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Ep. 871: Jeff Kreisler Interview with Michael Covel on Trend Following Radio

Michael Covel's Trend Following

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The Moral Hazard of Failure

When we don't face the negative consequences of our actions, then it makes it even harder going forward to make decisions in regards to those consequences. There's almost no reason whatsoever to try to behave well for our future selves. It is what you're describing a giant challenge when people feel like, oh, even if we go into $20 trillion of debt or even if everything collapses, we'll still get bailed out.

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