The omega man

From helping develop the Black-Scholes model to co-founding ill-fated hedge fund Long-Term Capital Management, Myron Scholes has had a seminal influence on the markets. Navroz Patel talks to the Nobel laureate about his current thinking on investment and risk management

At a day-long investor client conference hosted by an investment bank in New York earlier this year, Myron Scholes gave a presentation during the lunch break. The Nobel prize winner self-deprecatingly asked how he should interpret the fact that he was now typically asked to give talks during lunches, when audiences are understandably distracted, while many years ago he was offered what could be considered more prestigious slots in the schedule. But if any attendee had wondered if it was because