What are futures, derivates, etc?

[kjkhoo at softhome.net]

Doug Henwood wrote:
>To be a real derivatives expert, you've got to have an advanced math 
>degree. I'm just an amateur.

You do well enough.

Not the case that to be a derivatives expert in the sense of 
understanding what it's all about and how it works one has to have an 
advanced maths degree. True that to design derivatives and make all 
those calculations you do need such knowledge, whether with or 
without degree.

But are they then 'expert'? Long Term Capital must have had a bunch 
of fellows working for them...