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Jules-Henri Poincaré, (1854–1912) was, according to James Newman, . . . a French savant who looked alarmingly like a French savant. He was short and plump, carried an enormous head set off by a thick spade beard and splendid mustache, was myopic, stooped, distraught in speech, absent-minded and wore pince-nez glasses attached to a black silk ribbon.5 Poincaré was another mathematician in the long line of child prodigies that we have met along the way. He grew up to be the leading French mathematician of his time. Nevertheless, Poincaré made the great mistake of underestimating the accomplishments of a student named Louis Bachelier, who earned a degree in 1900 at the Sorbonne with a dissertation tided “The Theory of Speculation.”6 Poincaré, in his review of the thesis, observed that “M. Bachelier has evidenced an original and precise mind [but] the subject is somewhat remote from those our other candidates are in the habit of treating.” The thesis was awarded “mention honorable,” rather than the highest award of “mention très honorable” which was essential for anyone hoping to find a decent job in the academic community. Bachelier never found such a job. Bachelier’s thesis came to light only by accident more than fifty years after he wrote it. Young as he was at the time, the mathematics he developed to explain the pricing of options on French government bonds anticipated by five years Einstein’s discovery of the motion of electrons—
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Peter L. Bernstein (Against the Gods: The Remarkable Story of Risk)