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Ep. 814: Gregory Zuckerman Interview with Michael Covel on Trend Following Radio

Michael Covel's Trend Following

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The Paradox of Long-Term Capital Management

LTCM was bigger, especially with the leverage. Renaissance and Jim Simons don't hire individuals from Wall Street with any Wall Street backgrounds. LTCM had models of their own and they didn't work. They learned lessons from that experience. Even when they see real great opportunity, they'll reduce risk in a period of crisis. And then they'll jump right back in when the model say, too, is where the answer I would say.

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