Ep. 844: Howard Marks Inspiration with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
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The Importance of Maximizing Wins and Losing Losses
The key is to bet big when you have a big edge and small when you have less of an edge. The size of your bet should take into account both the probability you are correct about who's going to win and the asymmetry of the potential payout. You don't get many great hands, so when you do, you have to be sure to take maximum advantage. Are you ready with dry powder to take advantage of unforeseen momentum?
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