Sobre mercados financieros

• Trying to make liquid markets out of assets that are naturally illiquid is a fool’s bargain.
• derivatives should be regulated as insurance contracts, and subject to the doctrine of insurable interest.
• Markets for goods and services might be efficient, but not those for assets, where values are not as easily estimated.

conventional financial theory failed to adequately account for both the complexity of modern financial markets and the nature and pace of financial innovation