the impact of the fall of LTCM would have been bigger if the Fed hadn't organized a bail-out.
On Feb 5, 2008 5:11 PM, Shane Mage <[EMAIL PROTECTED]> wrote: > On Feb 5, 2008, at 6:50 PM, Jim Devine wrote: > > > > Taleb isn't against the bell curve as much as the assumption that it's > > an accurate description of randomness in reality. He emphasizes the > > role of "outliers," which he sees as normal but totally unpredictable. > > (and as having big effects, such as tanking Long-Term Capital > > Management.) > > "Big" effect? Depends from whose point of view. Quite apart from its > political and economic (not to speak of historical) triviality, I > believe that > even now far more people would claim a clear recall of Johnny Podres's > shutout in the seventh gane of the 1955 series than can remember even > the haziest aspects of that big effect. > > > > Shane Mage > > "Thunderbolt steers all things...it consents and does not consent to > be called Zeus." > > Herakleitos of Ephesos > -- Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own way and let people talk.) -- Karl, paraphrasing Dante.
