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Weierstrass, Cantor, or Peano! In physics, an analogous development threatened since about 1800, since Laplace’s Celestial Mechanics avoided all illu… - Benoit Mandelbrot
" "Weierstrass, Cantor, or Peano! In physics, an analogous development threatened since about 1800, since Laplace’s Celestial Mechanics avoided all illustration. And it is exemplified by the statement by P. A. M. Dirac (in the preface of his 1930 Quantum Mechanics) that nature’s “fundamental laws do not govern the world as it appears in our mental picture in any very direct way, but instead they control a substratum of which we cannot form a mental picture without introducing irrelevancies.” The wide and uncritical acceptance of this view has become destructive. In particular, in the theory of fractals “to see is to believe.
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About Benoit Mandelbrot
Benoît B. Mandelbrot (20 November 1924 – 14 October 2010) was a Poland-born French-American mathematician known as the "father of fractal geometry".
Biography information from Wikiquote
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Alternative Names:
Mandelbrot, B. B.
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Benoît Mandelbrot
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Benoit B. Mandelbrot
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Benoît B. Mandelbrot
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Additional quotes by Benoit Mandelbrot
"In an ever-more complex world, Mandelbrot argues, scientists need both tools: image as well as number, the geometric view as well as the analytic. The two should work together. Visual geometry is like an experienced doctor's savvy in reading a patient's complexion, charts, and X-rays. Precise analysis is like the medical test results-the raw numbers of blood pressure and chemistry. "A good doctor looks at both, the pictures and the numbers. Science needs to work that way too," he says."
The next thing which surprised us very much, is that both for Julia sets and even more so for the Mandelbrot set, the complication was not, how to say, arbitrary, and almost everybody found the impression that these shapes were hauntingly beautiful. These shapes resulted from the most ridiculous transformation, z<sup>2</sup>+c, taken seriously, respectfully and visually. And people thought at first that they were totally wild, totally extraterrestrial, but then after a very short time, they came back and said, "You know, I think they remind me of something. I think they're natural. I think they are like perhaps nightmares or dreams, but they're natural." And this combination of being so new, because literally when we saw them nobody had seen them before, and being the next day so familiar, is still to me extraordinarily baffling.
"He focuses then, then, only on the odds for a crash-sharp, catastrophic price drops. After all, it is not small declines that wipe an investor out, it is the crashes. So their scaling formula minimizes the odds of too many of the assets in a portfolio crashing at the same time. They used that to draw a "generalized efficiency frontier"-analogous to Markowitz's original portfolio technique-to help pick a portfolio that maximizes returns for a given amount of crash-protection. As the paper put it, "the frequency of very large, unpleasant losses is minimized for a certain level of return."
Thus, it is not just the stock-picking that is important, but also the risk-protection. For the latter, Bouchaud says, multifractal thinking is most useful."
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