From HSIF gambling to Merton's Continue-Time Finance
2 years ago, I was gambling on HSIF ( mini HSIF actually ). Last week, I bought a book from the Noble Price winner R.C. Merton - Continue Time Finance.
Frankly, I am very willing to buy it. Although what in my mind is still only want to take a look on the book of a famous prize winner, I am very willing to paid the 35 quids.
Once I open the book, I become humble. How can a person can achieve such completeness of a field? After reading the first chapter, I totally agree his ideology on how should the modern finance develop. Very challenging! Even more challenging than flying a Boeing!!! His book is something not easy to understand. May be my english level is still low, but everyone should agree his contribution toward modern finance and his thorough idea about arangement of chapters. From agent's choice, discrete time cases, transit to continue time. Once the agent's choice about portfolio and comsuptions developed, the focus then on the option pricing ( again from discrete toward continuous. ). Furthermore, the later chapters of the book move on to the area of term strucutures, marcoscopic on the market's behaviours. Amazing!!
Then look back on my progress, I am only standing in front of a little room of the finance, just after enter the door of the house of finance. To be honest, I am greedy, I am greedy to become a master of finance. But, how many more years I have to work hard in order to going up to the second floor of this house? I wonder.......
Looking back or not, I am now enter the door of finance castle. This is a very fortunate event happened on me. I want to work in the industry, but I much more want to see more on the cutting edge of finance technology. The best choice will be I can take part in the development of cutting edge finance technology. Admited again to be greedy, I want to prove myself a cutting edge person rather simply a practitioner in the industry or follower of field.
Then, I ask myself - am i determined to become a scholar? Am i have the brave to jump into the bottomless sea? My personality is my key concern. I am a "easy-to-be-move" person. So, some little difficulties or some other interesting or other pretty flower can distrack my determination.
My philosophy is that studying finance is the road or the stepping steps to transit myself to another higher level of mental strength and broaden my vision. I admire Merton's vision behind his therotical studies a lot. His mutli-dimensional ability towards finance prove himself a brillant person on academia. Looking at another professor, ( N. W. ), he is then comparatively become a technicain in finance. Lot of empircal and repeatly studies on the same horizon of pricing theories. One should know that finance industry is dynamic and then every 3-5 years there are new products or new regulation. His vision is only keep on the same horizon of the products understanding and development. Sorry, N.W., I feel guilty to say such bad mouth behind you and sepically I am a "bottom well fog". I promise I will review my paragraphs in the future to see any amendments are necessary.
Ok, time to stop. Back to finish my task on the desk about the optimal control project. Cheers!
Frankly, I am very willing to buy it. Although what in my mind is still only want to take a look on the book of a famous prize winner, I am very willing to paid the 35 quids.
Once I open the book, I become humble. How can a person can achieve such completeness of a field? After reading the first chapter, I totally agree his ideology on how should the modern finance develop. Very challenging! Even more challenging than flying a Boeing!!! His book is something not easy to understand. May be my english level is still low, but everyone should agree his contribution toward modern finance and his thorough idea about arangement of chapters. From agent's choice, discrete time cases, transit to continue time. Once the agent's choice about portfolio and comsuptions developed, the focus then on the option pricing ( again from discrete toward continuous. ). Furthermore, the later chapters of the book move on to the area of term strucutures, marcoscopic on the market's behaviours. Amazing!!
Then look back on my progress, I am only standing in front of a little room of the finance, just after enter the door of the house of finance. To be honest, I am greedy, I am greedy to become a master of finance. But, how many more years I have to work hard in order to going up to the second floor of this house? I wonder.......
Looking back or not, I am now enter the door of finance castle. This is a very fortunate event happened on me. I want to work in the industry, but I much more want to see more on the cutting edge of finance technology. The best choice will be I can take part in the development of cutting edge finance technology. Admited again to be greedy, I want to prove myself a cutting edge person rather simply a practitioner in the industry or follower of field.
Then, I ask myself - am i determined to become a scholar? Am i have the brave to jump into the bottomless sea? My personality is my key concern. I am a "easy-to-be-move" person. So, some little difficulties or some other interesting or other pretty flower can distrack my determination.
My philosophy is that studying finance is the road or the stepping steps to transit myself to another higher level of mental strength and broaden my vision. I admire Merton's vision behind his therotical studies a lot. His mutli-dimensional ability towards finance prove himself a brillant person on academia. Looking at another professor, ( N. W. ), he is then comparatively become a technicain in finance. Lot of empircal and repeatly studies on the same horizon of pricing theories. One should know that finance industry is dynamic and then every 3-5 years there are new products or new regulation. His vision is only keep on the same horizon of the products understanding and development. Sorry, N.W., I feel guilty to say such bad mouth behind you and sepically I am a "bottom well fog". I promise I will review my paragraphs in the future to see any amendments are necessary.
Ok, time to stop. Back to finish my task on the desk about the optimal control project. Cheers!
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