2min chapter

Michael Covel's Trend Following cover image

Ep. 1159: Three Outside the Box with Michael Covel on Trend Following Radio

Michael Covel's Trend Following

CHAPTER

The Importance of Systemic Risk in the Great Recession

In 2005, I wrote an article that looked at the notion of systemic risk. The fact that a hedge fund could create these kinds of shockwaves was really quite an extraordinary event. And so I spent a fair bit of time studying that leading up to 2004. We were seeing a buildup of leverage and illiquidity in the hedge fund space.

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