the way he came up with that theory is a surprising one here's his friend noted index investor mark hebnern that story. >> we was waiting to meet with his professor helping him decide what his ph.d. dissertation would be on, and he was sitting in the room with a stock broker. the stock broker actually is the one that suggested that maybe he applies what he learned in mathematics to the stock market. believe it or not nobody had done this. and so this is really the reason he gets this prize as he quantified these elements of risk, and he did so with what's called the standard deviation, which is really that's a little confusing, people roll their eyes when we talk about standard deviation, but how much do returns deviate from their average. that's a quick way to think about it they do. they do a lot. >> now about 15 years after that dissertation came out he founded arbitrage management through his life he wrote or co-authored 15 books and was involved in the development of a programming language used in simulations and communications network and was the genesis of the gaming world we know t