I didn't become interested in derivatives until 1982, 1983.

There are challenges in terms of the measurement of VAR for what are known as nonlinear derivatives, where things like gamma and vega are important dimensions of the risk.

Never insult an alligator until after you have crossed the river.

The ages two to 15 I spent at different stages of shortness. I didn't become a tall person until I was 16.

I didn't get interested in education until I had kids.

Briefly speaking, our conclusion is that stochastic volatility does not make a huge difference as far as the pricing is concerned if you get the average volatility right. It makes a big difference as far as hedging is concerned.