All too often, for reasons both founded in habit (or as behaviouralists would call it, confirmation bias) and lack of imagination, we all tend to look at the world from a linear perspective. On top of that, a tendency to look for mean reversion against a linear trend adds to the feedback loop. In his piece this month, “The Exponential Age”, Raoul challenges this approach which, like most ‘macro’ traders, he has adhered to as long as he can remember.
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