We concluded that you cannot rely on delta hedging alone. It sounds simplistic to say that now, but back then, this was the sort of thing people were only just beginning to realize. ↗
Yes, our tree has an interesting shape. The center branches reflect the shape of the zero curve. When extreme parts of the tree are reached the branching pattern changes to accommodate the mean reversion. ↗
Wherever the citizen becomes indifferent to his fellows, so will the husband be to his wife, and the father of a family toward the members of his household. ↗
We know that social exclusion is closely tied to the new economic world order, globalized, with free and open markets, which isn't bringing prosperity or social justice to all. ↗
He is not someone who went off to play in Europe and only a few Americans follow. He has the potential to be on magazine covers and more newspaper coverage. ↗
But I've come to the point in my evolution on the instrument where I realize that I can't play the same stuff that just a guitar player or organ player would play - and I need to embrace that in a big way. ↗