期权定价模型开创者迈伦·斯科尔斯说过的名人名言哲理格言警句语录

In finance, the only certainty is uncertainty, and the only way to manage it is through diversification and hedging.

在金融领域，唯一确定的就是不确定性，而管理它的唯一方法是通过多样化和对冲。

The real value of an option is not in its price, but in the flexibility it provides to the holder.

期权的真正价值不在于其价格，而在于它为持有者提供的灵活性。

Markets are not perfectly efficient, but they are efficient enough that most people cannot consistently outperform them.

市场并非完全有效，但它们足够有效，以至于大多数人无法持续跑赢市场。

迈伦·斯科尔斯

The key to understanding the Black-Scholes model is recognizing that it is based on the idea of a risk-neutral world, where investors are indifferent to risk.

理解布莱克-斯科尔斯模型的关键在于认识到它是基于风险中性世界的概念，在这个世界中投资者对风险漠不关心。

迈伦·斯科尔斯

Noise makes financial markets possible, but also makes them imperfect.

噪音使金融市场成为可能，但也使它们不完美。

费希尔·布莱克

The beauty of a living thing is not the atoms that go into it, but the way those atoms are put together.

生命之美不在于构成它的原子，而在于这些原子的组合方式。

费希尔·布莱克

The most important thing in life is not to capitalize on your gains, but to avoid your losses.

生活中最重要的事情不是利用你的收益，而是避免你的损失。

费希尔·布莱克

In the long run, the market is a weighing machine, but in the short run, it is a voting machine.

长期来看，市场是一台称重机，但短期来看，它是一台投票机。

费希尔·布莱克

The key to understanding the behavior of financial markets is to understand the behavior of the people who participate in them.

理解金融市场行为的关键在于理解参与其中的人的行为。

费希尔·布莱克

Noise is information that hasn’t been processed yet.

噪音是尚未被处理的信息。

费希尔·布莱克

The beauty of the Black-Scholes formula is that it depends on only one unobservable parameter, the volatility of the stock.

布莱克-斯科尔斯公式的美妙之处在于它仅依赖于一个不可观测的参数，即股票的波动率。

费希尔·布莱克

The market portfolio is the only risky portfolio that all investors should hold.

市场组合是所有投资者都应持有的唯一风险组合。

威廉·夏普

In the long run, risk and return are related, but in the short run, they may not be.

长期来看，风险与收益相关，但短期内未必如此。

威廉·夏普

The capital asset pricing model was not intended to be a positive theory of what investors actually do, but rather a normative theory of what rational investors should do.

资本资产定价模型并非旨在描述投资者实际行为的实证理论，而是关于理性投资者应如何行事的规范理论。

威廉·夏普

The market portfolio is efficient if and only if all investors hold mean-variance efficient portfolios.

当且仅当所有投资者都持有均值-方差有效的投资组合时，市场组合才是有效的。

威廉·夏普

In the long run, risk and return are related. But in the short run, the relationship is often perverse.

长期来看，风险与回报是相关的。但在短期内，这种关系常常是反常的。

威廉·夏普

Diversification is both observed and sensible; a rule of behavior which does not imply the superiority of diversification must be rejected both as a hypothesis and as a maxim.

分散化既是被观察到的也是明智的；任何不隐含分散化优势的行为规则，无论是作为假设还是格言，都必须被拒绝。

威廉·夏普

The capital asset pricing model was not intended to be a positive theory of equilibrium in capital markets, but rather a normative theory of how prices should behave if investors acted in a certain way.

资本资产定价模型并非旨在成为资本市场的实证均衡理论，而是一种规范性理论，描述如果投资者以某种方式行事，价格应如何表现。

威廉·夏普

The essence of investment management is the management of risks, not the management of returns.

投资管理的本质是风险管理，而不是回报管理。

威廉·夏普

The market portfolio is the only portfolio that all investors should hold.

市场组合是所有投资者都应该持有的唯一组合。

威廉·夏普

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