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Ep. 1165: Big Events with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
LTCM's Leverage Strategy
LTCM's founders believed the market was a perfect normal distribution with no outliers, no fat tails and no unexpected events. LTCM would have $100 billion in borrowed assets and more than $1 trillion worth of exposure in markets everywhere. Its professors ran a secretive and closed operation so convoluted that regulators and investors had no idea what, when, or how much they were trading.
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