Yes, cute...and young. Very young.Part of the problem in the current disaster was that the risk calculations were set up by young quants, with little or no experience of market cycles. The traders who sank entire banks (Barings and Lazard Freres) were also young.=====================Beat me to it...Remember, the trader who traded Ameranth Advisors into the ground on bad natural gas bets was 28 years old or so at the time.Maybe their version of Excel wasn't upgraded to include the @INSANITY() function for discounting future cash flows to reality.WTH
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