Archive for August, 2007

In Nature's Casino

Sunday, August 26th, 2007

New York Times Magazine (August 26, 2007)

If, after World War II, you had set out to redistribute wealth to maximize the sums that might be lost to nature, you couldn’t have done much better than Americans had done. And virtually no one — not even the weather bookies — fully understood the true odds.

But there was an exception: an American so improbably prepared for the havoc Tropical Depression 12 was about to wreak that he might as well have planned it. His name was John Seo, he was 39 years old and he ran a hedge fund in Westport, Conn., whose chief purpose was to persuade investors to think about catastrophe in the same peculiar way that he did.

via New Orleans – Hurricane Katrina – Housing – Insurance – Natural Disasters and Storms – Real Estate – New York Times