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Level 19 · ◆◆◆◆◆ · ~12 min

When VaR Fails: Fat Tails & Blowups

Know your instrument's failure modes.

"Fat tails, gamed quantiles and the fund that hired the Nobel laureates."

fat tailskurtosisLTCMgaming VaRexpected shortfall
🚀 You're jumping ahead. This builds on Liquidity Risk: When the Exit Jams · Credit Risk Enters the Arena — but play it now and you'll still earn full XP. If it feels steep, those make a gentler on-ramp.

A short lesson, then a quiz. ❤️×3 — a wrong answer costs a heart; finish with at least one left and the level is yours. Lose all three and you'll have to try again. Replay any time — XP and cleared levels are never lost.