Sometimes the early bird gets the worm, but sometimes the early bird gets frozen to death.

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.

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.

All models have faults - that doesnt mean you cant use them as tools for making decisions.

I'm a theorist, not an institutionalist.

Sometimes the early bird gets the worm, but sometimes the early bird gets frozen to death.

If we internationalize everything, we end up with rules that stifle freedom and innovation.