In 1993, at the invitation of Institutional Investor I launched The Journal of Derivatives. From the start, my vision was that articles should be as scientifically rigorous as in pure academic journals, but the focus should be on applicable research rather than abstract theory. With dedication, a lot of hard work and love from me and, especially, from all of the authors whose work has appeared in the JOD over the last 25 years, that vision was largely fulfilled and the journal came to be regarded as a leading practitioner-oriented research journal in the area of derivatives. Rare for a journal of this kind, articles in The Journal of Derivatives are covered in the Web of Science Citation index.

The ownership and management of the journals in the Institutional Investor family have recently changed and they have decided to take the JOD in a new direction. I am not going to be part of that effort, so with 101 quarterly issues under my belt, I have become "emeritus" as Editor. I am deeply grateful to all who have supported the journal over the last 25 years: My Co-Editors Sanjiv Das, Raghu Sundaram and Bob Jarrow, the Associate Editors, the referees, the authors, and perhaps most importantly, the readers, without whom the rest of us would have been wasting our time. Thank you all!