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<h2 class="hd hd-2 unit-title">Systemic Risk</h2>
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<h2 class="hd hd-2 unit-title">The Quant Meltdown of August 2007</h2>
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<h2 class="hd hd-2 unit-title">What Happened?</h2>
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<h2 class="hd hd-2 unit-title">The Unwind Hypothesis</h2>
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<h3 class="hd hd-2">The Unwind Hypothesis</h3>
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<h2 class="hd hd-2 unit-title">Proxies for Market-Making Profits</h2>
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<h3 class="hd hd-2">Proxies for Market-Making Profits</h3>
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<h3 class="hd hd-2">Simulation Output</h3>
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<p><strong>Disclaimer:</strong> Despite the song’s title, Professor Lo does not recommend battling markets without honor or humanity!</p>
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