April 11, 1994 issue of Time Magazine. Read it here.
The cover article was entitled: Risky business on Wall Street: How high tech supernerds are playing dangerous games with your money.
This article was sadly prophetic. In August 1998, the most sophisticated trading operation in the world, Long Term Capital Management, whose principals included two Nobel laureates in Economics, and many other seasoned and distinguished quantitative traders, brought the world's financial system to the brink of systemic collapse.
Read a detailed account of how this happened, what went wrong, and why it is important not to rely on so-called "normal" statistics.
Read the book by Roger Lowenstein, When genius failed.
Page created by Nigel Goldenfeld, June 2001.