Axel Olivecrona

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He found the same, disturbing pattern: Big price changes were far more common than the standard model allowed. Large changes, of more than five standard deviations from the average, happened two thousand times more often than expected. Under Gaussian rules, you should have encountered such drama only once every seven thousand years; in fact, the data showed, it happened once every three or four years.
The Misbehavior of Markets: A Fractal View of Financial Turbulence
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