During the mid 1980s, portfolio insurance became big business. By the autumn of 1987, the portfolio-insurance programs of LOR and its licensees covered $50 billion of stock (Mason et al. 1995, p. 786) with perhaps almost as much again covered by firms not affiliated with LOR (Voorhees 1988, p. 57). This success, however, began to cause Leland and Rubinstein to have misgivings. Although they had coined the term "portfolio insurance," they had reservations about it, preferring the broader and more neutral phrase "dynamic asset allocation." They knew that for all their technical innovations they had not freed themselves completely from the assumptions of a BlackScholes world.

Donald MacKenzie, An Engine, Not a Camera, loc. 804