A 2016 CFA article written by Ron Rimkus pointed out the VaR model, one of the major quantitative analysis tool by LTCM, had several flaws in it. VaR model calculated based on historical data. But its data sample was biased such that data caused by unusual events were excluded. VaR also couldn't interpret extreme event such as financial crisis in terms of timing. The model failed to recognize that a financial crisis was a rare event and thus produced biased calculation results.