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"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."
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Exlpore more Direction quotes
"I truly, truly believe that I was going in that direction and all of a sudden fate took me and put me here. It's like something else has other plans for me."
"We are not retreating - we are advancing in another direction."
"My last two records that I made were both quite pointed in one direction and I think I do my best stuff when it's all over the map, when there's a couple traditional things, a couple pretty rocking things."
"And, of course, method is very important as is a high-quality specialist (trainer) working with you to keep you going in the right direction for your improvement and to help create results."
"So we take a lot of pride in that. It's really on us to turn this thing around. I think this last month we've done just that. We've pointed ourself in the direction that we want to be, and I think we're starting to head towards that. Right now we're in a nice rhythm."
"Once the herd starts moving in one direction, it's very hard to turn it, even slightly."
"You have to listen to what resonates within your own gut. You find your direction there. Your voice comes out."
Explore more quotes by John Hull
"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."
"Our research led on to other things, such as the fact that exchange rates are not lognormally distributed."
"We started giving presentations at practitioner conferences in 1986, and since then all of our derivatives research has been stimulated by contact with practitioners."
"One important measurement issue concerns the fat tails problem that I mentioned earlier. VAR is concerned with extreme outcomes. If the tails of the probability distributions we are using are too thin, our VAR measures are likely to be too low."
"The problem with interest rates are that you are not modeling a single number, you are modeling a whole term structure, so it is a sort of different type of problem."
"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."
"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."
"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."
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