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"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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"When faced with a hurdle then give it all you've got to jump over it because it can't be done in two stages."
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Personal Development
"I had some ambition. I meant everything to be different with me. I thought I had more strength and mastery. But the most terrible obstacles are such as nobody can see except oneself."
Author Name
Personal Development
"Have they known scorn like youFive cellars down?"
Author Name
Personal Development
"For the likes of you, the path to happiness is one mean son of a bitch of a path."
Author Name
Personal Development
"I can't laugh, be happy, present myself at any prize and also win on the centre court."
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Personal Development
"Right now we have a closure rate between discovery and exploitation of four to six months. We need to be more in the realm of seven to 10 days. That is an enormous challenge."
Author Name
Personal Development
"Challenges are everywhere. Awake! challenge and defeat the challenges that challenge you in a challenging way and be not be defeated by the challenges that challenge you in a challenging way."
Author Name
Personal Development
"When you star arises, your cloud of opposition awakens."
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Personal Development
"The biggest challenge for me was Get Rhythm. I don't know why."
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Personal Development
"I think the most insulting thing you can do to a director is to challenge when he or she is satisfied with your interpretation."
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Personal Development
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"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
"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."
Interest
"In the interest rate area, traders have for a long time used a version of what is known as Black's model for European bond options; another version of the same model for caps and floors; and yet another version of the same model for European swap options."
Time
"Our starting point then was trying to find a way to incorporate mean reversion into the HoLee model."
Trying
"I think VAR is a very healthy development within the industry."
Development
"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
"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
"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
"Briefly speaking, our conclusion is that stochastic volatility does not make a huge difference as far as the pricing is concerned if you get the average volatility right. It makes a big difference as far as hedging is concerned."
Difference
"If each of your time steps is one week long, you are not modeling the stock price terribly well over a one-week time period, because you are saying that there are only two possible outcomes."
Time
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