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Sometimes the early bird gets the worm, but sometimes the early bird gets frozen to death.

All models have faults - that doesn't mean you can't use them as tools for making decisions.

Every side of a coin has another side.

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.

From Myron Scholes

I'm a theorist, not an institutionalist.

From Myron Scholes

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.

From Myron Scholes

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.

From Myron Scholes

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.

From Myron Scholes

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.

From Myron Scholes

A futures contract is a derivative, but the futures exchange doesn't call them 'derivatives,' they call them 'futures.'

From Myron Scholes

Myron Scholes

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