Ep. 905: Zuckerman, Gray and Holiday with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
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The Problem With Delegated Asset Management
In big asset markets it's kind of like you know when people move in the suburbs they don't really care that they live in a million-dollar house and it's awesome. Just like in in delegated asset management markets it's not their money they're just in the business so to the extent that they're down 40 and their buddies down 45 Roger that we're good to go. If you talk about trend and all these other things now you got problems where the market might be up 20 and you're up five you don't, I think that is an overwhelming component. It's really all about relativeness in delegated asset Management not really about absolute performance.
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