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Acknowledgments

Acknowledgments

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

Speculation [is] dealing with the uncertain conditions of the unknown future. Every human action is a speculation in that it is embedded in the flux of time.

Ludwig on Mises

William W. Noel, III and Justin Vandergrift 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.

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. His advice kept me out of trouble, and his patience was extraordinary.

Celia Straus, Jerry Mullins, Withers Hurley, Elizabeth Ellen, Justice Litle, Barry Ritholtz, Mark Rostenko, Tom Rollinger, Arthur Maddock 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, Salem Abraham, Peter Borish, 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. I want to especially thank Jerry Parker for answering questions early in my career.

There is nothing more difficult to take in hand, more perilous to conduct, or more uncertain in its success, than to take the lead in the introduction of a new order of things.

Machiavelli

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

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, Jim Rogers, Jack Schwager, Denise Shekerjian, Robert Shiller, Brett Steenbarger, 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 copyedited. I also want to thank Donna Cullen-Dolce, Lisa Iarkowski and John Pierce for their remarkable production and marketing skills. And to Paul Donnelly at Oxford University Press, I owe a special debt of gratitude for seeing the potential of our initial proposal.

—Michael Covel

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