“A zero-sum dog eat dog world…”

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Michael. Thanks – love the summary – there is one caveat. Hopefully the pie is getting bigger (at least it has been the case for the last century or so) – so being long the market has been per se a +EV bet, rest is risk management. A zero-sum dog eat dog world would be quite depressing.

Kamen

In trend following, if trading futures, it’s zero sum. Been that way for a 100+ years.

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