JWM Partners' revised risk model thus incorporates the possibility that an imitative, overlapping arbitrage "superportfolio" will again come into being, and that its unwinding will not merely exacerbate a crisis but will even override the "flight to quality" that typically accompanies crisis. The new risk model was informed by the experience of LTCM's 1998 crisis, not by economic sociology or by the social studies of finance, but it is an acknowledgement of the social, imitative aspect of financial risk.

Donald MacKenzie, An Engine, Not a Camera, loc. 1231