「The real test of a financial model is not how complex it is, but how well it captures the essential features of the economic problem.」- 罗伯特·默顿经典语录

The real test of a financial model is not how complex it is, but how well it captures the essential features of the economic problem.

罗伯特·默顿

💡 解读：金融模型的真正考验不在于它有多复杂，而在于它是否能很好地捕捉经济问题的本质特征。

👤 更多罗伯特·默顿经典语录 10句

Risk is not just about the probability of loss, but also about the uncertainty of outcomes.

罗伯特·默顿

Financial innovation can be a powerful force for good, but it can also be a source of instability if not properly managed.

罗伯特·默顿

The beauty of the Black-Scholes model is that it reduces the problem of pricing an option to a few observable variables.

罗伯特·默顿

The beauty of the Black-Scholes model is that it reduces the problem of pricing an option to estimating a few key parameters, most notably volatility.

罗伯特·默顿

The beauty of continuous-time finance is that it allows us to think about the economics of uncertainty in a very precise way.

罗伯特·默顿

In finance, the only certainty is uncertainty.

罗伯特·默顿

In finance, the only certainty is that there is no certainty.

罗伯特·默顿

Financial innovation can be a force for good, but only if it is properly understood and managed.

罗伯特·默顿

The most important lesson from the history of financial markets is that risk is never truly eliminated, only transformed.

罗伯特·默顿

In finance, the only free lunch is diversification.

罗伯特·默顿

李娟

但愿同入梦。

琼瑶

悲伤就是知识

拜伦

表面看起来糟糕的事，本质上却往往并非如此。

塞涅卡

我绝不坚信这个时代没有放之四海而皆准的正义和良善的价值观，它们不仅仅有，而且不是朝令夕改流动无常的，它们是稳定而永恒的。

亚历山大·索尔仁尼琴

我们根本没想到要怀疑或轻视“历史的启示”；历史就是我们的一切。

恩格斯

奇花与丽日争妍，翠竹共青天斗碧。

吴承恩

大家礼义教子弟，小家凶恶训儿郎。

周希陶

人人为我，我为人人。

列宁

真理就是自由人的祖国。真理不存在于丑化了的现实里。生命的第一个行动就是创造的行动。在争论中是不分高贵卑鄙，也不管称号姓氏的，重要的只是真理，在它面前人人平等。

罗曼·罗兰

40句相邻名言

In the long run, the market is a weighing machine, but in the short run, it is a voting machine.

费希尔·布莱克

提出布莱克-斯科尔斯模型

The most important thing in life is not to capitalize on your gains, but to avoid your losses.

费希尔·布莱克

提出布莱克-斯科尔斯模型

The beauty of a living thing is not the atoms that go into it, but the way those atoms are put together.

费希尔·布莱克

提出布莱克-斯科尔斯模型

Noise makes financial markets possible, but also makes them imperfect.

费希尔·布莱克

提出布莱克-斯科尔斯模型

The key to understanding the Black-Scholes model is recognizing that it is based on the idea of a risk-neutral world, where investors are indifferent to risk.

迈伦·斯科尔斯

期权定价模型开创者

Markets are not perfectly efficient, but they are efficient enough that most people cannot consistently outperform them.

迈伦·斯科尔斯

期权定价模型开创者

The real value of an option is not in its price, but in the flexibility it provides to the holder.

迈伦·斯科尔斯

期权定价模型开创者

In finance, the only certainty is uncertainty, and the only way to manage it is through diversification and hedging.

迈伦·斯科尔斯

期权定价模型开创者

The key to understanding the Black-Scholes model is to recognize that it is based on the idea of creating a riskless hedge.

迈伦·斯科尔斯

期权定价模型开创者

The only way to beat the market is to have information that others do not or to interpret available information better than others.

迈伦·斯科尔斯

期权定价模型开创者

Risk management is not about eliminating risk but understanding it and ensuring that the risks taken are the ones you want to take.

迈伦·斯科尔斯

期权定价模型开创者

In the long run, the market is a weighing machine, but in the short run, it is a voting machine.

迈伦·斯科尔斯

期权定价模型开创者

The key to understanding the Black-Scholes model is to recognize that it is based on the idea of hedging to eliminate risk.

迈伦·斯科尔斯

期权定价模型开创者

Markets are not perfectly efficient, but they are efficient enough that most people cannot consistently beat them.

迈伦·斯科尔斯

期权定价模型开创者

The only way to make money is to take risks, but the key is to take calculated risks.

迈伦·斯科尔斯

期权定价模型开创者

The most important thing in investing is not how much you make, but how much you keep after taxes.

迈伦·斯科尔斯

期权定价模型开创者

The beauty of continuous-time finance is that it allows us to think about the economics of uncertainty in a very precise way.

罗伯特·默顿

期权定价理论与金融工程奠基人

Financial innovation can be a powerful force for good, but it can also be a source of instability if not properly managed.

罗伯特·默顿

期权定价理论与金融工程奠基人

The most important lesson from the history of financial markets is that risk is never truly eliminated, only transformed.

罗伯特·默顿

期权定价理论与金融工程奠基人

In finance, the only free lunch is diversification.

罗伯特·默顿

期权定价理论与金融工程奠基人

The beauty of the Black-Scholes model is that it reduces the problem of pricing an option to a few observable variables.

罗伯特·默顿

期权定价理论与金融工程奠基人

Financial innovation can be a force for good, but only if it is properly understood and managed.

罗伯特·默顿

期权定价理论与金融工程奠基人

Risk is not just about the probability of loss, but also about the uncertainty of outcomes.

罗伯特·默顿

期权定价理论与金融工程奠基人

The most important lesson from the financial crisis is that we need to think about systemic risk in a more comprehensive way.

罗伯特·默顿

期权定价理论与金融工程奠基人

In finance, the only certainty is that there is no certainty.

罗伯特·默顿

期权定价理论与金融工程奠基人

The beauty of the Black-Scholes model is that it reduces the problem of pricing an option to estimating a few key parameters, most notably volatility.

罗伯特·默顿

期权定价理论与金融工程奠基人

In finance, the only certainty is uncertainty.

罗伯特·默顿

期权定价理论与金融工程奠基人

The secret to doing good research is always to be a little underemployed. You waste years by not being able to waste hours.

阿莫斯·特沃斯基

行为经济学奠基人

People predict by making up stories.

阿莫斯·特沃斯基

行为经济学奠基人

The mind is a machine for jumping to conclusions.

阿莫斯·特沃斯基

行为经济学奠基人

The illusion of validity is a cognitive illusion in which a person overestimates his or her ability to interpret and predict accurately the outcome when analyzing a set of data.

阿莫斯·特沃斯基

行为经济学奠基人

The most important thing about science is that it provides us with a method for asking questions that can be answered unambiguously.

阿莫斯·特沃斯基

行为经济学奠基人

The illusion of validity is a cognitive bias that describes our tendency to be overconfident in the accuracy of our judgments.

阿莫斯·特沃斯基

行为经济学奠基人

The most important thing about science is that it’s a way of preventing yourself from lying to yourself.

阿莫斯·特沃斯基

行为经济学奠基人

The most important thing about a theory is its predictive validity, not its aesthetic appeal.

阿莫斯·特沃斯基

行为经济学奠基人

The capital asset pricing model (CAPM) is a useful tool for understanding the risk-return tradeoff, but it is far from perfect.

肯尼斯·弗伦奇

提出多因子模型，革新资产定价理论

Investors should be aware that the factors driving returns today may not be the same ones that drive returns tomorrow.

肯尼斯·弗伦奇

提出多因子模型，革新资产定价理论

The size and value effects are pervasive across different markets and time periods.

肯尼斯·弗伦奇

提出多因子模型，革新资产定价理论

Diversification is the only free lunch in finance, but it requires discipline and patience.

肯尼斯·弗伦奇

提出多因子模型，革新资产定价理论

Market efficiency does not mean that prices are always right, but that they are impossible to predict consistently.

肯尼斯·弗伦奇

提出多因子模型，革新资产定价理论

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