LECTURING BIRDS ON FLYING PABLO TRIANA PDF

Being that Pablo is not a native english writer it may be that a few of the problems with language should be overlooked; my difficulty is that the tome appears to be written by two different people. At times the arguments are very clear and concise, at others the writer comes off as a child using big words just to impress the adults. Even if I could forgive the author for failing to be creative with the language, I can not forgive the editor or publisher simply because of how much I paid for this book. Pablo is very passionate about the topic, and the book is very well researched.

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Finance Flap copy For the past few decades, the financial world has often displayed an unreasonable willingness to believe that "the model is right, the market is wrong," in spite of the fact that these theoretical machinations were largely responsible for the stock market crash of , the LTCM crisis of , the credit crisis of , and many other blow-ups, large and small.

Why have both financial insiders traders, risk managers, executives and outsiders academics, journalists, regulators, the public consistently demonstrated a willingness to treat quantifications as gospel? Nassim Taleb first addressed the conflicts between theoretical and real finance in his technical treatise on options, Dynamic Hedging.

Now, in Lecturing Birds on Flying, Pablo Triana offers a powerful indictment on the trustworthiness of financial theory, explaining-in jargon-free plain English-how malfunctions in these quantitative machines have wreaked havoc in our real world. Triana first analyzes the fundamental question of whether financial markets can in principle really be solved mathematically. He shows that the markets indeed cannot be tamed with equations, presenting a long and powerful list of obstacles to prove his point: maverick unlawful human actions rule the markets, unexpected and unimaginable events shape the markets, and historical data is not necessarily a trustworthy guide to the future of the markets.

The author then examines the sources of origin of many prevalent theories and mathematical dictums. He goes on to explain how Wall Street and other financial centers became eager employers of scientists, and how scientists became eager employees of financial firms. Triana concludes with an in-depth discussion of the most significant historical episodes of theory-caused real-life market malaise, with a strong emphasis on the current credit crisis.

In the end, Lecturing Birds on Flying calls for the radical substitution of good old-fashioned common sense in place of mathematical decision-making and the restoration to financial power of those who are completely unchained to the iron ball of classroom-obtained qualifications. Finance is not as religious as physics. Black Swans make things harder. The markets are not Normal and the past is a faulty guide. Should we care that theorists persist?

Virginity matters. When describing reality was okay. Many obstacles to reform. Machine learning comes to finance. Models live here, too. Quant punting. Interesting enough for a movie. Abrupt reform, if not so much prison. Modeling death. The pre-warning. Rating us into hell. A disapproving grin. Insalubrious charlatanism. Tracking a true culprit. Credit truths.

A long rap sheet of evidence. The police are in on it. Lehman did die. Anything is possible. Buffett versus the Black Swan. Stubbornly holding the theoretical fort.

An end to indoctrination. Once upon a time at MIT. Frowning, not smiling. How Black was that Monday. A devastating KO. The tired "perfect storm" alibi may be a facade. Indoctrinating clients and investors. The unseemly marketers of academic dogma. Do as I say, not as I do. Glorifying complexity. Dangerous voluntary enslavement. Let freedom ring. Normality can kill you. A VIXing issue. Protect those derivatives. About the Author. He is a frequent contributor to business publications, including the Financial Times , Forbes.

Triana is also the author of Corporate Derivatives.

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Lecturing Birds on Flying: How Financial Practice Differs from Theory

Cancel anytime. Why have both financial insiders traders, risk managers, executives and outsiders academics, journalists, regulators, the public consistently demonstrated a willingness to treat quantifications as gospel? Nassim Taleb first addressed the conflicts between theoretical and real finance in his technical treatise on options, Dynamic Hedging. Now, in Lecturing Birds on Flying, Pablo Triana offers a powerful indictment on the trustworthiness of financial theory, explaining-in jargon-free plain English-how malfunctions in these quantitative machines have wreaked havoc in our real world.

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Lecturing Birds on Flying

Finance Flap copy For the past few decades, the financial world has often displayed an unreasonable willingness to believe that "the model is right, the market is wrong," in spite of the fact that these theoretical machinations were largely responsible for the stock market crash of , the LTCM crisis of , the credit crisis of , and many other blow-ups, large and small. Why have both financial insiders traders, risk managers, executives and outsiders academics, journalists, regulators, the public consistently demonstrated a willingness to treat quantifications as gospel? Nassim Taleb first addressed the conflicts between theoretical and real finance in his technical treatise on options, Dynamic Hedging. Now, in Lecturing Birds on Flying, Pablo Triana offers a powerful indictment on the trustworthiness of financial theory, explaining-in jargon-free plain English-how malfunctions in these quantitative machines have wreaked havoc in our real world. Triana first analyzes the fundamental question of whether financial markets can in principle really be solved mathematically. He shows that the markets indeed cannot be tamed with equations, presenting a long and powerful list of obstacles to prove his point: maverick unlawful human actions rule the markets, unexpected and unimaginable events shape the markets, and historical data is not necessarily a trustworthy guide to the future of the markets.

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