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Ep. 1177: Two Trend Following Minds with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
The Magic of 5% Disdiscretion in Trend Following
It was almost like this mysterious thing like we're 95% systematic, but there's this magical 5% discretion, which is the reason you're giving us money. That was a very common marketing line in the disclosure documents of trend following CTAs for a long, long time. I just think it was a weird point in time where we had not yet got to the point where there was an acceptance of the, of the 100% systematic. Now, and now it needs to be used judiciously.
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