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 40Robots and Reptiles
Financial markets are about optimism, forward thinking, and the peddling of hope. They epitomize the great strength and great weakness of hope. We remain positive despite Pandora’s miseries. In the next moment, we believe things are fine even as the canoe goes over the waterfall. The huge difference between how humans think and how machines compute deserves some thought.
As discussed earlier, there are two basic logical intuitions of the human mind: the geometric and the algebraic. People are more prone to process data geometrically. They process what they see and develop rules that interpret the data as they go to make comparisons. This is the most basic geometric intuition. It is behind financial methodologies ...
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