Its hard to believe that after this happened the financail meltdown of 2007-present happened. Obviously, we didn't learn from the past about how models can breakdown and how not to misuse statistics. I would recommend reading the Black Swan first then read When Genius Failed. The Black Swan is an important book, but not the easiest read out there due to the writing style and the writer's ego. However, its thesis is perfectly illustrated in When Genius Failed, which will help crystallize why you can't assume the Normal Distribution exists in financial markets.Get more detail about When Genius Failed: The Rise and Fall of Long-Term Capital Management.
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