Found this quote interesting. --- Black-Scholes and the many financial risk models that have evolved from it (including Felix’s friend the Gaussian copula) ar

Found this quote interesting. --- Black-Scholes and the many financial risk models that have evolved from it (including Felix’s friend the Gaussian copula) are all about volatility being measurable and predictable. “When Black-Scholes came out, I said, ‘Well, it won’t last,’” he told me in 2005. “‘I’ll come back when it’s gone.’”