Briefly speaking, our conclusion is that stochastic volatility does not make a huge difference as far as the pricing is concerned if you get the average volatility right. It makes a big difference as far as hedging is concerned. ↗
When interest rates are high you want the average direction in which interest rates are moving to be downward; when interest rates are low you want the average direction to be upward. ↗
Surveys have shown going back as far as you and I can remember that people have perceived a leftward tilt in the basic coverage that they get on TV news. ↗
When you're five years old, and you're running a business that people did not think there was room for, getting attention is not a bad thing. Letting it be known by whatever colorful language is necessary is not a bad thing. ↗
Accuracy is, in every case, advantageous to beauty, and just reasoning to delicate sentiment. In vain would we exalt the one by depreciating the other. ↗
Like everybody at that age, I read an awful lot of pulp fiction. But at the same time, I also read quite a bit of history and read that as much for pleasure as part of a curriculum. ↗