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Technology Stocks : AUTOHOME, Inc
ATHM 23.48+1.2%Nov 21 9:30 AM EST
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To: BGR who wrote (11013)6/11/1999 11:41:00 AM
From: Stephen L  Read Replies (1) of 29970
 
LTCM = Cheap leverage with Other-Peoples-Money-Down. I thought that the reason Bob Merton wond the Nobel was not the BS model but for being clever enought to get senior managers from LTC's creditor to personally invest in the fund. Incest in best when the divergence is the name of the market trends. A cynic might even suspect that the BS model (or any of the wonderful equivalent Martingal measure based models) while cute on paper are nothing more than an excuse to speculate on higher order moment in practise.
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