債惑不解 變生臨界

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John Mauldin

Friedrich Wilhelm Nietzsche

Alan
Greenspan

John Mauldin

complexity theory

Mark Buchanan
Ubiquity: Why Catastrophes Happen

1987 Per BakKurt Weisenfeld


nonequilibrium systems

1.14 power law

fingers of instability

Washington University in St LouisHyman Minsky


stability leads to instability

Stern Investment Holdings Lawrence Hunt


Taylor

Didier Sornette
Why Stock Markets Crash


proximate cause
remote cause

15%
2% 15%

2005 2006

AAA


PIMCO Paul McCulley
Shadow Banking System

fat
tails
bell curve

5-sigma events
standard
deviation

15
90
Long Term Capital
Management

game theory
John Forbes NashThe Beautiful Mind
Nash Equilibrium

stable disequilibrium

1997

29 30

Debt Supercycle

Carmen ReinhartKenneth Rogoff

Thoughts from the Frontline

John Mauldin

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