Insight and Intelligence on the London & International Insurance Markets 18 Mar 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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