No one quite knew why, yet, but the market's odd behavior would turn out to be closely linked to the work of the quants. In addition to creating arcane financial products, quants have been pushing the frontiers of computer-driven trading systems, and not enough of those systems were working the way they were supposed to--or, to put it more precisely, the way they were supposed to work turned out to be counterproductive in volatile times like these.
Computers are just a tool. Humans design "discretionary" investment strategies and they design "systematic" investment strategies. If they are good or bad is all up to humans. Whether they data mine the past or test hypotheses of the future is up to us. Computers are good at information processing but can only analyse the data they are given in the way their human masters designate.
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