The General Theory Ch. 13
keynes is worried about bond market liquidity
“There is uncertainty about the future…price, but there is no uncertainty about the passage of time. It makes sense to hedge against changes in the price of the underlying asset, but it does not make any sense to hedge against the passage of time.”
– John C. Hull, Options, Futures and Other Derivatives
Where last month’s chapter was a bunch of looping and…
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