Myron Scholes

A bank needs models to measure risk. The problem, however, is that any one bank can measure its risk, but it also has to know what the risk taken by other banks in the system happens to be at any particular moment.

I doubt very much that the chief executives of any of the Fortune 500 corporations can name five edible plants, five native grasses, or five migratory birds within walking distance of their homes, or name the soil series upon which their house sits. And I would contend that if you don't know where you are, you are in fact nowhere at all.