Myron Scholes won a noble prize in economics too. He then went on to become a partner at Long Term Capital Management, which resulted in one of the largest hedge fund collapses ever. A massive federal bailout was required to right the bond market and save the world from Scholes’ pretentious theories. Scholes than went on to found another hedge fund “Platinum Grove Asset Management.” This fund began collapsing last fall and halted investor withdrawals.
There was a reason Alfred Noble did not make a prize for economists.
