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Ep. 877: Andrew Lo and Jon Gordon Interviews with Michael Covel on Trend Following Radio

Michael Covel's Trend Following

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The Importance of Random Walks in Finance

As a grad student, I was taught by a number of faculty that really the efficient markets hypothesis was gospel truth. The thing that got me started down another path was the fact that I enjoy dealing with data and looking at numbers as part of my research. It took us probably a good 10 years of various kinds of additional tests, refinements and various kinds of counterfactuals that we had to go out for this study.

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