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To: BGR who wrote (11013)	6/11/1999 11:41:00 AM
From: Stephen L	Read Replies (1) \| Respond to 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.

To: BGR who wrote (11013)	6/11/1999 1:02:00 PM
From: ahhaha	Read Replies (1) \| Respond to of 29970

I know what's in LTCM's black box. I used to run the boxes myself. You didn't understand either what I said about LTCM and you didn't understand why I used that contrasted analogy. That implies you don't understand the erroneous term, "modern finance", and so it is useless for a mathematician to talk in technical terms to someone who pretends to understand. Why bother? Quoting studies is the habit of the scientism that rules the thinking of the sitter. You should ask Michael Burke if you're looking for your Big Kahuna.