Phrase of the day: Complex adaptive system - a system in which a perfect understanding of the individual parts does
not automatically convey a perfect understanding of the whole system's
behavior.
Source: wikipedia.org
When anyone tries to predict what the financial markets will do just remind them that complex adaptive systems are tricky.
"It is clear that the financial system exhibits all of the classic characteristics of a [Complex Adaptive System], with the consequence that analysis of the likely reaction of...
Source: ssrn.com