The Illusion of Control
by James Montier
People suffer from an illusion of control, that even if things do go wrong, they'll be able to sort them out. A lot of the modern risk-management techniques created a totally false illusion of safety. The idea that by quantifying risk using a tool like VaR [Value at Risk] that you could therefore control it is one of the slightly more ridiculous things to have come along in years.
Source: http://www.valueinvestorinsight.com/
