4 ms·
This is not a story about 2nd rate thinking or a mediocre or bad software product. When a freshmen flunks a semester because he got a new video game, it is not
by Raplh 18y ago
This is not a story about 2nd rate thinking or a mediocre or bad software product. When a freshmen flunks a semester because he got a new video game, it is not because the video game's designers were 2nd rate.
And Wall Street attracts people seemingly as smart as you would ever want to be. Read Roger Lowenstein's "When Genius Failed" about how a coupla Nobel Prize winners in econ started a hedge fund (Long Term Capital Management) which blew up spectacularly in 1997. Other smart people knew what they were doing wrong, but that didn't matter to the people who saw how much money they were making over the few years they survived.
- nostrademons 18y agoActually, they knew what they were doing wrong. Merton and Scholes pulled much of their money out a few months before it crashed, walking away with a decent profit (they, of course, lost nearly everything on the money they still had in the fund when it was recapitalized, eating into their returns). That's all in "When Genius Failed" too. Technically they didn't start it either, they were just on the board of directors.