Quote

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

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Myron Scholes
Age: 83
Born: 1941
Born: July 1
Economist
Mathematician
Myron Samuel Scholes
Running
Innovation
Reason
Created
Efficiently
Must
Products
Virtually
Lead
Infrastructure
Produce
Markets
Type
Produces
Impossible
Types
Simple
Compelling

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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.
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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.
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If we internationalize everything, we end up with rules that stifle freedom and innovation.
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