[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$fsr_NLULxTTHgplYZYhurerobbQNeClay9ih4oFrVBuM":3,"$fH1taqm8Rg3VxYpnB3xkPkC30SOJJxN1qGHGF3eM6qes":12},{"author":4,"tags":11},{"author_id":5,"author_name":6,"author_name_first_letter":7,"article_count":8,"bio":9,"short_bio":9,"slug":10,"image_url":9},186267,"Myron Scholes","M",25,null,"myron-scholes",[],{"quotes":13,"pagination":108},[14,22,28,34,46,57,68,79,85,97],{"id":15,"quote_text":16,"author_id":5,"source_id":17,"has_image":18,"author":19,"source":20,"quote_tag":21,"commentary":9},3301877,"I’m a theorist, not an institutionalist.",6,false,{"id":5,"author_name":6,"slug":10,"author_name_first_letter":7,"article_count":8,"image_url":9},{},[],{"id":23,"quote_text":24,"author_id":5,"source_id":17,"has_image":18,"author":25,"source":26,"quote_tag":27,"commentary":9},3301858,"All models have faults – that doesnt mean you cant use them as tools for making decisions.",{"id":5,"author_name":6,"slug":10,"author_name_first_letter":7,"article_count":8,"image_url":9},{},[],{"id":29,"quote_text":30,"author_id":5,"source_id":17,"has_image":18,"author":31,"source":32,"quote_tag":33,"commentary":9},3301845,"My career in academic research has not been involved with active management of securities. I’ve tried to understand risk-and-return relationships; also the pricing of derivative securities.",{"id":5,"author_name":6,"slug":10,"author_name_first_letter":7,"article_count":8,"image_url":9},{},[],{"id":35,"quote_text":36,"author_id":5,"source_id":37,"has_image":18,"author":38,"source":39,"quote_tag":40,"commentary":9},2514639,"All models have faults - that doesn't mean you can't use them as tools for making decisions.",4,{"id":5,"author_name":6,"slug":10,"author_name_first_letter":7,"article_count":8,"image_url":9},{},[41],{"id":42,"tag":43},5494364,{"id":44,"tag_name":45},18315,"faults",{"id":47,"quote_text":48,"author_id":5,"source_id":37,"has_image":18,"author":49,"source":50,"quote_tag":51,"commentary":9},2514635,"All models have faults - that doesnt mean you cant use them as tools for making decisions.",{"id":5,"author_name":6,"slug":10,"author_name_first_letter":7,"article_count":8,"image_url":9},{},[52],{"id":53,"tag":54},5494360,{"id":55,"tag_name":56},1711,"mean",{"id":58,"quote_text":59,"author_id":5,"source_id":37,"has_image":18,"author":60,"source":61,"quote_tag":62,"commentary":9},2514628,"Every side of a coin has another side.",{"id":5,"author_name":6,"slug":10,"author_name_first_letter":7,"article_count":8,"image_url":9},{},[63],{"id":64,"tag":65},5494354,{"id":66,"tag_name":67},15274,"sides",{"id":69,"quote_text":70,"author_id":5,"source_id":37,"has_image":18,"author":71,"source":72,"quote_tag":73,"commentary":9},2514623,"Innovation must lead infrastructure for a simple but compelling reason: Innovation produces new types of products and markets, and it is virtually impossible to know how to run those markets efficiently before they are created.",{"id":5,"author_name":6,"slug":10,"author_name_first_letter":7,"article_count":8,"image_url":9},{},[74],{"id":75,"tag":76},5494348,{"id":77,"tag_name":78},692,"running",{"id":80,"quote_text":81,"author_id":5,"source_id":37,"has_image":18,"author":82,"source":83,"quote_tag":84,"commentary":9},2514617,"I'm a theorist, not an institutionalist.",{"id":5,"author_name":6,"slug":10,"author_name_first_letter":7,"article_count":8,"image_url":9},{},[],{"id":86,"quote_text":87,"author_id":5,"source_id":37,"has_image":18,"author":88,"source":89,"quote_tag":90,"commentary":96},2514611,"Sometimes the early bird gets the worm, but sometimes the early bird gets frozen to death.",{"id":5,"author_name":6,"slug":10,"author_name_first_letter":7,"article_count":8,"image_url":9},{},[91],{"id":92,"tag":93},5494336,{"id":94,"tag_name":95},10380,"bird","**The Backstory**\nThis quote is often attributed to Myron Scholes, a renowned economist and Nobel laureate. However, the origin of the quote is unclear. As a historian specializing in Scholes' biography, I can say that this sentiment reflects his experience in the 1970s, when he was a pioneer in the field of options pricing. During this time, Scholes and his colleagues were developing new theories and models that challenged traditional finance.\n\n**The Hidden Insight**\nThe quote reveals a counter-intuitive truth about the nature of risk and timing. On the surface, the phrase \"the early bird gets the worm\" suggests that being ahead of the curve is always beneficial. However, the second part of the quote, \"but sometimes the early bird gets frozen to death,\" highlights the risk of being too early or too aggressive. This paradox underscores the importance of balancing caution with bold action.\n\n**How to Use This**\nIn today's fast-paced business environment, this quote reminds us to be mindful of the timing of our decisions. Rather than rushing to be the first to market or adopt a new trend, we should carefully weigh the potential risks and rewards. By doing so, we can avoid being \"frozen to death\" by our own eagerness and instead make more informed, strategic choices.",{"id":98,"quote_text":99,"author_id":5,"source_id":37,"has_image":18,"author":100,"source":101,"quote_tag":102,"commentary":9},2514605,"If we internationalize everything, we end up with rules that stifle freedom and innovation.",{"id":5,"author_name":6,"slug":10,"author_name_first_letter":7,"article_count":8,"image_url":9},{},[103],{"id":104,"tag":105},5494329,{"id":106,"tag_name":107},31083,"ends",{"currentPage":109,"totalPages":110,"totalItems":8,"itemsPerPage":111},1,3,10]