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A futures contract is a derivative, but the futures exchange doesn't call them 'derivatives,' they call them 'futures.'

- Myron Scholes
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Myron Scholes
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If someone says to you, 'Go to an old-folks' home,' that's kind of ridiculous, because a lot of old people are doing terrific things for society.

From an early age I was very, very fascinated by uncertainty.

Every side of a coin has another side.

I was involved with Wells Fargo Bank as a consultant in the late 1960s and early 1970s, when I suggested to them that they develop a product that has become known as index funds.

I think in our global economy, uncertainty is ever increasing. So to accommodate to that, we need to build a dynamic economy and dynamic rules that can adapt to changing circumstances.

Sometimes the early bird gets the worm, but sometimes the early bird gets frozen to death.

The experience of the '90s, whether it's the '94 peso crisis or the '97 crisis in Asia, the '98 crisis, even the 2001 crisis, is that we recovered pretty readily. There wasn't great consequence.

Every side of a coin has another side.

I'm a theorist, not an institutionalist.

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A futures contract is a derivative, but the futures exchange doesn't call them 'derivatives,' they call them 'futures.'

A futures contract is a derivative, but the futures exchange doesn't call them 'derivatives,' they call them 'futures.'

A futures contract is a derivative, but the futures exchange doesn't call them 'derivatives,' they call them 'futures.'

A futures contract is a derivative, but the futures exchange doesn't call them 'derivatives,' they call them 'futures.'

A futures contract is a derivative, but the futures exchange doesn't call them 'derivatives,' they call them 'futures.'

A futures contract is a derivative, but the futures exchange doesn't call them 'derivatives,' they call them 'futures.'

A futures contract is a derivative, but the futures exchange doesn't call them 'derivatives,' they call them 'futures.'

A futures contract is a derivative, but the futures exchange doesn't call them 'derivatives,' they call them 'futures.'

A futures contract is a derivative, but the futures exchange doesn't call them 'derivatives,' they call them 'futures.'

A futures contract is a derivative, but the futures exchange doesn't call them 'derivatives,' they call them 'futures.'

A futures contract is a derivative, but the futures exchange doesn't call them 'derivatives,' they call them 'futures.'

A futures contract is a derivative, but the futures exchange doesn't call them 'derivatives,' they call them 'futures.'

A futures contract is a derivative, but the futures exchange doesn't call them 'derivatives,' they call them 'futures.'

A futures contract is a derivative, but the futures exchange doesn't call them 'derivatives,' they call them 'futures.'

A futures contract is a derivative, but the futures exchange doesn't call them 'derivatives,' they call them 'futures.'