Quant Paul Wilmott says it all….if you like this clip, scroll down to the second video in the footer and watch the Quant documentary. Read about what they do as they are designing the insurance policies you buy.
“It’s just an idea or a frame work that may or may not work and based on very shaky foundations with all kinds of nonsense coming out of it”….sums it up pretty well.
In the meantime this says for Economists and how useless they have become and why:) BD
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