Four Points Beginner Risk Managers Should Learn from Jeff Holman's Mistakes in the Discussion of Antifragile

摘要

Using Jeff Holman's comments in Quantitative Finance to illustrate 4 criticalerrors students should learn to avoid: 1) Mistaking tails (4th moment) forvolatility (2nd moment), 2) Missing Jensen's Inequality, 3) Analyzing thehedging wihout the underlying, 4) The necessity of a numeraire in finance.