The Black-Sholes Formula – 诺贝尔经济奖Scholes, Merton与LTCM S

Key Points:

1) From 1950 an unknown PhD Math Thesis by French Dr. Bachelier (a PhD student of the 20CE last Polymath Henri Poincaré, who was not impressed with the ‘gambling’ math, gave only an above-average marks to the thesis) – invention of “Options” Trading to eliminate risk in stock fluctuations.

2) The technique is called “Dynamic Hedging”…

3) …by applying the Japanese mathematician “Ito Math”.

4) Noble Prize Economics awarded to “ Black-Sholes Formula”

5). Sholes & Merton Company “LTCM” – making tons of money until… 1997 Asian Crisis, bailed out by USA government after loss of billions !



李彦宏Baidu CEO : Internet 3 Episodes : PC->Mobile ->AI


李彦宏 Baidu CEO Cambridge Speech 剑桥大学演讲
《3 waves of Internet》:
1) PC- based (1997-)

  • Search Webpages
  • 6-month software update cycle

2) Mobile-based (2010 -)

  • “APP” is born
  • Eco-System : eg. Apple Appstore, Google PlayStore
  • O2O (Online to Offline) : Same day Hotel booking/Restaurant /…
  • SW Update everyday few times

3) AI-based (2017 – now)

  • Voice recognition sans keyboard input
  • Image recognition (eg. Customer ePayment :McDonald’s )
  • Natural language Pattern NLP (Salesman Virtual Assistant)