Nice article on the "illusion of control"

An interesting read for those that have been through the trenches of managing long term derivative positions.


http://nautil.us/issue/31/stress/what-i-learned-from-losing-200-million

 

might be of interest to you to know of someone's reaction to your post.
-"hum, interesting title illusion of control".
blah blah blah
click into your thread
-"nan! close this now! I don't want to hear about big losses" lol

 

An excellent read for everyone.
Luck and/or opportunism are parts of the game too, a good example here

CM

 

...Too long to read. -- Can you sum it up in a few bullet points...,

 

Selling convexity by taking basis risk in massive size relative to the underlying seems like a great idea before you run into a liquidity crisis.