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Thus a long term corporate bond could actually be sold to three separate persons. One would supply the money for the bond; one would bear the interest rate risk, and one would bear the risk of default. The last two would not have to put up any capital for the bond, though they might have to post some sort of collateral.

Fischer Black
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In the end, a theory is accepted not because it is confirmed by conventional empirical tests, but because researchers persuade one another that the theory is correct and relevant.

Fischer Black

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Policemen so cherish their status as keepers of the peace and protectors of the public that they have occasionally been known to beat to death those citizens or groups who question that status.
David Mamet

Fischer Black

Fischer Black
Creative Commons

Born: January 11, 1938
Died: August 30, 1995 (aged 57)
Bio: Fischer Sheffey Black was an American economist, best known as one of the authors of the famous Black Scholes equation.

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