Original source: SimoleonSense.com .
Oh you Chicago boyz are funny.
H/T Marginal revolution
Introduction & Excerpt (via Mahalanobis)
Just seen on youtube: Myron Scholes on liquidity, risk transfer, chaos, the role of hedge funds and how they are interelated (Stanford Graduate School of Business, April 2004):
Definitely worth watching. Of course, if we could travel back in time and take part in the Q&A, we would have asked him what he thinks about the principal-agent problem (HFs und especially prop desks who have at best a medium term view vs. ignorant investors, shareholders, and management) and short to medium term market distortions due to crowded trades / traders riding the bubble.
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