Beneath the tip

Review - Books

There are two ways of writing a book about new concepts in risk. To reach a wide audience, one would usually work under the assumption that portfolio returns are normally distributed, with correlation capturing all forms of dependence between underlying assets. More general frameworks are usually unintelligible to the general public and so end up as fairly dense tomes targeted at a narrow group of risk specialists. Kent Osband takes up the ambitious task of bridging the gap by