I'm a theorist, not an institutionalist.

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.

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.

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

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

I'm a theorist, not an institutionalist.