5/31/2023 0 Comments Red-Blooded Risk by Aaron Brown![]() ![]() To be sure, computer-based trading systems and intermediate processing systems make markets far more efficient. ![]() The capital markets remind Brown of cars: Investors no longer have any direct contact with people on the floor of an exchange. Today a driver could steer a car with a joystick. Most drivers today have no clue that software mimics old-style road feel even though there are few mechanical connections to the drivetrain. ![]() Automotive technology has come a long way in the past 50 years, but despite a host of LED and digital displays, the dashboard of a modern car is not unlike that of a ∦2 VW microbus. The best thing about the vehicle, he recalls, was its road feel the immediate sense that every action he took as a driver had a direct connection to the engine and wheels. Aaron Brown learned how to drive behind the wheel of a 1962 Volkswagen microbus decades before he became risk manager at hedge fund AQR Capital Management. ![]()
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