Ep. 945: Parabolic Up with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
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The Future of the Stock Market
In 1934, Benjamin Graham and David Dodd described the spectacular errors of investors that ultimately contributed to the 89% market loss between 1929 and 1932. The largest S&P 500 components by market capitalization have eclipsed the price revenue multiples observed among the largest stocks at the 2000 pre-collapse peak. But as my friend Jesse Felder puts it, this isn't everything bubble. We got a great bull market. We arguably have a massive bubble market. Can you imagine losing 77% of what you see on your day trading screen every day? Good question to ask, right? Let me jump back into John's newsletter.
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