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