Jan 07, 2012 16:41
"There is no single truth in chaotic world of finance, where panics, manias, and chaotic crowd behaviour can overwhelm all expectations of rationality. Models designed on the premise that the market is predictable and rational are doomed to fail. When hundreds of billions of highly leveraged dollars are riding on those models, catastrophe is looming." (c) Quants: How a New Breed of Math Whizzes Conquered Wall Street and Nearly Destroyed It, By Scott Patterson