Ep. 835: A New 2020 Book with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
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How to Avoid a Large Drawdown
Jim Byers asked if you could describe what you learn from your earliest large drawdown. It was a silver trade, I think it was documented maybe in the market wizards interview. He learned that volatility as a percent of the equity in his portfolio need not change. With a silver position drives the whole portfolio up or down every day and the rest of them doesn't make a difference at all.
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