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Ep. 853: Mark Perry Interview with Michael Covel on Trend Following Radio

Michael Covel's Trend Following

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The Calculus of Numbers in the Vietnam War

There is an important book out on the Vietnam War called Hanoys War where the Politburo and Hanoy makes very grim decisions about how to defeat the United States. What's involved in those decisions is a gruesome calculus that the Vietnamese believed that they could suffer enormous numbers of casualties, but still maintain military discipline. That wasn't true for the U.S., who would recoil from the loss of thousands of soldiers and decide that the price was too heavy. The Vietnamese calculus was that they could take the casualties.

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