The failure to predict the global financial crisis of 2008 due to our inability to understand the interconnections between different markets,
The failure to predict the actions of actors who act rationally, but not to optimize a given monetary utility function.
Joachim Klement, CFA
Joachim Klement, CFA, is a trustee of the wealthytrails.com Research Foundation and offers regular commentary at Klement on Investing. Previously, he was CIO at Wellershoff & Partners Ltd., and before that, head of the UBS Wealth Management Strategic Research team and head of equity strategy for UBS Wealth Management. Klement studied mathematics and physics at the Swiss Federal Institute of Technology (ETH), Zurich, Switzerland, and Madrid, Spain, and graduated with a master’s degree in mathematics. In addition, he holds a master’s degree in economics and finance.