Top 4 Quotes About Financial Models
#1. Engineers do engineering, i.e. they build bridges. So engineering needs engineers. The economy does NOT need economists. Economists do not make economy, but they try it and that is why we have so much problems with some financial models.
Steve Keen
#2. Do not trust financial market risk models. Despite the predilection of some analysts to model the financial markets using sophisticated mathematics, the markets are governed by behavioral science, not physical science.
Seth Klarman
#3. Risk models are a substitute for historical knowledge, because they tend to work with just three years' worth of data. But three years is not a long time in financial history.
Niall Ferguson
#4. Unlike consumers' shopping habits and financial fraud, terrorism does not occur with enough frequency to enable the creation of valid predictive models," Jonas
Julia Angwin
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