'The Plan Sponsor's Goal': CFA Institute Response

摘要

Our thanks to Perry Mehrling and Dimitry Mindlin for clearing up confusion about what Fischer Black meant to write in "The Plan Sponsor's Goal." Part of Black's genius was that he exemplified Emerson's admonition that "a foolish consistency is the hobgoblin of little minds." Throughout his brilliant career, Fischer Black often had us wondering how he would approach a particular problem even when we thought we knew where he stood. It is no surprise, therefore, that some of us found ourselves off balance in interpreting one of his parting shots.