The Quants: How a New Breed of Math Whizzes Conquered Wall Street and Nearly Destroyed It
by D - Wednesday, Mar 10, 2010 at 10:46pm
"For the last 20 years, Wall Street has been increasingly taken over by a breed of math and science whizzes known as quants. By applying math to markets, they were able to predict and price risk, down to the penny. Or so they said. This is the story of their rise and fall, of how they turbocharged finance, and then drove it off a cliff to the detriment of the entire world.
What's the big deal? Well, for starters, the global financial crisis. Along with subprime mortgages and overleveraged banks, these quants are the folks we can thank for it. They're a notoriously reclusive bunch, but author gets extraordinary access to their lives, complete with the luxury cars, the private jets, and the high-stakes poker in their hotel suites. Wonder why all the big news these days is about what banks and hedge funds should and shouldn't be able to do? Read this book."- Matthew Philips, Newsday, March 8, 2010.
"For the last 20 years, Wall Street has been increasingly taken over by a breed of math and science whizzes known as quants. By applying math to markets, they were able to predict and price risk, down to the penny. Or so they said. This is the story of their rise and fall, of how they turbocharged finance, and then drove it off a cliff to the detriment of the entire world.
What's the big deal? Well, for starters, the global financial crisis. Along with subprime mortgages and overleveraged banks, these quants are the folks we can thank for it. They're a notoriously reclusive bunch, but author gets extraordinary access to their lives, complete with the luxury cars, the private jets, and the high-stakes poker in their hotel suites. Wonder why all the big news these days is about what banks and hedge funds should and shouldn't be able to do? Read this book."- Matthew Philips, Newsday, March 8, 2010.
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"Beware of geeks bearing formulas." --Warren Buffett In March of 2006, the world's richest men sipped champagne in an opulent New York hotel. They were preparing to compete in a poker ...
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