一个公式，让他狂赚超10亿！

Core Insights - The rapid development of China's options market, which now includes over 70 varieties across various sectors such as finance, agriculture, energy, and metals [1] Group 1: Robert Merton's Background and Contributions - Robert Merton, known as the "father of options," won the Nobel Prize in Economic Sciences in 1997 and is a professor at Harvard Business School [1][4] - Merton's early exposure to finance began at age 11 when he bought his first stock, General Motors, and made a profit [1] - He studied under Paul Samuelson at MIT, which significantly influenced the development of the derivatives market over the following decades [1][2] Group 2: Financial Theories and Models - Merton developed the multi-stage capital asset pricing model, which helps investors achieve optimal portfolios in volatile markets [2] - His work on the Black-Scholes-Merton pricing model revolutionized options pricing, marking a shift from philosophical approaches to quantitative models [4][5] - The Black-Scholes-Merton formula has become foundational in pricing various financial derivatives, contributing to a trillion-dollar industry [5][6] Group 3: Impact on Financial Markets - Merton's theories have greatly facilitated the growth of the global derivatives market, with his work being the basis for much of the financial industry's operations today [6] - He co-founded Long-Term Capital Management, which achieved annual returns of 40% in its early years, demonstrating the practical application of his theories [6][7] - Merton has also addressed social issues related to economic development, proposing solutions for pension management that have been adopted by regulatory bodies [7]