YouSaid · the spoken record

William Sharpe

lines on the record: 157
first: 2017-06-02
most recent: 2017-06-02
sittings or episodes: 1
sources: podcast

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“I don't think so, no. What I'm hoping, I mentioned financial engineers. There are programs, and there are a lot of them. Typically master's programs sometimes in engineering or math or sometimes economics, sometimes business schools for financial engineers, though. And these people, for example, You know, this may sound, you mentioned something about runtime. Runtime on one of these really complex analyses with all these scenarios can be under a minute. Sometimes well under a minute because it's programmed in a language which is designed for matrix operations MATLAB from MathWorks and it turns out in almost all of these programs most of the students on their resumes say they know MATLAB. So the programming aspect isn't going to frighten them”
2017-06-02 · Masters in Business · Interview With William Sharpe: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Topographic. And I have a bunch of analytic tools. And in the software, you can just say, well, let's try this one with that and that and that. And you can say, well, let's look at what happens if they're both alive separately from what happens if one's alive. With Social Security, you have different payouts. So you can do diagnostics. You can do, as I say, infer, well, this would be optimal for somebody with a utility function like this This is suboptimal. You can get the same probability distributions cheaper if you do it more efficiently. So I can diagnose that. So”
2017-06-02 · Masters in Business · Interview With William Sharpe: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“That side of the table. Well, we'll argue offline. But there's a whole series of analytic routines which you can apply once you've done this for a particular strategy or set of strategies. Add them together. And so, for example, I've talked about multidimensional probability distribution. What's the range of things that I could, incomes I could get next year? What's the range the following year? Well, there are at least two ways to show that one is you show one distribution, and I have a particular pet way to show it that I think individuals can relate to better, and then it's an animated graph. You show one, and then the next comes up, and then the next. And another way is what's called an income map where you're sort of like looking down from the sky on a terrain.”
2017-06-02 · Masters in Business · Interview With William Sharpe: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Okay, first of all, let me say, if I were teaching, I wish it would be in my class because you're a quick learner, but we knew that.”
2017-06-02 · Masters in Business · Interview With William Sharpe: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Multi dimension utility functions okay. So here is the utility of income for me in next year, and then here's another one in the following year. Then in principle, I might be able to give you an optimal strategy, but nobody does. Nobody has those utility functions. What I can do is infer I said, look, if you choose this strategy or this combination of strategies, then I can tell you first of all it's not efficient, you can do better. Or if it is efficient, I can say, well, you're acting as if these were your utility functions. And you could perhaps look at those.”
2017-06-02 · Masters in Business · Interview With William Sharpe: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Clearly suboptimal. Precisely. But do I have, can I say I have an optimizer that will tell you the optimal rule? No, I do not. Nor does anybody else. If you were to give me multidimensional utility functions,”
2017-06-02 · Masters in Business · Interview With William Sharpe: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And there's another one, so you got a whole bunch of those. Another one, how much do they get from, let's take the strategy you alluded to, so-called 4% rule. Your money in whatever investments, take out four percent the first year, every year keep taking out an amount with the same purchasing power as what you took out initially. You either die or run out of money, and good luck to you. And I and a couple of my colleagues at Financial Engines have written about that rule. It's not the worst possible rule, but it's right up there”
2017-06-02 · Masters in Business · Interview With William Sharpe: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“You know, in terms of mortality, let's call it. Then you have another one of those spreadsheets for what happens to the returns on the market portfolio, which in my version is a world bond and stock portfolio. Index fund low cost. So each of those is this year it did 8%. The next year it did 12%. The next year it lost 40%. So you have 100,000 different stories. You got another one for inflation, one hundred thousand different inflation stories. Another one for what happens to TIPS, Treasury Protected Securities. Those are my two investments. And then you say, and then you've got Bob and Sue, or you've got one for socials. Then the other is sort of fill up with incomes. So, in this scenario, in this year, how much to Bob and Sue get from Social Security?”
2017-06-02 · Masters in Business · Interview With William Sharpe: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“But the idea is think about a matrix and use the word table, a spreadsheet, call it a spreadsheet And every row is a possible scenario for the next 50 years. And there are a bunch of rows, in fact, there are a hundred thousand rows because there are a lot of things that could happen. So you have 100,000 different scenarios, and each column is a year. Okay. So you've got that, let's call it spreadsheet, but you've got a lot of these spreadsheets. So, for example, there's one spreadsheet that's built out of actuarial tables. That basically says, okay, in this scenario, Bob and Sue, my protagonists, or whomever you want, you can... who there are, how old they are. They live, both of them live for the first three years, then Bob dies, Sue lives five more years, then Sue dies, and then what's left goes to the estate?”
2017-06-02 · Masters in Business · Interview With William Sharpe: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And that's just Thumb, it's terrible. Yeah, well, if I may give you a little bit of the structure. The project has the word matrices in it, and the book has programs and matrix algebra. It's only somebody in a financial engineering program would love this, probably.”
2017-06-02 · Masters in Business · Interview With William Sharpe: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And you have the actuarial issues to deal with. You don't know how long people are going to live. And so there are many, many issues. So it's a multidimensional problem in some senses where we chose to treat the others as a single dimension. And so it's good and juicy in terms of hard to do. And you can, as far as I can see, you can only deal with it with computations. And I write programs for fun. I love programming. And it's important. So it had all the things that turned me on as an economist”
2017-06-02 · Masters in Business · Interview With William Sharpe: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“It is for two reasons one because you can't just say, well, let's assume there is one period left in the world. And you have to say, there are many years.”
2017-06-02 · Masters in Business · Interview With William Sharpe: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I don't golf and I don't fish I could sure go to more symphonies and operas and sale. I don't have a sailboat anymore. I have a boat. Go out on the boat more often. Well, it's kind of the same thing that motivated my last two phases. Here's a really important problem. It's a problem which is appealing because it affects ordinary people.”
2017-06-02 · Masters in Business · Interview With William Sharpe: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I mean, my prototype is Bob and Sue Smith. She's 65, he's 67. They've started Social Security. They've got some savings from rollover iras, what have you. And what do they do now? How do they buy an annuity? If so, what? Do they invest in mutual funds? If so, which? Do they buy some other sophisticated financial product? If they do their own investment, how do they invest? How do they decide how much to spend each year? And so this is trying to get my arms around. Many at least of the problems and issues associated with that set of decisions. And so the project involves an ebook, which is very large. It would be if it were physical, and a suite of software, and it's all public domain, or will be when it's released.”
2017-06-02 · Masters in Business · Interview With William Sharpe: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, this is sort of moved as we spoke about earlier. There was a phase in my life in which I focused on the problems of managers of large institutional funds. Pensions endowments. And then when I went back to Stanford in the early 90s, 92, I started focusing. 401ks were coming into being. So I started focusing my research on the problems of the individual investor trying to figure out how to accumulate, how to invest in their 401k plans, let's call it. and then followed that up with financial engines as a firm devoted again at that point to the individual's accumulation phase. And for the last few years, I have been focusing Pretty much single mindedly on the individual's decumulation phase.”
2017-06-02 · Masters in Business · Interview With William Sharpe: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And it's really fun. You can simulate a world in which you have a little bit of information. I have a little bit. None of us really knows what we're doing. And yet magically the prices end up incorporating all the information. I mean, this is not a new finding, but... What's fun is to write just a smallish simulation program and see how remarkably efficient it's the idea that all of us is smarter than any one of us.”
2017-06-02 · Masters in Business · Interview With William Sharpe: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Rich investors have a lot more votes, and they have a lot more resources, they do a lot more research, and they presumably can be more intelligent about trying to estimate risk. Nobody can really estimate risk because it only manifests itself in an outcome every day or minute. But I think I would prefer to think of the market as setting prices, taking into account as best one can information about the uncertain future. There are some other aspects that we'll probably talk about where you don't even have to think the market's that intelligent. But no, I mean, when you go meet a real investor or introspect on your own investment, you say, how can, but there's also in this book I referenced, the 2007 book, I did a lot of simulation.”
2017-06-02 · Masters in Business · Interview With William Sharpe: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“While I was reminded of, I think it was George Stigler who wrote about. Firms maximizing profits, et cetera, and said anytime I visit the manager of a real firm, I have to go back and reread my textbooks. Same thing with investors. I guess my view is we all know that your neighbor is not a very... Sophisticated investor introspection will tell us that we're not. Sophisticated investors, but you got to think about security markets. It's not democracy. Not every investor gets the same votes.”
2017-06-02 · Masters in Business · Interview With William Sharpe: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“But in many cases, the distribution, if you want to think of it that way, is symmetric enough. So if you measure the square deviation from the mean, which is standard deviation, that's variance, or you measure the square deviation on the downside, you get similar numbers. And the more securities in your portfolio, the more likely that is to be the case in most circumstances. So although we've talked about that and thought about that at the portfolio security level because the mathematics get so ugly, we tend to stay with variance in the sense that maybe it's close enough approximation.”
2017-06-02 · Masters in Business · Interview With William Sharpe: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, let me go back in Harry's early work. He had a section, I think it was in the book, saying, well, maybe we ought to use, he focused on what's called semi variants. Is risk squared, let's call it up and down. Semivariance is a measure of the downside. And it's like it takes all the possible downsides and weights them and squares them and such. And people have come up. I think Frank Sartino has a ratio had at one point that uses downside. And yes, I mean, there's no doubt about it, and certainly the behavioral literature tells us that people wait downside much more heavily than they wait upside. So that all is very appealing and attractive. It's extremely difficult to build equilibrium models because the mathematics gets really squirrely. And I've tried and failed. Others have tried perhaps failed as well, but”
2017-06-02 · Masters in Business · Interview With William Sharpe: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, this is strange you ask just yesterday. I spent an hour with a woman who she's actually the wife of a friend of mine in totally different context. And she's a financial advisor to individuals, generally young techie types. And her question was your question. How do I talk about risk to my client? How do I estimate his or her tolerance for risk? And, you know, they're a questionnaires and psychological this and that. And she's tried those too, and they're not very satisfying. It's very difficult.”
2017-06-02 · Masters in Business · Interview With William Sharpe: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“From a guy who said, Oh, I can take risks. So, measuring risk, but I think for most human beings, risk is losing a lot of money in a short period of time unexpectedly The question is how do you, I mean, that's a little too amorphous to put in a nice rigorous mathematical model. But presumable if you take something that could go up or could go down is more likely to go up than to go down. Then risk is a probability distribution, and the wider it is, the more risk there is, and you can start using measures like variance or standard deviation to try to simplify that. But it's just, but yes, the downside is what we worry about. We don't worry about upside risk. That's okay. It seems to take care of it.”
2017-06-02 · Masters in Business · Interview With William Sharpe: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“First time I met him, we had lunch somewhere in New York, and he was then managing money for wealthy clients, and we were talking about risk and risk aversion and risk tolerance. And he said, Well, do you know when I know what the true risk tolerance of a client is, and I being young and naive, said no, when, Peter, he said, well, after the markets had a really bad day and I get a call at 2 a.m. saying, I can't.”
2017-06-02 · Masters in Business · Interview With William Sharpe: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, let me give you an anecdote for that question. The first time I met Peter Bernstein, who is legendary, and I suspect many of your listeners know his writing. Know his work. He was a sweetheart.”
2017-06-02 · Masters in Business · Interview With William Sharpe: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“That was my database. And I had to put it on an index cards and go to the library and write down all the numbers and use a hand, you know, a desk calculator. So, over the years, of course, we did more sophisticated tests. We had better databases. And that said, even today, with all that we have, there's a lot of noise in what happens in security markets. So it's hard to find what might be at the core in a truth for the long term, let us say”
2017-06-02 · Masters in Business · Interview With William Sharpe: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I mean, the models, either the dissertation or the subsequent one, you know, are models, you make some assumptions and then you do some calculations and some operations, you get a conclusion. I did a test that is so crude. I don't even, we don't remember how crude our data sets were. I mean, I did a test in my dissertation. I used annual returns on 30 mutual funds.”
2017-06-02 · Masters in Business · Interview With William Sharpe: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“More dramatically to downmarkets than in the long run you should do better. In the short run you can be wiped out at least. Widely injured. So that's the basic notion. And in the single index model, that's assumed in the more general capital asset pricing model. That's a conclusion.”
2017-06-02 · Masters in Business · Interview With William Sharpe: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“The basic idea is that is the risk for which you're going to be rewarded. If you expose yourself at risk. Yeah, if you expose yourself.”
2017-06-02 · Masters in Business · Interview With William Sharpe: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, they happen to come, the paths combined. In some sense with Jack Hirschleifer at UCLA and Mark Rubenstein is a student there. So in some sense they're not sequential. But yes, I do. And I try to, because this is taught, as I say, at the PhD level, I think it ought to be taught at the MBA level and the undergraduate level. So in 2007, I published a book, the name of which I can't quite remember, that came out of some lectures I gave at Princeton trying to make the case that, yes, you can teach undergraduates and MBA students. This approach rather than Mean variance, although again, as they say, qualitatively. They're not widely different.”
2017-06-02 · Masters in Business · Interview With William Sharpe: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And so that approach, which now in PhD programs in finance, often is called a pricing kernel. A E-R-N-E-L, it has the same character, it has many of the same pragmatic results, but it's more general. And so that's what I use. I do not use the capital asset pricing model in my models, in my work, which surprises some people.”
2017-06-02 · Masters in Business · Interview With William Sharpe: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Which basically is a model of prices in an equilibrium framework? And the basic idea there to just make it overly simplified is that how much would it cost you to buy a security that pays you a dollar three years from now if at that point the market is up 30%? Give or take, what would that cost? And there's some number, present value of that. And then you just think of the world, there's a whole bunch of those. And when you put that into a security market context, you again get the result that it's market risk that matters, but it may matter in a different way, instead of a certain kind of diagram, instead of a straight line, it may be a curve. Widely oversimplify. And the great thing about that view is that it extends very beautifully to multi-periods. It's much more general.”
2017-06-02 · Masters in Business · Interview With William Sharpe: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Here's Around that is Precisely. And then what I did in my equilibrium model is say, well, what if everybody thinks about the world that way? And they come to market and they trade with each other and prices adjust, what would one expect to find? And not surprisingly, you find that securities in that world would be price so higher expected return goes with higher beta, which is a measure of how things move together. And it's related to this variance, mean variance structure. And the economic line is it's market risk that matters. That's what you get rewarded for, other risk you don't get paid for That's sort of the bottom line. About the time Harry was first working, Canero and Gerard DeBrux independently developed what came to be known as state preference theory.”
2017-06-02 · Masters in Business · Interview With William Sharpe: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“No, it has evolved, and people are sometimes surprised with this, and let me, if I may, take a little bit of time. The capital asset pricing model builds on Harry's view of the world, which is that you think about the world in terms of mean and variance, expected return and risk. Variations”
2017-06-02 · Masters in Business · Interview With William Sharpe: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, it was a little more collegial because we were both working Iran together. And he didn't have any authority, but yes, basically he and I chatted about this and that and wanting to try that and the rest and so forth.”
2017-06-02 · Masters in Business · Interview With William Sharpe: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“That was, but I remember Jack's dead now, but telling him more than once that he did me a great favor because then I went to Fred Weston, financial economist at UCLA, and said, what am I going to do? He said, Well, you really like this work Harry Markowitz did. Harry has just come to Rand. Why don't go talk to Harry? So I did, and I worked out an arrangement between Fred and Armenalchin and at UCLA and Harry, who was not at UCLA that I'd work with Harry. So it was a little more.”
2017-06-02 · Masters in Business · Interview With William Sharpe: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Methodology and when Jack Hursleifer, whose work I was building on, came to UCLA, my advisor said, why don't you go talk to Jack? And I did, and Jack read my half dissertation and said, I don't think there's a dissertation here.”
2017-06-02 · Masters in Business · Interview With William Sharpe: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“When I first went, Harry was not there at that point. And so I was working on logistics issues, big models and computer programs and what have you. And I decided I wanted to teach. So the path of least resistance was to take some education courses, get a junior college credential. I took one education course at night and decided, no, I'd rather get a PhD and teach at the university level. So I was able to get a PhD at UCLA while working full-time supporting my family at RAN because they were very generous in that regard. I started a dissertation on a totally different subject, transfer pricing, using a lot of operations research.”
2017-06-02 · Masters in Business · Interview With William Sharpe: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Let me, if I may, do a little more of the backstory. Sure. When I first went to RAND, I came out of the service with a master's degree at RAND.”
2017-06-02 · Masters in Business · Interview With William Sharpe: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“This was in the 1980s So, for example, returns based aisle analysis. And again, the idea was to get your arms around the whole. Full time managed portfolio and evaluate it as a whole, try to figure out whether or not you've got the right pieces and you've got them in the right magnitudes. And at the end of the day, are you adding value So there are a number of problems and we got to deal with the real world very sophisticated clients and try out some new ideas, develop some new ideas. It was pretty heady.”
2017-06-02 · Masters in Business · Interview With William Sharpe: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“At one level, but not, for example, one of the things that came out of that was what's called returns-based style analysis. How do you get your hand? You've got this portfolio, you've got 100 different money managers out there How do you get your arms around it? Who's doing what? How does this piece fit in with that piece? Are you getting enough average returns out of this manager to justify being in the portfolio and being in at that level or less or more?”
2017-06-02 · Masters in Business · Interview With William Sharpe: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, first, what were the risks? Where were the risks What was their performance? How did it Wasn't good or bad relative to the risks that we're taking”
2017-06-02 · Masters in Business · Interview With William Sharpe: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And so the idea was bring to bear the research that existed and do new research and bring in new things that could help those folks. So that was the target in terms of the problems. And so we set up this firm and again in various manifestations. And we worked with General Motors Pension Fund, Stafford Endowment, et cetera. Right.”
2017-06-02 · Masters in Business · Interview With William Sharpe: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Actually, that was when I finally bit the bullet and became an emeritus professor. My wife and I started a research consulting firm in 86, which went through an 89, and I took leave, then I went back, and then I thought, no, I need to do it full-time. And so that lasted six years in different manifestations. What we were trying to do is bring I hate to call it modern finance theory. I hate that term, but. Financial economics, theory, empirical work to bear on the problems faced by the manager of the General Motors Pension Fund. Manager of the Stanford University Endowment. So professionals who were managing large pools of money in an institutional setting.”
2017-06-02 · Masters in Business · Interview With William Sharpe: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“He wasn't at hard. He was working, I think, as a student at Harvard. I believe he was at Arthur D Little when he was doing that work. He came at it a different way, and I became aware of his work a year or two after I'd submitted mine for publication, so I put a footnote in saying here's this other work.”
2017-06-02 · Masters in Business · Interview With William Sharpe: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Although, as I say, others were beginning down a similar path. Jack Traynor, you know, he didn't publish, but he was going down. He came at it differently.”
2017-06-02 · Masters in Business · Interview With William Sharpe: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, obviously if I hadn't read Harry's work, if I hadn't done the work in the first part of the dissertation, I wouldn't have moved to go to the stage of asking the question, what if everybody did this? So, in that sense, crucial. It was interesting, Harry, two or three years later said, oh, I just reread your paper and now I see you didn't assume that. You actually derived it. So I will say that that part, I think, was pretty much my work.”
2017-06-02 · Masters in Business · Interview With William Sharpe: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And so, but the Journal of Finance had a number of, I would call, let's call them scientific articles. It was not unusual, but it was a change for the field of finance, not only in practice, but also in academics, which is, you know, there was no field called financial economics. Now there is”
2017-06-02 · Masters in Business · Interview With William Sharpe: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, needless to say you have some, well, maybe it wasn't. I knew it was unique. Well, there's some dispute about that too. Others were going down similar paths in various ways. But I thought it was valuable. And I thought, well, if this isn't valuable, let me give you a little broader context. In those days, economics was theory and equilibrium and all that sort of stuff. Finance was very old timy. By any modern standards, and so I was one of the first economists that went into the field of finance. Fred Weston before me.”
2017-06-02 · Masters in Business · Interview With William Sharpe: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Right, waiting for the phone to ring and it didn't ring and it didn't ring. And I thought, you know, months pass. And I thought, man, I've just written the best paper I'm ever going to write. And nobody cares. But eventually people started paying attention to it.”
2017-06-02 · Masters in Business · Interview With William Sharpe: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“That leads to here, isn't that interesting? Yeah, exactly. So in any event, and as a matter of fact, when it was finally published in the Journal of Finance, I asked as far as the referee asked, could we have another referee, please? Then they changed editors and such. But when it was published, I thought, well, this is the best thing I'm ever going to do. And in that, I was correct. And I sat by the phone. We didn't have computers in those days.”
2017-06-02 · Masters in Business · Interview With William Sharpe: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source