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Ep. 1184: Robert Carver Interview with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
The Advantages of Diversification
I love the part of your book where you break down and get people to understand it's symmetric versus asymmetric. Most people think about risk in a nice symmetric way, so they're only worried about losing money. To me, if I make an unexpectedly large profit on one day, my first thought is there's probably only a 51% chance than any given day that I'll make profits. If you just focus on losses, then you're effectively throwing away half of your distribution. You get a less robust estimate of your risk.
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