Confused disbelief: I'm a great believer in education playing a bigger role in derivatives in future. But not the sort of education that we've got at the moment. I understand Warren Buffett when he says "The more symbols they could work into their writing the more they were revered." Universities are churning out many thousands of 'experts' in the analysis of derivatives but sadly they know more about the math and the symbols than they do about the markets. But again it's not the symbols themselves that are to blame, for we happily fly on airplanes designed using similar symbols, rather it's the lack of financial empathy exhibited by the multiple-PhD'd analysts, the quants, that worries me. Remember this is a mathematician writing this, but one who has been saying less is more for over a decade now.
Wilmott's stages of derivatives
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