Acknowledgements

It is a pleasure to recognize the traders, colleagues, mentors, finance writers, and friends who contributed directly and indirectly to the original and expanded editions.

Justin Vandergrift and William W. Noel, III must be singled out for special mention. They were the core members of our original Trend Following research team. The book would not have come together without their hard work. Justin also gave great time and energy on the performance data appendix in this expanded edition.

I am particularly grateful to those traders - Ed Seykota, Bill Dunn, Daniel Dunn, Mark Rzepczynski, Pierre Tullier, Jason Russell, Easan Katir, Jonathan Hoenig, and Paul Mulvaney - who were generous with their feedback under tight writing deadlines. And thanks also to Martin Bergin of Dunn Capital Management for an initial introduction to Bill Dunn.

The support of Charles Faulkner must be acknowledged as well. He shared his intellect, enthusiasm, and most of all, his time, reading and critiquing various drafts. Franklin Gold, Volker Knapp, Dion Kurczek, Jose Cruset, Teresa Coffey-Gordon, and Jennifer Hill of Fidelity/Wealth-Lab provided great content and support for this expanded edition - thank you.

I also want to thank Peter Borish of Twinfields Capital, Bill Miller of Legg Mason, Michael Mauboussin of Legg Mason, Richard Cripps of Legg Mason, David Harding of Winton Capital, William Fung of PI Asset Management, Toby Crabel of Crabel Capital, Grant Smith of Millburn Corporation, Salem Abraham of Abraham Trading, Mark Abraham of Quantitative Capital Management, Bernard Drury of Drury Capital, Larry Hite of Hite Capital Management, Michael Clarke of Clarke Capital Management, Mark Rosenberg of SSARIS Advisors, LLC, Jon Sundt of Altegris, Christian Baja of Superfund, David Beach of Beach Capital, and Alejandro Knoepffler of Cipher Investment Management for their generous personal time and consideration over 2004 and 2005. I want to especially thank Jerry Parker of Chesapeake Capital for answering questions early in my career.

Justice Litle, Barry Ritholtz, Mark Rostenko, Arthur Maddock, Brett Steenbarger, and Bob Spear also made valuable contributions.

Throughout years of research, I've benefited repeatedly from the trading wisdom and experience of John W. Henry, Jonathan Craven, Mark Hawley, John Hoade, Shaun Jordan, Carol Kaufman, Jane Martin, Leo Melamed, Larry Mollner, Kim Hunter, Gibbons Burke, Chuck LeBeau, and Leon Rose. A sincere thank you also goes out to Oliver Alliker, James Altucher, Gerald Appel, Aspect Capital, Hunter Baldwin, Tom Basso, John Boik, Bob Brooks, Wade Brorsen, Ursula Burger, Jake Carriker, Celeste Cave, Art Collins, Allan Como, Cory Colvin, Larry Connors, Chip Dempsey, Tim Dempsey, Rolf Dobelli, Edward Dobson, David Dolak, Woody Dorsey, David Druz, Patrick Dyess, Stephen Eckett, William Eckhardt, Marc Faber, Mark Fitzsimmons, Ed Foster, Nelson Freeburg, Mitsuru Furukawa, Dave Goodboy, Jayanthi Gopalakrishnan, Stephanie Haase, Scott Hicks, James Holter, Scott A. Houdek, Robert (Bucky) Isaacson, Christian Jund, MaryAnn Kiely, Eddie Kwong, Pete Kyle, Eric Laing, Elina Manevich, Bill Mann, Jon Markman, Michael Martin, John Mauldin, Timothy M. McCann, Lizzie McLoughlin, James Montier, Georgia Nakou, Peter Navarro, Gail Osten, Michael Panzner, Bob Pardo, Baron Robertson, Jim Rogers, Murray Ruggiero, Michael Seneadza, Takaaki Sera, Tom Shanks, Howard Simons, Barry Sims, Aaron Smith, Michael Stephani, Richard Straus, Nassim Nicholas Taleb, Stephen Taub, Ken Tower, Ken Tropin, Tomoko Uchiyama, Thomas Vician, Jr., Robert Webb, Kate Welling, Cole Wilcox, Gabriel Wisdom, Brent Wood, and Patrick L. Young for all of their efforts and support over 2004 and 2005.

And thank you to the following publications and writers who generously allowed us to quote from their work: Sol Waksman and Barclay Managed Futures Report, Futures Magazine, Managed Account Reports, Michael Rulle of Graham Capital Management, and Technical Analysis of Stocks and Commodities Magazine.

I am also indebted to the following authors whose works continue to be treasure troves of information and insight: Morton Baratz, Peter Bernstein, Clayton Christensen, Jim Collins, Jay Forrester, Tom Friedman, Gerd Gigerenzer, Peter Todd, Daniel Goleman, Stephen Jay Gould, Alan Greenberg, Larry Harris, Robert Koppel, Edwin Lefevere, Michael Lewis, Jesse Livermore, Roger Lowenstein, Ludwig von Mises, Lois Peltz, Ayn Rand, Jack Schwager, Denise Shekerjian, Robert Shiller, Van Tharp, Edward Thorp, Brenda Ueland, and Dickson Watts.

This book could only have come to fruition with the editorial guidance of Jim Boyd at Financial Times Prentice Hall, as well as the able assistance and attention to detail of Dennis Higbee, who copy edited. I also want to thank Donna Cullen-Dolce, Lisa Iarkowski, Stephen Crane, and John Pierce for their remarkable production and marketing skills. Kristy Hart, Sarah Kearns, Gina Kanouse, Jim Schachterle, Lucy Petermark, and Pablo Rendina provided critical support. To Paul Donnelly at Oxford University Press, I owe a special debt of gratitude for seeing the potential of my initial proposal. And to Lisa Berkowitz, a big thank you for making "it" happen.

Michael Covel
Author, Trend Following: How Great Traders Make Millions in Up or Down Markets, New and Expanded Edition
November 2005