Mar

17

Not yours to give

March 17, 2023 |

with agrarian economists in every 3-letter agency and the treasury, it's hard to look to free markets in the near term. but this too will pass as the British Library scholar of the 1840's views go out of style and poverty and envy reign.

A little story: Richard Sandor once introduced me for a lecture about my non-mathematical colleague at UC who garnered a Prize. He told that while he was on the Exchange many savants noticed the vol of distant options was way too high mathematically and market speaking. He ended right before my talk, "Not one of them is still around the Exchange." As the "prefect father" according to Ron Kline would say "true story" and one has nightmares about 30 years later.

the great Robert Merton was in the audience as his son was also honored. I told the story of Davey Crockett refusing to vote for aid to the benefit of a widow of a distinguished naval officer and how he offered to pay out of his pocket. Amazingly I have a letter from the 90-year old Robert Merton asking me for the reference to that story.

not the end of the story. I went up to Richard Sandor at the end of my talk and I said that like Horatio Bunce I realized from Richard's talk that I was a wrong to sell out-of-the-money puts and that I would never do it again because my adversaries controlled the margins et al.

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