9 Nov
2008
9 Nov
'08
1:58 p.m.
Henry wrote: << [Scholes's LTCM disaster first, now his Platinum Grove failure. Fool us once, shame on you. Fool us twice, shame on us. So much for mathematical economic genius. Perhaps the Nobel Prize in Economics should be given posthumously, to avoid additional embarrassment. Paul Krugman is next at bat...] ...
I don't think there is any shame in not being able to foretell the future, and especially in the financial world. I don't consider this to be Scholes's failure. The only mistake here imo is the expectation that a Nobel economist have superhuman powers. --Dan _____________________________________________________________________ "It don't mean a thing if it ain't got that certain je ne sais quoi." --Peter Schickele