Stochastics for Millionaires

From Brad DeLong's blog, I find out that Emanuel Derman has a website, on which he asks a question (back in April):

A student today asked me how one would explain stochastic calculus to someone who knew no math.

Apparently his readers or grad students have no sense of folly and fun. To wit:

The Stochastic Calculus is:

• The numerology of futurology.
• Integrating over the uncertain and inaccurate in order to generate estimates of the improbable.
  

As for the vol-of-vol, no one has yet improved on the phrase, "picking up pennies in front of a steam roller".

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