From My Life as a Quant

Whenever I have a new problem to work on-- in physics or options theory-- the first major struggle is to gain some intuition about how to proceed; the second struggle is to transform this intuition into something more formulaic, a set of rules anyone can follow, rules that no longer require the original insight itself. In this way, one person's breakthrough becomes everybody's possession. (Emanuel Derman, My Life as a Quant: Reflections on Physics and Finance, p. 48)

[To the tune of Grateful Dead, "The Mighty Quinn," from the album "1991-04-05 - The Omni".]

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