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The Midas Formula: Trillion Dollar Bet

The world of business is easily comparable to a war scenario in that there is a need for strategizing and planning out tactics to gain leverage over the other party. A general mulls over a situation for which a carefully plotted and perfectly executed battle scheme would lead his troops into victory just as an entrepreneur or a businessman would contemplate the many ways which would allow him a certain level of control in increasing his profits. Thus, the birth of devices within the corporate arena such as formulas and pricing models to give that extra degree of advantage.

The Midas Formula: Trillion Dollar Bet retells the creation of one such formula – the Black-Scholes-Merton options pricing model. It was said to have been such a brilliant formula that it earned two of its proponents a Nobel Prize in Economics in 1997. Only to meet an abrupt downfall a year later with their hedge fund Long Term Capital Management (LTCM) collapsing and leaving a $100 billion loss in their hands. Witness the birth, rise and eventual demise of one of finance history’s greatest corporate tactics.

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