The Ivory Tower vs. The Trading Floor- Why Theory Fails in Practice

The Ivory Tower vs. The Trading Floor: Why Theory Fails in Practice

On Market Making, Beautiful Models, and the Mess of Reality There is a particular kind of confidence that comes from solving equations on a whiteboard. It is clean. It is elegant. The variables behave themselves. The assumptions hold. And then someone walks onto a trading floor, tries to apply what they learned, and watches reality […]

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