Tail Risk Killers: How Math, Indeterminacy, and Hubris Distort Markets

Foreword

Tail Risk Killers looks beneath the surface of financial news to deeper issues over longer time cycles. Some of the ideas are more controversial than others, but they are supported by data and the arguments make one think.

Tail Risk Killers has loads of surprising data sources, and each has striking relevance to current conditions. The past may be a guide for the future, but the past that matters often is little known and comes from unexpected sources. The main source of data comes from fixed income markets. This is understandable. Fixed income markets, loosely speaking, are the largest of the financial markets, and the author shows that they have survived amazing stresses over the years. In fact, bond markets are the key to understanding ...