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"We cannot measure time. We can only measure changes of life and the universe."
Author Name
Personal Development
"I wouldn't ask too much of her,' I ventured. 'You can't change the past.''Can't change the past?' he cried incredulously. 'Why of course you can!"
Author Name
Personal Development
"Life is a bubble in the ocean of time. At the same time, it can hold all the water of the ocean in her heart."
Author Name
Personal Development
"A broad margin of leisure is as beautiful in a man's life as in a book. Haste makes waste, no less in life than in housekeeping. Keep the time, observe the hours of the universe, not of the cars."
Author Name
Personal Development
"God had infinite time to give us.... He cut it up into a near succession of new mornings and with each therefore a new idea new inventions and new applications."
Author Name
Personal Development
"Time is the greatest and longest-established spinner of all. ... His factory is a secret place his work noiseless and his hands are mutes."
Author Name
Personal Development
"Eternity is a mere moment, just long enough for a joke."
Author Name
Personal Development
"The value of time is immeasurable."
Author Name
Personal Development
"Sometimes I feel like if you just watch things, just sit still and let the world exist in front of you - sometimes I swear that just for a second time freezes and the world pauses in its tilt. Just for a second. And if you somehow found a way to live in that second, then you would live forever."
Author Name
Personal Development
"Worrying about what happened on Monday, or, what might happen on Wednesday, is at the expense of one's Tuesday."
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
"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
"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
"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
"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."
Extreme
"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
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