Elie Ayache
- Volatility
So, volatility becomes the only certain thing and the only conclusion; volatility becomes the only fundamental value; volatility becomes the commodity and the true stuff that the market is made of. Suddenly, science and quantitative theory move from trying to determine the value of the traded asset, which is impossible because the only thing that exists is its market price, to determining (that is to say, to imagining, to picturing, to conceiving) the volatility of its price.
