If Someone Says To You, Go To

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.

Every Side Of A Coin Has Another Side.

I'm A Theorist, Not An Institutionalist.

If We Internationalize Everything, We End Up With Rules That Stifle Freedom And Innovation.

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.