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Non-Tech : Derivatives: Darth Vader's Revenge
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To: James C. Mc Gowan who wrote (198)9/26/1998 5:35:00 PM
From: Worswick  Read Replies (2) of 2794
 
Jemes hello this beautiful Saturday afternoon. Let me return for the last time to the idea of pirates, and your idea hedge fund managers as "pirates".

My only point in my former post was that on the frontiers of mathematical modling of risk in the new computer age... I see a lot of death. DEATH. DEAD PEOPLE. Like the early aviation pioneers who were dealing with a new technology that was not and still is not properly understood.

.....And....yes! It is possible to check everyone's credit Henry and see that they are good people and a credit to the local temple and church. However, in times like these.... new things have had a tendency to jump out of the dark. Right? You simply have to admit since we have been having our conversations here... we are all discovering a more difficult and complex world where each day is a bit more risky.

Ref. your ideas James about "the little people" and the Jeff Vinik's of this world I have said again and again that I don't view the melt down of the derivative world... as serious as it is to the traders that it effects and the lost money of these traders and hedge fund groups... my worry which grows each day that passes is that rather, when you use leverage of this magnitude in the world of financial exotics (I am coming to use the term financial exotics) that when you gear positions like this they have a tendency in crisis to unwind very quickly. Like instantaneously.

What I am worried about (quite selfishly) is the whole world's financial system melting down in say, 15 minutes. We now live a cashless society for the most part; and, suddenly, we live with the promise of a whole new different, carnivorous kind of cashless society. It is that later society I worry about and I particularly worry about how I will fit into it, personally.

My best to you for your thoughtful posts,

Clark
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