A History of the United States in Five Crashes Quotes

“The history of modern stock market crashes invariably includes some theoretically sophisticated yet poorly understood financial contraption that mutates when stressed, pushing an already weakened system closer to the cliff.”
― Scott Nations, A History of the United States in Five Crashes: Stock Market Meltdowns That Defined a Nation

“Since Leland and Rubinstein were hitching a ride with Black and Scholes, portfolio insurance would rely on these “ideal conditions” and would fail when reality intruded.”
― Scott Nations, A History of the United States in Five Crashes: Stock Market Meltdowns That Defined a Nation