Diasters Loom in "Normality" Trap: RT Beware The Long Tail - Science News sciencenews.org/view/feature/i… via @sciencenewsorg
Biz school stats course give short shrift to probability distributions that are not Normal. MBA quant jocks are not even thinking about this issue most of the time.
When low probability tails are in question, but catastrophic consequences are on the line, look deeper young grasshoppers, that dangerous process may kill you or ... lead to a major financial collapse.
Data is your friend, treat it with respect or it will kick your ass.
You've been warned.