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Quant Shock That ‘Never Could Happen’ Hits Wall Street Models

  • Record stock rotation adds to fears over extreme price moves
  • Pfizer news spurs market waves to confound statistical models

Jon Quigley says he probably should have known something big was coming -- even if his risk models didn’t.

Just a day after the Great Lakes Advisors manager watched CBS’s “60 Minutes” about America’s unprecedented efforts to deploy a vaccine when it comes, Pfizer Inc. revealed significant progress on its pandemic cure.