So our time at MIT draws to a close. The M.Fin's time to maturity has finally come, but I am sure we all "expired" in-the-money. Actually, not expired. This is just the beginning of what I am sure will be 73 wonderful careers and lives. It was a fantastic year, definitely exceeding already very high expectations. Both challenging and rewarding, our time together resembled a geometric Brownian motion, with a large drift term of acquired knowledge and experiences, but also featuring a diffusion term of challenges and academic obstacles along the way.
Not only have we solidified our understanding of finance and real world problems, but also we have met amazing people and made fantastic friends. I know we will all go to very different places now, but friendship and technology allow us to have call options on our friends, the chance to keep in touch with very talented people from all over the globe.
Now we all change our measure, from the risk-neutral world of academics, to the physical world in which we can apply all the concepts we have learned and the thinking abilities we have developed in order to tackle meaningful problems. Changes of measure don't come easy, and life can be stochastic sometimes, but MIT has prepared us well to face the random walks we might encounter.
Life is not risk-free, and by the no-arbitrage principle, we cannot make it risk-free by dynamic replication. But we still can always find the best Sharpe ratio, and MIT has given us mean-variance optimization. Life is also not programmable, but MIT taught us how to debug a lot of it. Finishing our studies at MIT is both inspiring to acknowledge we can now represent it and humbling to know we will be expected to give continuity to MIT's long history of excelence.
As we move on to our careers, we shouldn't have the feeling of leaving MIT. We can now proudly say we have earned a look-back option on all experiences we have had. A perpetuity on MIT's incredible network. A convertible bond, from the indebted student life to the equity of our enhanced human capital. MIT will always be part of us.
Thank you very much, and good luck for the next M.Fins!