What are futures, derivates, etc?

Michael Pollak mpollak at panix.com
Sun Jul 28 18:46:51 PDT 2002


On Sun, 28 Jul 2002, Jordan Hayes wrote:


> > To be a real derivatives expert, you've got to have
> > an advanced math degree. I'm just an amateur.
>
> Bah to both claims.

The case of LTCM management seems to prove that expertise at advanced maths -- even genius at it -- doesn't necessarily coincide with trustable expertise in derivatives when it comes to assessing the probability of system break down -- which is one of your main areas of interest.

It also looks like an object lesson in the dangers of being too clever by half -- an evergreen problem of expertise.

Michael



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