N,QuoteOriginally posted by: NI thought the introduction was pretty good.I can't imagine you winning the hearts and minds of the traders in 1973 if your start talking about manifolds and do not give them a formula for the price and a related formula for the hedge ... quoting NNT (Dynamic Hedging, page 5):"... Traders, by contrast, are impatient and need brief simplistic descriptions, ...""...1. In a single sentence, explain the conclusion, before discussing the subject matter.2. In a single sentence, explain the subject matter.3. If unable to perform 1 or 2, then abandon the entire project...."Also worth bringing to the discussion (?!) are Derman's comments on models:Good-ModelsTheories-Part-IIof which I quote the most relevant part:"In finance, a good theory is something different. A good theory is something that gives you insight and a way of thinking about phenomena, even if it's not a wonderful predictor. A good theory starts from something intuitive about markets, or something qualitative, and then quantifies it, which leads to new concepts, which one then develops intuition about through the theory, which then becomes the subject of newer theories."I still have not found the references to any debunking of a well accepted book like Avellaneda's.