When I discussed the crisis of Long-Term Capital Management (LTCM) with interviewees, the same aspect of ambivalence was sometimes manifest. Because of the prominent role of finance theorists in LTCM, its crisis was embarrassing to the field, but the debacle could also be read as a vindication of market efficiency. The large, apparently safe arbitrage profits that LTCM had been making contradicted the efficient-market hypothesis, and thus there was a sense in which LTCM's crisis resolved the contradiction by showing that those profits had not been as safe as they seemed.

Donald MacKenzie, An Engine, Not a Camera, loc. 1120