Sometimes The Early Bird Gets The Worm,

My Career In Academic Research Has Not Been Involved With Active Management Of Securities. I've Tried To Understand Risk-and-return Relationships; Also The Pricing Of Derivative Securities.

Every Side Of A Coin Has Another Side.

All Models Have Faults - That Doesnt Mean You Cant Use Them As Tools For Making Decisions.

I'm A Theorist, Not An Institutionalist.

If We Internationalize Everything, We End Up With Rules That Stifle Freedom And Innovation.