Myron Scholes

Date of Birth: July 1, 1941

Zodiac Sign: Cancer

Biography

Myron Scholes is a renowned Canadian-American economist, best known for his pioneering work in the field of financial economics. Born in Timmins, Ontario, Canada, Scholes has made significant contributions to the understanding of risk and derivative pricing. He is one of the co-creators of the Black-Scholes model, a fundamental model for pricing options and corporate liabilities. For this groundbreaking work, Scholes, along with Robert C. Merton, was awarded the Nobel Memorial Prize in Economic Sciences in 1997. Scholes has also held esteemed positions in academia, including professorships at the University of Chicago, MIT Sloan School of Management, and Stanford University. In addition to his academic achievements, Scholes has been actively involved in the financial industry, serving as a principal and limited partner at Long-Term Capital Management, and later as a senior advisor to various financial institutions.

5 Interesting Facts about Myron Scholes

1. Myron Scholes was awarded the Nobel Memorial Prize in Economic Sciences in 1997 along with Robert C. Merton for their new method to determine the value of derivatives.

2. He co-authored the Black-Scholes model, which has become a cornerstone tool in the pricing of options and other financial derivatives.

3. Scholes has served as a professor at several prestigious institutions, including the University of Chicago, MIT Sloan School of Management, and Stanford University.

4. He was a principal and limited partner at Long-Term Capital Management, a hedge fund that famously collapsed in 1998.

5. Scholes has been actively involved in advising various financial institutions and has contributed to the development of risk management practices in the industry.

5 Most Interesting Quotes from Myron Scholes

1. “The key to risk management is to never put yourself in a position where you cannot live to fight another day.”

2. “In the financial markets, risk is not only ubiquitous but also difficult to measure accurately.”

3. “Understanding the nature of financial risk is crucial for developing effective risk management strategies.”

4. “Models are simplifications of reality; they are useful but must be used with caution.”

5. “The Black-Scholes model has stood the test of time, but it is not without its limitations.”

Highest Net Worth Achieved

The highest net worth achieved by Myron Scholes is estimated to be around $50 million, primarily from his academic work, contributions to financial models, and involvement in financial institutions.