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Last month, in the Paris congress, Douglas Breeden, dean of Duke University's Fuqua School of Business, warned that to quote from the same issue of Risk Magazine: " 'Estimation risk' plagues even the best-designed risk management system. Firms must estimate risk and return parameters such as means, betas, durations, volatilities and convexities, and the estimates are subject to error.
Judge by this preliminary speech of Gudbrand to his Thing-people, while Olaf was not yet arrived, but only advancing, hardly got to Breeden on the other side of the hill: "A man has come to Loar who is called Olaf," said Gudbrand, "and will force upon us another faith than we had before, and will break in pieces all our Gods.
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