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  1. #1

    Default The formula that killed Wall Street

    A year ago, it was hardly unthinkable that a math wizard like David X. Li might someday earn a Nobel Prize. After all, financial economists—even Wall Street quants—have received the Nobel in economics before, and Li's work on measuring risk has had more impact, more quickly, than previous Nobel Prize-winning contributions to the field. Today, though, as dazed bankers, politicians, regulators, and investors survey the wreckage of the biggest financial meltdown since the Great Depression, Li is probably thankful he still has a job in finance at all. Not that his achievement should be dismissed. He took a notoriously tough nut—determining correlation, or how seemingly disparate events are related—and cracked it wide open with a simple and elegant mathematical formula, one that would become ubiquitous in finance worldwide


  2. #2
    Money can't buy Poverty Glen48's Avatar
    Join Date
    Sep 2008

    Default Re: The formula that killed Wall Street

    That's like fitting a Holden speedo in to a Falcon they do the job so why won't it work???
    No I can see why all the Bankers got sucked in thinking the boom would not go Kaboom.
    Good show on ABC late line last night from Prof. Niall Ferguson explains why all these boom don't work and why people think the rest were a dud but this one is different.

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