Limitation of Mathematical Modeling

In quantitative finance it is clear that models can't solve everything. The hardest question to answer is, "where is the edge where models no longer work?" It take a good mix of math, statistics, finance, programming, and economics to try and understand where the models will and will not work. The best quants understand and state the model assumptions and limitations. They will have an idea of how the model will fail and a estimated timeline from experience. Explaining all of this to the business people using the model is challenging though and quants need to rely on the business to help understand the non-data parts.
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