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A young Salomon Brothers trader named Howie Rubin began to calculate the probability of homeowners' prepaying their mortgages. He discovered that the probability varied according to where they lived, the length of time their loans had been outstanding, and the sizes of their loans. He used historic…

If you are a self-possessed man with a healthy sense of detachment from your bank account and someone writes you a check for tens of millions of dollars, you probably behave as if you have won a sweepstakes, kicking your feet in the air and laughing yourself to sleep at night at the miracle of your…

So much for glasnost.

"I was just wondering," said Findlay, "if you could tell us what you think has been the key to your success."

This was too much. Had she asked a dry technical question, she might have pulled it off. But even the speaker started to smile. He knew he could abuse the front row as much as he wanted.…

The Japanese were a protected species, and I think they knew it. Their homeland, as a result of its trade surpluses, was accumulating an enormous pile of dollars. A great deal of money could be made shepherding these dollars from Tokyo back into U.S. government bonds and other dollar investments. S…