Emanuel Derman has a PhD in theoretical physics from Columbia University. He is the author of numerous articles in elementary particle physics, computer science, and finance, and a coauthor of the widely used Black-Derman-Toy interest rate model and the Derman-Kani local volatility model. After an initial career in academic life and a stint at AT&T Bell Laboratories, he moved to Goldman, Sachs & Co. in 1985, where he became a managing director in 1997. Among his many awards and honors, he was named the SunGuard/IAFE Financial Engineer of the Year in 2000 and was appointed to the "Risk" Hall of Fame in 2002. He is currently the Director of the Program in Financial Engineering at Columbia University, a columnist for "Risk" magazine, and a risk advisor to an investment amangement company. He lives in New York City.