This is great article I read off Newsweek.com.

Paul Wilmott is a 49-year-old Oxford-trained mathematician and arguably the most influential quant today, the brightest star in their insular, nerdy universe. The Financial Times calls him a “cult derivatives lecturer.” Wilmott has cultivated a loyal following of truth-seeking converts from the failed school of thought that the entire world can be turned into Greek symbols, plugged into equations, priced and predicted. He’s especially critical of the notion that math can forecast human behavior, essentially the basis of finance. “This,” says Wilmott, “is absolute rubbish.” As more banks got in on the game, the once large profit margins started to shrink. In order for banks to make the same kind of returns, they had to pack more and more loans into a CDO, essentially making bigger bombs.”They built these things on false assumptions without testing them, and stuffed them full of trillions of dollars. How could anyone have thought that was a good idea?”

For the whole article, click here > http://www.newsweek.com/id/200015/page/1

It’s high time that someone look through those mind-boggling formulas for complex derivatives. Half the time in class, I had ???? in my head. No better time for a reformation! Quantitative finance is really tough! *sweats*