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Quantitative Finance Soundbite Of The Day

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by Felix Salmon
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Aug 13 2008 8:34am EDT

Quantitative Finance Soundbite of the Day

Paul Wilmott on the problems facing the world of quantitative finance:

Banks and hedge funds employ mathematicians with no financial-market experience to build models that no one is testing scientifically for use in situations where they were not intended by traders who don't understand them. And people are surprised by the losses!

That alone is reason enough to subscribe to Wilmott's blog, although he doesn't update it very often. The quote comes via Bryant Urstadt's profile of Wilmott for Condé Nast Portfolio, which is well worth reading.

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