Faith and Markets

“The attempt to domesticate the uncertainties of the future by turning them into calculable risks was discredited by the crash. A mode of thinking that was supposed to be supremely rational has proved in practice to be little more than an exercise in harebrained cleverness.”

Review: Mr. Brooks’s Miracle Elixir | The National Interest.

The next time a Bond Trader starts criticizing you about your faith, ask him to tell you what he thinks the cult of risk management is, if it is not a secular religion, complete with prophets, adherents, ritual, and holy wars.

 

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