Jamal Awil

← An Engine, Not a Camera

LTCM's traders had often themselves developed the models they used: no one was more. [fact]

LTCM's traders had often themselves developed the models they used: no one was more aware than they of the models' likely deficiencies. The way in which the standard deviations and correlations in the most important model of all LTCM's overall risk model were increased by explicitly judgmentbased "safety factors" is indicative of that.

Donald MacKenzie, An Engine, Not a Camera, loc. 1018