Ep. 977: Trend Following Kick Ass Reminder with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
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The Efficient Market Hypothesis
Market prices are neither fully efficient nor completely inefficient, but they are inefficient enough that smart asset managers and active investors have a chance to beat the market. The marginal investor is sort of indifferent about pursuing this active investing with the benefits being better performance. So that's just that equilibrium in which markets are just the right place in between,. They're just efficiently inefficient for the audience.
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