. If you were to put Ricardo into language of modern-day computer science one hundred thirty-four years later you would say, optimal stopping or win-stay, lose shift.
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