How a thesis graded "honorable" in 1900 became the foundation of $600 trillion in daily trading
The Problem That Launched a Revolution
It’s 9:31 AM on a Tuesday morning in Lower Manhattan. Sarah Chen, a quantitative analyst at Goldman Sachs, stares at her terminal as a client request flashes across her screen: Price a knock-out barrier option on Tesla stock, strike $250, barrier at $200, 90 days to expiration. Her fingers dance across the keyboard. Three seconds later, the answer appea…