Karthik Shashidhar

83%
Flag icon
They had all done some selling during the bad week that preceded October 19, and most of them got out either at or only slightly below their designated floors. But the selling took place at prices far lower than anticipated. The dynamic programs that drove portfolio insurance underestimated the market’s volatility and overestimated its liquidity.
Against the Gods: The Remarkable Story of Risk
Rate this book
Clear rating
Open Preview