Quotes by Myron Scholes - Page 1

Every side of a coin has another side.
Myron Scholes / Economist
Coins
Scholes
Sides
Coin
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I'm a theorist, not an institutionalist.
Myron Scholes / Economist
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From an early age I was very, very fascinated by uncertainty.
Myron Scholes / Economist
Fascinated
Uncertainty
Early Age
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All models have faults - that doesnt mean you cant use them as tools for making decisions.
Myron Scholes / Economist
Decision
Mean
Tools
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Sometimes the early bird gets the worm, but sometimes the early bird gets frozen to death.
Myron Scholes / Economist
Death
Bird
Early Bird
Frozen
Sometimes
Early
Gets
Worm
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If we internationalize everything, we end up with rules that stifle freedom and innovation.
Myron Scholes / Economist
Ends
Innovation
Scholes
Stifle
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All models have faults - that doesn't mean you can't use them as tools for making decisions.
Myron Scholes / Economist
Faults
Making Decisions
Models
Tools
Decisions
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A futures contract is a derivative, but the futures exchange doesn't call them 'derivatives,' they call them 'futures.'
Myron Scholes / Economist
Contract
Exchange
Derivative
Futures
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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.
Myron Scholes / Economist
Home
People
Ridiculous
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If someone says to you, 'Go to an old-folks' home,' that's kind of ridiculous, because a lot of old people are doing terrific things for society.
Myron Scholes / Economist
Old People
Terrific
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Building a road might create temporary jobs, but does it really create wealth if it doesn't also shorten commute times or otherwise make society better off?
Myron Scholes / Economist
Better Off
Temporary
Wealth
Commute
Otherwise
Shorten
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I was involved with Wells Fargo Bank as a consultant in the late 1960s and early 1970s, when I suggested to them that they develop a product that has become known as index funds.
Myron Scholes / Economist
1960s
Fargo
Late
Bank
Consultant
Funds
Suggested
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I think in our global economy, uncertainty is ever increasing. So to accommodate to that, we need to build a dynamic economy and dynamic rules that can adapt to changing circumstances.
Myron Scholes / Economist
Accommodate
Circumstances
Global Economy
Uncertainty
Adapt
Changing
Dynamic
Increasing
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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.
Myron Scholes / Economist
Academic
Active
Active Management
Careers
Management
Pricing
Risk
Derivative
Securities
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The experience of the '90s, whether it's the '94 peso crisis or the '97 crisis in Asia, the '98 crisis, even the 2001 crisis, is that we recovered pretty readily. There wasn't great consequence.
Myron Scholes / Economist
Asia
Consequence
Crisis
Readily
Recovered
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Tax incentives might spur hiring in the short run, but how lasting are those gains if the jobs expire with the tax credits and they come at the expense of investing in the new technologies of the future?
Myron Scholes / Economist
Jobs
Gains
Hiring
Incentives
Investing
Lasting
Tax
Credits
Short
Expense
Expire
New Technologies
Spur
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A bank needs models to measure risk. The problem, however, is that any one bank can measure its risk, but it also has to know what the risk taken by other banks in the system happens to be at any particular moment.
Myron Scholes / Economist
Models
Needs
Risk
Taken
Bank
Banks
Measure
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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.
Myron Scholes / Economist
Running
Compelling
Compelling Reason
Infrastructure
Innovation
Simple
Efficiently
Produces
Types
Virtually
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My view is that one should diversify broadly across different fund investments. However, it's tough for investors to try to pick the appropriate risk level that they should manage their funds at. Having a personal adviser would be helpful.
Myron Scholes / Economist
Adviser
Appropriate
Fund
Investors
Manage
Risk
Tough
Across
Diversify
However
Personal
Pick
View
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My first reaction on being awarded the Nobel Prize was, actually, I thought of Fischer Black, my colleague. He unfortunately had passed away. And there was no doubt in my mind that if he were still alive, he would have been a co-recipient of the Nobel Prize.
Myron Scholes / Economist
Fischer
No Doubt
Nobel Prize
Prize
Awarded
Colleague
Unfortunately
Passed
Reaction
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Keynesian modelling relies on marginal propensity to consume and marginal propensity to invest. The idea that if we give more money to the poor, they have a propensity to consume that's much higher than the wealthy, though I wish they would talk to my wife about that; she seems to have a propensity to consume.
Myron Scholes / Economist
Modelling
Propensity
Wealthy
Invest
Consume
Marginal
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Most of the time, your risk management works. With a systemic event such as the recent shocks following the collapse of Lehman Brothers, obviously the risk-management system of any one bank appears, after the fact, to be incomplete. We ended up where banks couldn't liquidate their risk, and the system tended to freeze up.
Myron Scholes / Economist
Collapse
Following
Freeze
Incomplete
Management
Risk Management
Time Where Your
Appears
Bank
Banks
Brothers
Ended
Event
Recent
Shocks
Systemic
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Myron Scholes Quotes - Page 1

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