Unexpected Roads Happily Traveled

Robert C. Merton, winner of The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1997 (sometimes incorrectly known as the Nobel Prize in Economics wrote with what in retrospect might have an ironic ring:

“It was deliciously intense and exciting to have been a part of creating LTCM (Long-Term Capital Management).  For making it possible, I will never be able to adequately express my indebtedness to my extraordinarily talented LTCM colleagues.  The distinctive LTCM experience from the beginning to the present characterizes the theme of the productive interaction of finance theory and finance practice.  Indeed, in a twist on the more familiar version of that theme, the major investment magazine, Institutional Investor characterized the remarkable collection of people at LTCM as “The best finance faculty in the world.”  In long retrospect, unexpected roads happily traveled”.”


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