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My Life as a Quant

My Life as a Quant PDF Author: Emanuel Derman
Publisher: John Wiley & Sons
ISBN: 1118428889
Category : Business & Economics
Languages : en
Pages : 304

Book Description
In My Life as a Quant, Emanuel Derman relives his exciting journey as one of the first high-energy particle physicists to migrate to Wall Street. Page by page, Derman details his adventures in this field—analyzing the incompatible personas of traders and quants, and discussing the dissimilar nature of knowledge in physics and finance. Throughout this tale, he also reflects on the appropriate way to apply the refined methods of physics to the hurly-burly world of markets.

My Life as a Quant

My Life as a Quant PDF Author: Emanuel Derman
Publisher: John Wiley & Sons
ISBN: 1118428889
Category : Business & Economics
Languages : en
Pages : 304
Book Description
In My Life as a Quant, Emanuel Derman relives his exciting journey as one of the first high-energy particle physicists to migrate to Wall Street. Page by page, Derman details his adventures in this field—analyzing the incompatible personas of traders and quants, and discussing the dissimilar nature of knowledge in physics and finance. Throughout this tale, he also reflects on the appropriate way to apply the refined methods of physics to the hurly-burly world of markets.

Ben Graham Was a Quant

Ben Graham Was a Quant PDF Author: Steven P. Greiner
Publisher: John Wiley & Sons
ISBN: 0470642076
Category : Business & Economics
Languages : en
Pages : 352
Book Description
Innovative insights on creating models that will help you become a disciplined intelligent investor The pioneer of value investing, Benjamin Graham, believed in a philosophy that continues to be followed by some of today's most successful investors, such as Warren Buffett. Part of this philosophy includes adhering to your stock selection process come "hell or high water" which, in his view, was one of the most important aspects of investing. So, if a quant designs and implements mathematical models for predicting stock or market movements, what better way to remain objective, then to invest using algorithms or the quantitative method? This is exactly what Ben Graham Was a Quant will show you how to do. Opening with a brief history of quantitative investing, this book quickly moves on to focus on the fundamental and financial factors used in selecting "Graham" stocks, demonstrate how to test these factors, and discuss how to combine them into a quantitative model. Reveals how to create custom screens based on Ben Graham's methods for security selection Addresses what it takes to find those factors most influential in forecasting stock returns Explores how to design models based on other styles and international strategies If you want to become a better investor, you need solid insights and the proper guidance. With Ben Graham Was a Quant, you'll receive this and much more, as you learn how to create quantitative models that follow in the footsteps of Graham's value philosophy.

The Story of Econophysics

The Story of Econophysics PDF Author: Kishore Chandra Dash
Publisher: Cambridge Scholars Publishing
ISBN: 1527538885
Category : Business & Economics
Languages : en
Pages : 222
Book Description
This book will appeal to the lay-reader with an interest in the history of what is today termed ‘Econophysics’, looking at various works throughout the ages that have led to the emergence of this field. It begins with a discussion of the philosophers and scientists who have contributed to this discipline, before moving on to considering the contributions of different institutions, books, journals and conferences in nurturing the subject.

Derivatives

Derivatives PDF Author: Espen Gaarder Haug
Publisher: John Wiley & Sons
ISBN: 1118836820
Category : Business & Economics
Languages : en
Pages : 384
Book Description
Derivatives Models on Models takes a theoretical and practical look at some of the latest and most important ideas behind derivatives pricing models. In each chapter the author highlights the latest thinking and trends in the area. A wide range of topics are covered, including valuation methods on stocks paying discrete dividend, Asian options, American barrier options, Complex barrier options, reset options, and electricity derivatives. The book also discusses the latest ideas surrounding finance like the robustness of dynamic delta hedging, option hedging, negative probabilities and space-time finance. The accompanying CD-ROM with additional Excel sheets includes the mathematical models covered in the book. The book also includes interviews with some of the world’s top names in the industry, and an insight into the history behind some of the greatest discoveries in quantitative finance. Interviewees include: Clive Granger, Nobel Prize winner in Economics 2003, on Cointegration Nassim Taleb on Black Swans Stephen Ross on Arbitrage Pricing Theory Emanuel Derman the Wall Street Quant Edward Thorp on Gambling and Trading Peter Carr the Wall Street Wizard of Option Symmetry and Volatility Aaron Brown on Gambling, Poker and Trading David Bates on Crash and Jumps Andrei Khrennikov on Negative Probabilities Elie Ayache on Option Trading and Modeling Peter Jaeckel on Monte Carlo Simulation Alan Lewis on Stochastic Volatility and Jumps Paul Wilmott on Paul Wilmott Knut Aase on Catastrophes and Financial Economics Eduardo Schwartz the Yoga Master of Quantitative Finance Bruno Dupire on Local and Stochastic Volatility Models

The Quants

The Quants PDF Author: Scott Patterson
Publisher: Random House
ISBN: 1446493091
Category : Business & Economics
Languages : en
Pages : 352
Book Description
You're a genius. Nobody plays the financial markets better than you. What could possibly go wrong? Quants - quantitative analysts - were the maths masterminds let loose on Wall Street in the belief that their brilliant, impregnable computer programs would always beat the market. But as the catastrophic events of 2007 and 2008 showed, their seemingly failproof methods were little more than ticking timebombs. Inspired by the 'Godfather of Quants' - maths-professor-turned-gambler Ed Thorp, who began applying skills learned at the Vegas tables to the financial markets back in the 1950s - the quants achieved extraordinary success and massive wealth. This book charts their rise from obscurity to boom and then to bust, explaining why they were so confident - and how they got it so disastrously wrong.

Models.Behaving.Badly.

Models.Behaving.Badly. PDF Author: Emanuel Derman
Publisher: Simon and Schuster
ISBN: 1439165017
Category : Science
Languages : en
Pages : 240
Book Description
Now in paperback, “a compelling, accessible, and provocative piece of work that forces us to question many of our assumptions” (Gillian Tett, author of Fool’s Gold). Quants, physicists working on Wall Street as quantitative analysts, have been widely blamed for triggering financial crises with their complex mathematical models. Their formulas were meant to allow Wall Street to prosper without risk. But in this penetrating insider’s look at the recent economic collapse, Emanuel Derman—former head quant at Goldman Sachs—explains the collision between mathematical modeling and economics and what makes financial models so dangerous. Though such models imitate the style of physics and employ the language of mathematics, theories in physics aim for a description of reality—but in finance, models can shoot only for a very limited approximation of reality. Derman uses his firsthand experience in financial theory and practice to explain the complicated tangles that have paralyzed the economy. Models.Behaving.Badly. exposes Wall Street’s love affair with models, and shows us why nobody will ever be able to write a model that can encapsulate human behavior.

Swimming with Sharks

Swimming with Sharks PDF Author: Joris Luyendijk
Publisher: Guardian Faber Publishing
ISBN: 1783350660
Category : Business & Economics
Languages : en
Pages : 352
Book Description
Joris Luyendijk, an investigative journalist, knew as much about banking as the average person: almost nothing. Bankers, he thought, were ruthless, competitive, bonus-obsessed sharks, irrelevant to his life. And then he was assigned to investigate the financial sector. Joris immersed himself in the City for a few years, speaking to over 200 people - from the competitive investment bankers and elite hedge-fund managers to downtrodden back-office staff, reviled HR managers and those made redundant in the regular 'culls'. Breaking the strictly imposed code of secrecy and silence, these insiders talked to Joris about what they actually do all day, how they see themselves and what makes them tick. They opened up about the toxic hiring and firing culture. They confessed to being overwhelmed by technological and mathematical opacity. They admitted that when Lehman Brothers went down in 2008 they hoarded food, put their money in gold and prepared to evacuate their children to the countryside. They agreed that nothing has changed since the crash. Joris had a chilling realisation. What if the bankers themselves aren't the real enemy? What if the truth about global finance is more sinister than that? This is a gripping work of reportage about the time bomb at the heart of our society.

Among the Bankers

Among the Bankers PDF Author: Joris Luyendijk
Publisher: Melville House
ISBN: 161219592X
Category : Business & Economics
Languages : en
Pages : 288
Book Description
Joris Luyendijk, an investigative journalist, knew as much about banking as the average person: almost nothing. Bankers, he thought, were ruthless, competitive, bonus-obsessed sharks, irrelevant to his life. And then he was assigned to investigate the financial sector. Joris immersed himself in the City—London’s equivalent of Wall Street—for several years, speaking to over 200 people—from the competitive investment bankers and elite hedge-fund managers to downtrodden back-office staff, reviled HR managers, and those made redundant in the regular 'culls'. Breaking the strictly imposed code of secrecy and silence, these insiders spoke on record about what they actually do all day, how they see the toxic environment in which they work, and how they think the uninitiated see them. They confessed to feeling overwhelmed by the intransparency of our financial systems. They admitted that when Lehman Brothers went down in 2008 they hoarded food, put their money in gold, and prepared to evacuate their children to the countryside. They agreed that nothing has changed since the crash. A strange thing happens when you spend time among the bankers . . . you start to sympathize with them. What if the bankers themselves aren't the real enemy? What if the truth about global finance is more sinister than that?

Extreme Money

Extreme Money PDF Author: Satyajit Das
Publisher: FT Press
ISBN: 0132790076
Category : Business & Economics
Languages : en
Pages : 459
Book Description
Everything from home mortgages to climate change has become financialized, as vast fortunes are generated by individuals who build nothing of lasting value. Das shows how "extreme money" has become ever more unreal; how "voodoo banking" continues to generate massive phony profits even now; and how a new generation of "Masters of the Universe" has come to domiinate the world.

Lecturing Birds on Flying

Lecturing Birds on Flying PDF Author: Pablo Triana
Publisher: John Wiley & Sons
ISBN: 0470406755
Category : Business & Economics
Languages : en
Pages : 400
Book Description
LECTURING BIRDS ON FLYING For the past few decades, the financial world has often displayed an unreasonable willingness to believe that "the model is right, the market is wrong," in spite of the fact that these theoretical machinations were largely responsible for the stock market crash of 1987, the LTCM crisis of 1998, the credit crisis of 2008, and many other blow-ups, large and small. Why have both financial insiders (traders, risk managers, executives) and outsiders (academics, journalists, regulators, the public) consistently demonstrated a willingness to treat quantifications as gospel? Nassim Taleb first addressed the conflicts between theoretical and real finance in his technical treatise on options, Dynamic Hedging. Now, in Lecturing Birds on Flying, Pablo Triana offers a powerful indictment on the trustworthiness of financial theory, explaining—in jargon-free plain English—how malfunctions in these quantitative machines have wreaked havoc in our real world. Triana first analyzes the fundamental question of whether financial markets can in principle really be solved mathematically. He shows that the markets indeed cannot be tamed with equations, presenting a long and powerful list of obstacles to prove his point: maverick unlawful human actions rule the markets, unexpected and unimaginable events shape the markets, and historical data is not necessarily a trustworthy guide to the future of the markets. The author then examines the sources of origin of many prevalent theories and mathematical dictums. He details how the field of financial economics evolved from a descriptive discipline to an abstract one dedicated to technically concocting professors' own versions of how such a world should work. He goes on to explain how Wall Street and other financial centers became eager employers of scientists, and how scientists became eager employees of financial firms. Triana concludes with an in-depth discussion of the most significant historical episodes of theory-caused real-life market malaise, with a strong emphasis on the current credit crisis. In the end, Lecturing Birds on Flying calls for the radical substitution of good old-fashioned common sense in place of mathematical decision-making and the restoration to financial power of those who are completely unchained to the iron ball of classroom-obtained qualifications.