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Ep. 1193: Ready for the Panic with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
How to Look at Risk in Terms of Your Own Measures
I have one favorite measure which I put in a book. I call it the gain to pay ratio. It's essentially taking all your gains and normalizing them by all the losses you suffered to get those gains. The thing about the gain to pain ratio is it counts all the losses. So your maximum drawdown is going to be in there, but so are all the other drawdowns as well.
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