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Ep. 1143: Three Trend Minds with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
The Importance of Understanding Your Clients Utility Function
I think it is important to understand what your clients utility function is. What are they looking for? What do they expect from an investment? And that sort of informs the way that you explain things to them. I always feel that I'm not really in that camp of, and our industry is quite bad at this. The industry of, well, if I told you about my models, I'd have to shoot you. That's quite common. But we're with it. We as managing money should be able to tell people what their right doing is. They have the obligation to know - and we don't want to get into a debate over whether or not someone has done something wrong.
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