Clown-Free Zone... sorry, no clowns allowed Message Board

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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: GraceZ who wrote (211721)	12/29/2002 12:57:18 PM
From: smolejv@gmx.net	Read Replies (4) of 436258

Hi Grace: re >>Here is an excellent article in six parts covering that fiasco<< I have a better suggestion: The rise and fall of LTCM - When Genius Failed by Roger Lowenstein amazon.com A really good book, worthy example of American investigative writing. I dont want to dissect your msg too much but "the problem ... was that the transactions were dependent on the market acting in a rational manner" made me smile. Yeah, these markets, they just dont want to behave (for instance in a normal ie Gaussian fashion). You tell them to do Brownian motion and they'll do a river dance instead. They are SOOO irrational, even a Nobel Prize winner or two cant get them to behave. I have about two feet of books on options (turn round, check, yeah, they're still there) and I sweated through all the formulae and - Gadz - I even made money. Big time (me, of all the Lemming Angstroms...). It's just that a) it was not me b) it wasnt the option math either it was just that sweet sweet bull time. And lately just this sweet sweaty bear time. By the time those geniuses knew they got it down pat, the elevator chord was cut already. RegZ dj

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