It used to be that Wall Street was functioning on the basic idea that financial events were subject to something very like a normal distribution, also known as a bell curve. Since they saw stock and ...

"And get the bits together, the fat tail, every good part." Ezekiel 24:4 If you traveled back in time thousands of years to tell Abraham, Moses or Ezekiel that you had some fat tails, they would have ...

If popularity was decisive for risk metrics, the Sharpe ratio would tell us all that we need to know. Introduced by professor William Sharpe in 1966, the reward-to-variability ratio (as it was ...

Sixteenth-century Italian mathematician Girolamo Cardano’s Book on Games of Chance, one of the first published texts on how to quantify risk, describes how its author repeatedly threw dice to ...

Stock market returns are overwhelmingly driven by a small group of winners. We expect the same trend in digital assets. Between 1926 and 2016, just five out of 25,300 publicly traded companies drove ...

Christmas season is as good a time as ever to remind you that a probability distribution has two tails. Event distributions have been getting a lot of attention over the past several years, especially ...