I knew that to maintain PNP’s trading edge I would have to develop my tools for valuing warrants, options, convertible bonds, and other derivative securities rapidly enough to stay ahead of future marching legions of PhDs hungry for academic advancement through publication. Though I had to keep important results secret for the benefit of our investors, I could publicize lesser ideas that I thought would soon be found by others.
Pretty full and rapid transition from academic to mercenary. Kind of question the ethics of his period when he was doing both simultaneously. Then again, plenty of academics keep secrets for fear of rivals catching up and surpassing them too quickly.
