{"product_id":"trend-following-isbn-9781119371878","title":"Trend Following","description":"\u003cp\u003e\u003cb\u003eWant to take the financial journey to a new investing philosophy that might very well affect the rest of your moneymaking life? No one can guarantee the yellow brick road, but Michael Covel promises the red pill will leave you wide freaking awake.\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003ci\u003eTrend Following\u003c\/i\u003e reveals the truth about a trading strategy that makes money in up, down and surprise markets. By applying straightforward and repeatable rules, anyone can learn to make money in the markets whether bull, bear, or black swan—by following the trend to the end when it bends. In this timely reboot of his bestselling classic, Michael Covel dives headfirst into trend following strategy to examine the risks, benefits, people, and systems. You’ll hear from traders who have made millions by following trends, and learn from their successes and mistakes—insights only here. You’ll learn the \u003ci\u003etrend\u003c\/i\u003e philosophy, and how it has performed in booms, bubbles, panics and crashes. Using incontrovertible data and overwhelming supporting evidence, with a direct connection to the foundations of behavioral finance, Covel takes you inside the core principles of trend following and shows everyone, from brand new trader to professional, how \u003ci\u003ealpha\u003c\/i\u003e gets pulled from the market.\u003c\/p\u003e \u003cp\u003eCovel’s newest edition has been revised and extended, with 7 brand new interviews and research proof from his one of kind network.  This is trend following for today’s generation. If you’re looking to go beyond passive index funds and trusting the Fed, this cutting edge classic holds the keys to a \u003ci\u003eweatherproof\u003c\/i\u003e portfolio.\u003c\/p\u003e \u003cul\u003e \u003cli\u003eMeet great trend followers learning their rules and philosophy of the game\u003c\/li\u003e \u003cli\u003eExamine data to see how trend following excels when the you-know-what hits the fan\u003c\/li\u003e \u003cli\u003eUnderstand trend trading, from behavioral economics to rules based decision-making to its lambasting of the efficient markets theory\u003c\/li\u003e \u003c\/ul\u003e \u003cul\u003e \u003cli\u003eCompare trend trading systems to do it yourself or invest with a trend fund\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eTrend following is not prediction, passive index investing, buy and hope or any form of fundamental analysis. It utilizes concrete rules, or heuristics, to profit from a \u003ci\u003ebehavioral\u003c\/i\u003e perspective. \u003ci\u003eTrend Following\u003c\/i\u003e is clear-cut, straightforward and evidence-based and will secure your financial future in bull, bear and black swan markets. If you’re finally ready to profit in the markets, \u003ci\u003eTrend Following\u003c\/i\u003e is the definitive treatise for a complex world in constant chaos.\u003c\/p\u003e \u003cp\u003eForeword by \u003ci\u003eBarry L. Ritholtz\u003c\/i\u003e xv\u003c\/p\u003e \u003cp\u003ePreface xix\u003c\/p\u003e \u003cp\u003e\u003cb\u003eSection I Trend Following Principles 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e1 Trend Following 3\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSpeculation 3\u003c\/p\u003e \u003cp\u003eWinning versus Losing 9\u003c\/p\u003e \u003cp\u003eInvestor versus Trader 10\u003c\/p\u003e \u003cp\u003eFundamental versus Technical 11\u003c\/p\u003e \u003cp\u003eDiscretionary versus Systematic 15\u003c\/p\u003e \u003cp\u003eHiding in Plain Sight 17\u003c\/p\u003e \u003cp\u003eChange Is Life 19\u003c\/p\u003e \u003cp\u003eFollow the Trend to the End When It Bends 22\u003c\/p\u003e \u003cp\u003eSurf the Waves 26\u003c\/p\u003e \u003cp\u003e\u003cb\u003e2 Great Trend Followers 31\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003ci\u003eDavid Harding\u003c\/i\u003e 33\u003c\/p\u003e \u003cp\u003e\u003ci\u003eBill Dunn\u003c\/i\u003e 37\u003c\/p\u003e \u003cp\u003e\u003ci\u003eJohn W. Henry\u003c\/i\u003e 49\u003c\/p\u003e \u003cp\u003e\u003ci\u003eEd Seykota\u003c\/i\u003e 62\u003c\/p\u003e \u003cp\u003e\u003ci\u003eKeith Campbell\u003c\/i\u003e 69\u003c\/p\u003e \u003cp\u003e\u003ci\u003eJerry Parker\u003c\/i\u003e 74\u003c\/p\u003e \u003cp\u003e\u003ci\u003eSalem Abraham\u003c\/i\u003e 75\u003c\/p\u003e \u003cp\u003e\u003ci\u003eRichard Dennis\u003c\/i\u003e 77\u003c\/p\u003e \u003cp\u003e\u003ci\u003eRichard Donchian\u003c\/i\u003e 83\u003c\/p\u003e \u003cp\u003e\u003ci\u003eJesse Livermore and Dickson Watts\u003c\/i\u003e 87\u003c\/p\u003e \u003cp\u003e\u003cb\u003e3 Performance Proof 91\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAbsolute Returns 92\u003c\/p\u003e \u003cp\u003eVolatility versus Risk 93\u003c\/p\u003e \u003cp\u003eDrawdowns 99\u003c\/p\u003e \u003cp\u003eCorrelation 104\u003c\/p\u003e \u003cp\u003eZero Sum 106\u003c\/p\u003e \u003cp\u003eGeorge Soros 108\u003c\/p\u003e \u003cp\u003eBerkshire Hathaway 111\u003c\/p\u003e \u003cp\u003e\u003cb\u003e4 Big Events, Crashes, and Panics 117\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eEvent 1: Great Recession 119\u003c\/p\u003e \u003cp\u003eEvent 2: Dot-com Bubble 132\u003c\/p\u003e \u003cp\u003eEvent 3: Long-Term Capital Management 145\u003c\/p\u003e \u003cp\u003eEvent 4: Asian Contagion 157\u003c\/p\u003e \u003cp\u003eEvent 5: Barings Bank 161\u003c\/p\u003e \u003cp\u003eEvent 6: Metallgesellschaft 164\u003c\/p\u003e \u003cp\u003eEvent 7: Black Monday 167\u003c\/p\u003e \u003cp\u003e\u003cb\u003e5 Thinking Outside the Box 177\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBaseball 178\u003c\/p\u003e \u003cp\u003e\u003ci\u003eBilly Beane\u003c\/i\u003e 180\u003c\/p\u003e \u003cp\u003e\u003ci\u003eBill James\u003c\/i\u003e 181\u003c\/p\u003e \u003cp\u003eStats Take Over 183\u003c\/p\u003e \u003cp\u003e\u003cb\u003e6 Human Behavior 189\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eProspect Theory 190\u003c\/p\u003e \u003cp\u003eEmotional Intelligence 195\u003c\/p\u003e \u003cp\u003eNeuro-Linguistic Programming 197\u003c\/p\u003e \u003cp\u003eTrading Tribe 197\u003c\/p\u003e \u003cp\u003eCuriosity, Not PhDs 199\u003c\/p\u003e \u003cp\u003eCommitment 201\u003c\/p\u003e \u003cp\u003e\u003cb\u003e7 Decision Making 205\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003ci\u003eOccam’s Razor\u003c\/i\u003e 206\u003c\/p\u003e \u003cp\u003eFast and Frugal Decision Making 207\u003c\/p\u003e \u003cp\u003eInnovator’s Dilemma 210\u003c\/p\u003e \u003cp\u003eProcess versus Outcome versus Gut 211\u003c\/p\u003e \u003cp\u003e\u003cb\u003e8 The Scientific Method 215\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCritical Thinking 216\u003c\/p\u003e \u003cp\u003eLinear versus Nonlinear 217\u003c\/p\u003e \u003cp\u003eCompounding 222\u003c\/p\u003e \u003cp\u003e\u003cb\u003e9 Holy Grails 225\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBuy and Hope 228\u003c\/p\u003e \u003cp\u003e\u003ci\u003eWarren Buffett\u003c\/i\u003e 229\u003c\/p\u003e \u003cp\u003eLosers Average Losers 231\u003c\/p\u003e \u003cp\u003eAvoiding Stupidity 236\u003c\/p\u003e \u003cp\u003e\u003cb\u003e10 Trading Systems 247\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eRisk, Reward, and Uncertainty 248\u003c\/p\u003e \u003cp\u003eFive Questions 252\u003c\/p\u003e \u003cp\u003eYour Trading System 263\u003c\/p\u003e \u003cp\u003eFrequently Asked Questions 264\u003c\/p\u003e \u003cp\u003e\u003cb\u003e11 The Game 273\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAcceptance 274\u003c\/p\u003e \u003cp\u003eDon’t Blame Me 276\u003c\/p\u003e \u003cp\u003eDecrease Leverage, Decrease Return 277\u003c\/p\u003e \u003cp\u003eFortune Favors the Bold 278\u003c\/p\u003e \u003cp\u003e\u003cb\u003eSection II Trend Following Interviews 281\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e12 \u003ci\u003eEd Seykota\u003c\/i\u003e 283\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e13 \u003ci\u003eMartin Lueck\u003c\/i\u003e 295\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e14 \u003ci\u003eJean-Philippe Bouchaud\u003c\/i\u003e 311\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e15 \u003ci\u003eEwan Kirk \u003c\/i\u003e319\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e16 \u003ci\u003eAlex Greyserman\u003c\/i\u003e 335\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e17 \u003ci\u003eCampbell Harvey\u003c\/i\u003e 353\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e18 \u003ci\u003eLasse Heje Pedersen\u003c\/i\u003e 367\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eSection III Trend Following Research 381\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e19 A Multicentennial View of Trend Following 383\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Tale of Trend Following: A Historical Study 385\u003c\/p\u003e \u003cp\u003eReturn Characteristics over the Centuries 388\u003c\/p\u003e \u003cp\u003eRisk Characteristics over the Centuries 398\u003c\/p\u003e \u003cp\u003ePortfolio Benefits over the Centuries 400\u003c\/p\u003e \u003cp\u003e\u003cb\u003e20 Two Centuries of Trend Following 405\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTrend Following on Futures since 1960 408\u003c\/p\u003e \u003cp\u003eExtending the Time Series: A Case-by-Case Approach 412\u003c\/p\u003e \u003cp\u003eTrend over Two Centuries 417\u003c\/p\u003e \u003cp\u003e\u003cb\u003e21 Trend Following 425\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction to Different Trend Following Models 425\u003c\/p\u003e \u003cp\u003eDiversification between Different Trend Following Models 427\u003c\/p\u003e \u003cp\u003eAspect’s Approach to Trend Following 429\u003c\/p\u003e \u003cp\u003eAspect’s Model Compared to Other Trend Following Models 431\u003c\/p\u003e \u003cp\u003e\u003cb\u003e22 Evaluating Trading Strategies 435\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTesting in Other Fields of Science 435\u003c\/p\u003e \u003cp\u003eRevaluating the Candidate Strategy 437\u003c\/p\u003e \u003cp\u003eTwo Views of Multiple Testing 440\u003c\/p\u003e \u003cp\u003eFalse Discoveries and Missed Discoveries 442\u003c\/p\u003e \u003cp\u003eHaircutting Sharpe Ratios 444\u003c\/p\u003e \u003cp\u003eAn Example with Standard and Poor’s Capital IQ 445\u003c\/p\u003e \u003cp\u003eIn Sample and Out of Sample 446\u003c\/p\u003e \u003cp\u003eTrading Strategies and Financial Products 447\u003c\/p\u003e \u003cp\u003e\u003cb\u003e23 Black Box Trend Following—Lifting the Veil 451\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Strategies 452\u003c\/p\u003e \u003cp\u003ePerformance Results and Graphs 456\u003c\/p\u003e \u003cp\u003eSector Performance 458\u003c\/p\u003e \u003cp\u003ePerformance of Long versus Short Trades 461\u003c\/p\u003e \u003cp\u003eStability of Parameters 463\u003c\/p\u003e \u003cp\u003eAre CTAs a Diversifier or a Hedge to the SP500? 466\u003c\/p\u003e \u003cp\u003e\u003cb\u003e24 Risk Management 471\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eRisk 471\u003c\/p\u003e \u003cp\u003eRisk Management 471\u003c\/p\u003e \u003cp\u003eOptimal Betting 473\u003c\/p\u003e \u003cp\u003eHunches and Systems 473\u003c\/p\u003e \u003cp\u003eSimulations 474\u003c\/p\u003e \u003cp\u003ePyramiding and Martingale 474\u003c\/p\u003e \u003cp\u003eOptimizing—Using Simulation 475\u003c\/p\u003e \u003cp\u003eOptimizing—Using Calculus 477\u003c\/p\u003e \u003cp\u003eOptimizing—Using the Kelly Formula 478\u003c\/p\u003e \u003cp\u003eSome Graphic Relationships Between Luck, Payoff, and Optimal Bet Fraction 479\u003c\/p\u003e \u003cp\u003eNonbalanced Distributions and High Payoffs 479\u003c\/p\u003e \u003cp\u003eAlmost-Certain-Death Strategies 480\u003c\/p\u003e \u003cp\u003eDiversification 482\u003c\/p\u003e \u003cp\u003eThe Uncle Point 482\u003c\/p\u003e \u003cp\u003eMeasuring Portfolio Volatility: Sharpe, VaR, Lake Ratio, and Stress Testing 483\u003c\/p\u003e \u003cp\u003eStress Testing 484\u003c\/p\u003e \u003cp\u003ePortfolio Selection 485\u003c\/p\u003e \u003cp\u003ePosition Sizing 485\u003c\/p\u003e \u003cp\u003ePsychological Considerations 486\u003c\/p\u003e \u003cp\u003e\u003cb\u003e25 How to GRAB a Bargain Trading Futures ... Maybe 489\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eHow to GRAB a Bargain Trading Futures 490\u003c\/p\u003e \u003cp\u003eFollowing Trends Is Hard Work 490\u003c\/p\u003e \u003cp\u003eFiguring Out How the Pros Do It 491\u003c\/p\u003e \u003cp\u003eA Computer Model of the Pros 492\u003c\/p\u003e \u003cp\u003eA Terrible Discovery 493\u003c\/p\u003e \u003cp\u003eSolving the Mystery—Why Does the GRAB System Lose? 494\u003c\/p\u003e \u003cp\u003eOften It Is Out of Sync with the Market 494\u003c\/p\u003e \u003cp\u003eWorse Still, It Misses the Best Moves! 495\u003c\/p\u003e \u003cp\u003eMaybe Being Profitable Means Being Uncomfortable? 496\u003c\/p\u003e \u003cp\u003eGRAB Trading System Details 496\u003c\/p\u003e \u003cp\u003eBuys on Break of Support, Sells on Break of Resistance 496\u003c\/p\u003e \u003cp\u003eTesting Reveals Some Behavior I Do Not Expect 498\u003c\/p\u003e \u003cp\u003eDifference between Parameter Values Defines Character of GRAB System 498\u003c\/p\u003e \u003cp\u003eGRAB Trading System Code 500\u003c\/p\u003e \u003cp\u003e\u003cb\u003e26 Why Tactical Macro Investing Still Makes Sense 503\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eManaged Futures 504\u003c\/p\u003e \u003cp\u003eDefining Managed Futures and CTAs 507\u003c\/p\u003e \u003cp\u003eWhere Institutional Investors Position Managed Futures and CTAs 507\u003c\/p\u003e \u003cp\u003eSkewness and Kurtosis 507\u003c\/p\u003e \u003cp\u003eData 509\u003c\/p\u003e \u003cp\u003eBasic Statistics 510\u003c\/p\u003e \u003cp\u003eStocks, Bonds, Plus Hedge Funds or Managed Futures 511\u003c\/p\u003e \u003cp\u003eHedge Funds Plus Managed Futures 512\u003c\/p\u003e \u003cp\u003eStocks, Bonds, Hedge Funds, and Managed Futures 513\u003c\/p\u003e \u003cp\u003e\u003cb\u003e27 Carry and Trend in Lots of Places 533\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCarry and Trend: Definitions, Data, and Empirical Study 536\u003c\/p\u003e \u003cp\u003eCarry and Trend in Interest Rate Futures 539\u003c\/p\u003e \u003cp\u003eTrend and Carry across Asset Classes 541\u003c\/p\u003e \u003cp\u003eCarry and Trend across Rate Regimes 545\u003c\/p\u003e \u003cp\u003e\u003cb\u003e28 The Great Hypocrisy 549\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eEpilogue 569\u003c\/p\u003e \u003cp\u003eAfterword by \u003ci\u003eLarry Hite\u003c\/i\u003e 575\u003c\/p\u003e \u003cp\u003eTrend Following Podcast Episodes 579\u003c\/p\u003e \u003cp\u003eEndnotes 583\u003c\/p\u003e \u003cp\u003eBibliography 621\u003c\/p\u003e \u003cp\u003eAcknowledgments 635\u003c\/p\u003e \u003cp\u003eAbout the Author 639\u003c\/p\u003e \u003cp\u003eIndex 641\u003c\/p\u003e \u003cp\u003e\u003cb\u003eMichael W. Covel\u003c\/b\u003e searches. He \u003ci\u003edigs\u003c\/i\u003e. He goes behind the curtain to reveal a state of mind the system doesn't want you in.\u003cbr\u003eMichael teaches beginners to seasoned pros how to generate profits with straightforward and repeatable rules. He is best known for popularizing the counterintuitive and controversial trading strategy, trend following. His perspectives have garnered international acclaim and have earned him invitations with a host of organizations: China Asset Management, GIC Private Limited (Singapore), BM\u0026amp;F Bovespa, the Managed Funds Association, Bank of China Investment Management, the Market Technicians Association, and multiple hedge funds and mutual funds. He also has the distinction of having interviewed five Nobel Prize winners, including Daniel Kahneman and Harry Markowitz, on his \u003ci\u003eTrend Following\u003c\/i\u003e podcast—which now exceeds 500 episodes and 5 million listens.\u003cbr\u003eMichael's consulting clients include individual traders, hedge funds, sovereign wealth funds, and institutional investors in more than 70 countries. He splits his time between the United States and Asia.\u003cbr\u003e\u003cb\u003e\u003ca href=\"http:\/\/www.trendfollowing.com\/\"\u003ewww.trendfollowing.com\u003c\/a\u003e\u003c\/b\u003e\u003c\/p\u003e   \u003cp\u003e\u003cb\u003eTREND FOLLOWING\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e\"When it is a question of money, everyone is of the same religion.\"\u003cbr\u003e \u003cb\u003e—Voltaire\u003c\/b\u003e  \u003c\/p\u003e\u003cp\u003eWant to take the financial journey to a new investing philosophy that might very well affect the rest of your moneymaking life? No one can guarantee the yellow brick road, but Michael Covel promises the red pill will leave you wide awake.  \u003c\/p\u003e\u003cp\u003e\u003ci\u003eTrend Following\u003c\/i\u003e reveals the truth about a trading strategy that makes money in up, down, and surprise markets. By applying straightforward and repeatable rules, anyone can learn to make money in the markets—whether bull, bear, or black swan—by following the trend to the end when it bends. In this timely reboot of his bestselling classic, Michael Covel dives headfirst into trend following strategy to examine the risks, benefits, people, and systems. You'll hear from traders who have made millions, and learn from their successes and mistakes—insights you'll only find here. You'll learn the trend philosophy and how it has performed in booms, bubbles, panics, and crashes. Using incontrovertible data and overwhelming supporting evidence, with a direct connection to the foundations of behavioral finance, Covel takes you inside the core principles of trend following and shows everyone, from brand new trader to professional, how \u003ci\u003ealpha\u003c\/i\u003e gets pulled from the market.  \u003c\/p\u003e\u003cp\u003eCovel's newest edition has been revised and extended, with seven brand new interviews and research proof from his one-of-a-kind network. This is trend following for today's generation. If you're looking to go beyond passive index funds and trusting the Fed, this cutting-edge classic holds the keys to a \u003ci\u003eweatherproof\u003c\/i\u003e portfolio.  \u003c\/p\u003e\u003cul\u003e \u003cli\u003e\u003cb\u003eMeet great trend followers and learn their rules and philosophy of the game\u003c\/b\u003e\u003c\/li\u003e \u003cli\u003e\u003cb\u003eExamine data to see how trend following excels when the you-know-what hits the fan\u003c\/b\u003e\u003c\/li\u003e \u003cli\u003e\u003cb\u003eUnderstand trend trading, from behavioral economics to rules-based decision making to its lambasting of the efficient market theory\u003c\/b\u003e\u003c\/li\u003e \u003cli\u003e\u003cb\u003eLearn trend trading philosophy and do it yourself or invest with a trend following fund\u003c\/b\u003e\u003c\/li\u003e \u003c\/ul\u003e  \u003cp\u003eTrend following is not prediction, passive index investing, buy and hope, or any form of fundamental analysis. It utilizes concrete rules, or heuristics, to profit from a behavioral perspective. \u003ci\u003eTrend Following\u003c\/i\u003e is clear-cut, straightforward, and evidence based. If you're finally ready to profit in the markets, \u003ci\u003eTrend Following\u003c\/i\u003e is the definitive treatise for a complex world in constant chaos.   \u003c\/p\u003e\u003cp\u003e\u003cb\u003e\"Michael Covel's Trend Following: Essential.\"\u003c\/b\u003e\u003cbr\u003e \u003cb\u003e—Ed Seykota,\u003c\/b\u003e profiled in \u003ci\u003eMarket Wizards\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\"Covel's \u003ci\u003eTrend Following\u003c\/i\u003e is the must-read for all investors. Why? Because every investor needs a \u003ci\u003etrend\u003c\/i\u003e to make money, and when the trend shifts investors need to \u003ci\u003efollow\u003c\/i\u003e it. Read it.\"\u003cbr\u003e \u003cb\u003e—Wesley R. Gray,\u003c\/b\u003e \u003cb\u003ePhD,\u003c\/b\u003e CEO, Alpha Architect, and author of \u003ci\u003eQuantitative Momentum\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\"While enjoying this book, be sure to look up another resource from Covel–his remarkable podcast. Michael has a gift for interviewing, and it is fun and educational to follow him into the offices of many serious traders.\"\u003cbr\u003e \u003cb\u003e—Dr. Alexander Elder,\u003c\/b\u003e Author, \u003ci\u003eThe New Trading for a Living\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\"Covel's \u003ci\u003eTrend Following\u003c\/i\u003e has become an investment classic and a must read for anyone who wants to better understand how to profit from the financial markets using systematic and unbiased approaches.\"\u003cbr\u003e \u003cb\u003e—Cullen Roche,\u003c\/b\u003e Founder, Orcam Financial Group, LLC\u003c\/p\u003e \u003cp\u003e\"Trend following: If it is going up, buy it. If it is going down, sell it. How could something seemingly so simple be so controversial? The answer lies in the definitions: What does going up mean? Going down? What's a trend? What's a turn? These questions have a wide variety of answers, largely dependent on the goals and risk\/reward preferences of the answerer. In \u003ci\u003eTrend Following\u003c\/i\u003e Mr. Covel covers the waterfront. You'll find many definitions of trend following here, each with its advocates. You will be able to compare and contrast approaches and perhaps find one that suits you. At the very least, after reading this book you'll have the territory mapped and understand what trend following has to offer.\"\u003cbr\u003e \u003cb\u003e—John Bollinger,\u003c\/b\u003e Founder, www.BollingerBands.com\u003c\/p\u003e \u003cp\u003e\"While financial television obsessively tracks every tick in the stock market, Michael Covel's \u003ci\u003eTrend Following\u003c\/i\u003e continues to draw attention to a strategy, diversified trend following, that generates unique returns for disciplined investors with a long-run time horizon.\"\u003cbr\u003e \u003cb\u003e—Tadas Viskanta,\u003c\/b\u003e Founder and Editor, Abnormal Returns; Author, \u003ci\u003eAbnormal Returns: Winning Strategies from the Frontlines of the Investment Blogosphere\u003c\/i\u003e\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47990412706021,"sku":"NP9781119371878","price":45.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781119371878.jpg?v=1761787727","url":"https:\/\/k12savings.com\/es\/products\/trend-following-isbn-9781119371878","provider":"K12savings","version":"1.0","type":"link"}