Ep. 1193: Ready for the Panic with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
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The Power of Diversification
Dallio: Diversification is the only free lunch on Wall Street. He puts together at least a minimum of 15 positions that are completely unrelated. So he's not paying attention to so much to car relation because car relations are misleading, they're backward looking. And you can have things that were uncarrelated can become correlated or vice versa. The way he does it is he finds ideas that have different drivers.
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