Insight and Intelligence on the London & International Insurance Markets

20 April 2018

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Analyst Take: Axa, XL and the leverage of reasonable creatures

Gavin Davis 13 March 2018

One of the lessons of financial markets over the past two decades is that if you pay someone enough, they can provide you with fancy mathematics to justify almost anything.

"So convenient a thing it is to be a reasonable creature," wrote Benjamin Franklin, "since it enables one to find or make a reason for everything one has a mind to do."

From the crisis at Long-Term Capital Management to the 2008 crash, companies used complex statistical models to explain...


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This article was published as part of issue March 2018/2

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