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Volatility is almost universally misunderstood: that one number can imply any number of market conditions, all of which mean different things to different investors. That's because volatility assumes stocks prices move in a certain way, but this model is limited and unrealistic. Put options are used to hedge against big downward swings in prices, which are a very specific face of high volatility...
Options are not like other insurance policies - say health insurance. Stocks tend to move together, whereas one person's health tends to vary independent of the nation's health. Risk to health-insurance companies decreases as the number of policies increases; risk compounds for options writers as their volume increases. Those writing put options have secured small gains for now, but they will suffer multiplied losses across the board should the market tank...
...feel now? Colin: You know, a couple of years ago, when the publicity over this first started, I tried to tread gently on this question, but the truth is that I believe we're in a gigantic crisis and it's a difficult one. I see a huge number of people trying to figure out the solution to the problem. I don't despair for the human race. I'm an optimist - I believe that people are good. I don't despair of our ability to affect change when we need change. But what is required is that we actually...
...conventional novel dictates. Each sentence (only one or two of which will ever dwell on the same topic) is marked by innovative precision and great affection for the subject matter. Sometimes Hoffmann is blatantly avant-garde. Titled doodles highlight seemingly random phrases from the text, there are no page numbers to be found, and the speaker adopts the royal “we” for a period (though not without specifying parenthetically each time that what he means is “I”). But the work is so moving not because of these eccentricities but rather because...
This year’s fundraising total was aided by a number of large donations, most notably a $125 million gift over the next five years—the largest in Harvard’s history—from Business School graduate Hansjörg Wyss to fund the Wyss Institute for Biologically Inspired Engineering in Allston. Gifts of over $1 million accounted for over 40 percent of the cash total...