All Models Have Faults -

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

If Someone Says To You, Go To An Old-folks Home, Thats Kind Of Ridiculous, Because A Lot Of Old People Are Doing Terrific Things For Society.

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.

Innovation Must Lead Infrastructure For A Simple But Compelling Reason: Innovation Produces New Types Of Products And Markets, And It Is Virtually Impossible To Know How To Run Those Markets Efficiently Before They Are Created.

Every Side Of A Coin Has Another Side.