Risk reaches 25-year anniversary

In celebration of our 25th anniversary this year, Risk re-publishes a landmark article by Fischer Black, offering a critique of the Black-Scholes model

Risk celebrates its 25th anniversary this year. Our launch issue was published in December 1987, and featured coverage of the Black Monday stock market crash that occurred two months before.

In its launch issue, Risk told the story of how some over-the-counter derivatives traders had made money in the crash. The derivatives business was still new, and Risk offered a new perspective on financial