Kapor, after attending Merton's finance course, developed a skeptical view of quantitative finance. He perceived it not as an objective science but rather as a belief system, akin to a faith. This perspective highlighted the risks of relying too heavily on mathematical models, which could mislead practitioners in unpredictable market conditions.
The allure of quantitative finance, according to Kapor, attracted intellectuals seeking structure and predictability. However, this fixation on models could lead to catastrophic outcomes if the reality of the markets deviated from what these models predicted. Ultimately, Kapor's insights emphasize the need for caution in the blind adherence to financial theories.