And I ask again, since you linked to this book - did you read it? Or was it just "these guys failed, and they started out by using math, so ..." statement? The

And I ask again, since you linked to this book - did you read it? Or was it just "these guys failed, and they started out by using math, so ..." statement? They did not use math at the time they lost money. They were were essentially gambling (doing "risk arbitrage", which is all risk and no arbitrage).