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"From the port of ideas, not only the most clever ones put out to sea and conquer the world but also the most stupid ones do this!"
Author Name
Personal Development
"Give people films, they will forget after a few weeks, but give people ideas, they will assimilate them into their consciousness."
Author Name
Personal Development
"Through your ideas, you open the window of your mind and say a hello to the world."
Author Name
Personal Development
"There is no battle or engagement with any institution, company or government; it is always an engagement of ideas."
Author Name
Personal Development
"An idea can change your fate in a wonderful way but you must first let the idea to touch your mind and your heart! No closed book can ever be your hero!"
Author Name
Personal Development
"Many things about our bodies would not seem to us so filthy and obscene if we did not have the idea of nobility in our heads."
Author Name
Personal Development
"Unless you close your door to other ideas, you will never remain idealess!"
Author Name
Personal Development
"The real battlefield is the realm of ideas."
Author Name
Personal Development
"Ideas are the invisible Gods of our universe!"
Author Name
Personal Development
"Create a good idea and leave it in the darkness; you will then see that people will come with the candles in their hands to find it, because just like the bad, the good has also a special scent!"
Author Name
Personal Development
More
"We concluded that you cannot rely on delta hedging alone. It sounds simplistic to say that now, but back then, this was the sort of thing people were only just beginning to realize."
People
"Alan White and I spent the next two or three years working together on this. We developed what is known a stochastic volatility model. This is a model where the volatility as well as the underlying asset price moves around in an unpredictable way."
Years
"Our tree is actually a tree of the short-term interest rate. The average direction in which the short-term interest rate moves depends on the level of the rate. When the rate is very high, that direction is downward; when the rate is very low, it is upward."
Direction
"There are challenges in terms of the measurement of VAR for what are known as nonlinear derivatives, where things like gamma and vega are important dimensions of the risk."
Risk
"The real challenge was to model all the interest rates simultaneously, so you could value something that depended not only on the three-month interest rate, but on other interest rates as well."
Challenge
"We started giving presentations at practitioner conferences in 1986, and since then all of our derivatives research has been stimulated by contact with practitioners."
Giving
"The HoLee model was the first term structure model. I remember reading their paper soon after it was published and as it was fairly different from many of the other papers that I had read, I had to read it quite a few times. I realized that it was a really important paper."
First
"Yes, our tree has an interesting shape. The center branches reflect the shape of the zero curve. When extreme parts of the tree are reached the branching pattern changes to accommodate the mean reversion."
Extreme
"When interest rates are high you want the average direction in which interest rates are moving to be downward; when interest rates are low you want the average direction to be upward."
Direction
"I guess any simple idea that is really good will catch on quickly."
Idea
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