While I have some regrets that this is my last opportunity to deliver a State of the State address, I appreciate and am humbled by the opportunities this great state has given me. ↗
In the interest rate area, traders have for a long time used a version of what is known as Black's model for European bond options; another version of the same model for caps and floors; and yet another version of the same model for European swap options. ↗
The problem with interest rates are that you are not modeling a single number, you are modeling a whole term structure, so it is a sort of different type of problem. ↗
Ultimately, at the end of it, it's just trying to get into that space where you feel like you're hitting the right thing and you're making music. And it feels intuitive rather than being counterintuitive. ↗
Yeah, it's more like playing what you think is appropriate for the moment. It's not about trying to force any particular style within the parameters - and the parameters we play in are pretty large! ↗
One way to bring down crime in the state of California and every state in the union is to have an enforceable border. That means let's build that border fence. When people want to come into this country, let's ask them to knock on the front door. ↗
The fidelity question is difficult for me. Society has made us believe we're supposed to be monogamous when we're not killer whales, or whatever the monogamous species is. ↗
By the time I was 29 I'd spent eight years with someone else's group of friends. I had no idea what it was like to be a woman with mates of her own to socialize with. ↗
