My principal contribution to the Black-Scholes option-pricing theory was to show that the dynamic trading strategy prescribed by Black and Scholes to offset the risk exposure of an option would provide a perfect hedge in the limit of continuous trading.


Robert C. Merton

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Most people might just as well buy a share of the whole market, which pools all the information, tha...
MERTON MILLER
Wheels of fire, cosmic, rich, full-bodied honest victories over desperation.
THOMAS MERTON
When I used to do the Edinburgh Festival, there was a bunch of guys selling fresh oysters and I'...
PAUL MERTON
October is a fine and dangerous season in America . . . a wonderful time to begin anything at all.
THOMAS MERTON
We must make the choices that enable us to fulfill the deepest capacities of our real selves.
THOMAS MERTON
We have what we seek, it is there all the time, and if we give it time, it will make itself known to...
THOMAS MERTON
The least of the work of learning is done in the classroom
THOMAS MERTON
Love is our true destiny. We do not find the meaning of life by ourselves alone-we find it with anot...
THOMAS MERTON
We are already one. But we imagine that we are not. And what we have to recover is our original unit...
THOMAS MERTON
The least of learning is done in the classrooms.
THOMAS MERTON
An author in a Trappist monastery is like a duck in a chicken coop. And he would give anything in th...
THOMAS MERTON
Faith is a light of such supreme brilliance that it dazzles the mind and darkens all its visions of ...
THOMAS MERTON
It is in deep solitude that I find the gentleness with which I can truly love my brothers. The more ...
THOMAS MERTON
My research interests since then have shifted strongly towards the economic and regulatory problems ...
MERTON MILLER
The tighter you squeeze, the less you have.
THOMAS MERTON
Attachment to spiritual things is... just as much an attachment as inordinate love of anything else.
THOMAS MERTON
The thing about improvisation is that it's not about what you say. It's listening to what ot...
PAUL MERTON
It is in deep solitude that I find the gentleness with which I can truly love my brothers. The more ...
THOMAS MERTON
If I had a message to my contemporaries it is surely this: Be anything you like, be madmen, drunks, ...
THOMAS MERTON
If you write for God you will reach many men and bring them joy. If you write for men--you may make ...
THOMAS MERTON
Instead of hating the people you think are war-makers, hate the appetites and disorder in your own s...
THOMAS MERTON
The greatest need of our time is to clean out the enormous mass of mental and emotional rubbish that...
THOMAS MERTON
For me to be a saint means to be myself. Therefore the problem of sanctity and salvation is in fact ...
THOMAS MERTON
There is only one problem on which all my existence, my peace, my happiness depend: to discover myse...
THOMAS MERTON
We have the choice of two identities: the external mask which seems to be real...and the hidden, inn...
THOMAS MERTON
I was not sure where I was going, and I could not see what I would do when I got [there]. But you sa...
THOMAS MERTON
Most of the world is either asleep or dead. The religious people are, for the most part, asleep. The...
THOMAS MERTON
To know the Cross is not merely to know our own sufferings. For the Cross is the sign of salvation, ...
THOMAS MERTON
One of the effects of original sin is an instinctive prejudice in favour of our own selfish desires....
THOMAS MERTON
In actual fact, conventions are the death of real tradition as they are of all real life. They are p...
THOMAS MERTON
God has left sin in the world in order that there may be forgiveness: not only the secret forgivenes...
THOMAS MERTON
True happiness is not found in any other reward than that of being united with God. If I seek some o...
THOMAS MERTON
In all His acts God orders all things, whether good or evil, for the good of those who know Him and ...
THOMAS MERTON
There is something in the depths of our being that hungers for wholeness and finality. Because we ar...
THOMAS MERTON
Everything in modern city life is calculated to keep man from entering into himself and thinking abo...
THOMAS MERTON
The Lord did not create suffering. Pain and death came into the world with the fall of man. But afte...
THOMAS MERTON
God, Who is everywhere, never leaves us. Yet He seems sometimes to be present, sometimes to be absen...
THOMAS MERTON
Art enables us to find ourselves and loose ourselves at the same time.
THOMAS MERTON
One who is content with what he has, and who accepts the fact that he inevitably misses very much in...
THOMAS MERTON
Who is willing to be satisfied with a job that expresses all his limitations? He will accept such wo...
THOMAS MERTON
We are obliged to love one another. We are not strictly bound to 'like' one another. Love governs th...
THOMAS MERTON
Every man becomes the image of the God he adores.
He whose worship is directed to a dead thing ...
THOMAS MERTON
A man who fails well is greater than one who succeeds badly.
THOMAS MERTON
The real reason why so few men believe in God is that they have ceased to believe that even a God ca...
THOMAS MERTON