January 2012
Intermediate to advanced
384 pages
8h 36m
English
Content preview from Tail Risk Killers: How Math, Indeterminacy, and Hubris Distort MarketsBecome an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
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CHAPTER 35The Structure of Future Finance: Lessons from a Mathematical Landscape
Underappreciated volatility and overreliance on imperfect models are the scum floating on the swimming pool of “Meltdown 2008.” While this statement may deflate some self-important egos and infuriate math phobes alike, what quants do wasn’t really central to the meltdown at all. Such things as copula arguments are mere technical adornments to a collateralized debt obigation (CDO) feeding frenzy.
Sort of. All the “mathiness” signifies a deeper issue: the habit of grabbing hold of ideologies and running as fast as we can with them, right over the cliff. There is a stubborn inability to see beyond preconceived notions, a faith that the part of the iceberg we see is ...
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