GDL

In the second edition of this book to severely deemphasize

the discussion of financial models that are obviously inaccurate, misleading, or clearly inferior to another modeling approach. We make this judgment on the basis of cold hard facts (via model testing) or because of assumptions that are known to be false. The list of models that failed under the duress of the credit crisis is

a long one, and we make no apologies for reflecting those failures in this book.

We’ve also worked hard to explain which models performed well during the credit crisis. Again, we base that judgment on model testing and the logical consistency and

accuracy of the assumptions behind those models

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