The Quants: How a New Breed of outlet sale Math Whizzes Conquered Wall Street and lowest Nearly Destroyed It outlet sale

The Quants: How a New Breed of outlet sale Math Whizzes Conquered Wall Street and lowest Nearly Destroyed It outlet sale

The Quants: How a New Breed of outlet sale Math Whizzes Conquered Wall Street and lowest Nearly Destroyed It outlet sale
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With the immediacy of today’s NASDAQ close and the timeless power of a Greek tragedy, The Quants is at once a masterpiece of explanatory journalism, a gripping tale of ambition and hubris, and an ominous warning about Wall Street’s future. 

In March of 2006, four of the world’s richest men sipped champagne in an opulent New York hotel. They were preparing to compete in a poker tournament with million-dollar stakes, but those numbers meant nothing to them. They were accustomed to risking billions.  
 
On that night, these four men and their cohorts were the new kings of Wall Street.  Muller, Griffin, Asness, and Weinstein were among the best and brightest of a new breed, the quants. Over the prior twenty years, this species of math whiz--technocrats who make billions not with gut calls or fundamental analysis but with formulas and high-speed computers--had usurped the testosterone-fueled, kill-or-be-killed risk-takers who’d long been the alpha males the world’s largest casino. The quants helped create a digitized money-trading machine that could shift billions around the globe with the click of a mouse. Few realized, though, that in creating this unprecedented machine, men like Muller, Griffin, Asness and Weinstein had sowed the seeds for history’s greatest financial disaster.  
 
Drawing on unprecedented access to these four number-crunching titans, The Quants tells the inside story of what they thought and felt in the days and weeks when they helplessly watched much of their net worth vaporize--and wondered just how their mind-bending formulas and genius-level IQ’s had led them so wrong, so fast. 

Review

“Scott Patterson has the ability to see things you and I don’t notice. In The Quants he does an admirable job of debunking the myths of black box traders and provides a very entertaining narrative in the process.”  --Nassim Nicholas Taleb, New York Times bestselling author of Fooled by Randomness and The Black Swan

“Fascinating and deeply disturbing…Patterson gives faces and personalities to the quants, making their saga accessible and intriguing…[he’s] onto a big story that begs follow-up.”  --New York Times

“Valuable…makes [the quants’] secretive world comprehensible…the story radiates with hubris, high stakes and expensive toys.”  --Bloomberg.com
 
“A riveting account…there are many dramatic moments and a good dose of schadenfreude in Scott Patterson’s THE QUANTS.”  --Financial Times

“Read this book if you want to understand how the collapse of the global financial system was at its core a failure of modern financial theory and its most ardent disciples. Patterson is able to gracefully explain the complex ideas underpinning our financial system through an extraordinarily engaging and insightful story.”  --Mark Zandi, Chief Economist of Moody’s Economy.com and author of Financial Shock

"Enlightening and enjoyable...Patterson masterfully recounts how brilliant mathematicians and technologists ignored the human element...If you''re serious about understanding the financial meltdown, you need to read this book."  --David Vise, Pulitzer Prize Winner, author of The Google Story, and Senior Advisor, New Mountain Capital

"A  compelling tale of greed and conceit, The Quants tells the inside story of the Wall Street rocket scientists who could couldn’t resist playing with numbers and nearly blew themselves up.”  --Michael J. Panzner, author of Financial Armageddon and When Giants Fail

" The Quants will keep hedge fund managers on the edge of their Aeron chairs, while the rest of us read in horror about their greed and their impact on the wider economy. A gripping tale right until the last page...but I fear this is perhaps not yet the end of the story."  --Paul Wilmott, Oxford Ph.D., founding partner of Caissa Capital, and author of Paul Wilmott Introduces Quantitative Finance

“A character-rich tale of how quirky geniuses cut their teeth on gambling, then moved on to the biggest casino of all, Wall Street. From blackjack to black swans, The Quants tells how we got where we are today.”  --William Poundstone, author of Fortune’s Formula


About the Author

SCOTT PATTERSON is author of the New York Times bestselling book The Quants and Dark Pools and a staff reporter for The Wall Street Journal. His work has also appeared in the New York Times, Rolling Stone and Mother Earth News. He has a masters of arts degree from James Madison University. He lives in Alexandria, Virginia.

Excerpt. © Reprinted by permission. All rights reserved.

1: All in One

Peter Muller stepped into the posh Versailles Room of the century old St. Regis Hotel in midtown Manhattan and took in the glittering scene in a glance.

It wasn’t the trio of cut-glass chandeliers hung from a gilt-laden ceiling that caught his attention, nor the pair of antique floor-to-ceiling mirrors to his left, nor the guests’ svelte Armani suits and gemstudded dresses. Something else in the air made him smile: the smell of money. And the sweet perfume of something he loved even more: pure, unbridled testosterone-fueled competition. It was intoxicating, and it was all around him, from the rich fizz of a fresh bottle of champagne popping open to the knowing nods and winks of his friends as he moved into a room that was a virtual murderer’s row of topflight bankers and hedge fund managers, the richest in the world. His people.

It was March 8, 2006, and the Wall Street Poker Night Tournament was about to begin. More than a hundred well- heeled players milled about the room, elite traders and buttoned-down dealmakers by day, gambling enthusiasts by night. The small, private affair was a gathering of a select group of wealthy and brilliant individuals who had, through
sheer brainpower and a healthy dose of daring, become the new tycoons of Wall Street. This high-finance haut monde—perhaps Muller most of all—was so secretive that few people outside the room had ever heard their names. And yet, behind the scenes, their decisions controlled the ebb and flow of billions of dollars coursing through the
global financial system every day.

Mixed in with the crowd were professional poker players such as T. J. Cloutier, winner of sixty major tournaments, and Clonie Gowen, a blond Texan bombshell with the face of a fashion model and the body of a Playboy pinup. More important to the gathering crowd, Gowen was one of the most successful female poker players in the country.

Muller, tan, fit, and at forty-two looking a decade younger than his age, a wiry Pat Boone in his prime, radiated the relaxed cool of a man accustomed to victory. He waved across the room to Jim Simons, billionaire math genius and founder of the most successful hedge fund on the planet, Renaissance Technologies. Simons, a balding, whitebearded
wizard of quantitative investing, winked back as he continued chatting with the circle of admirers hovering around him.

The previous year, Simons had pocketed $1.5 billion in hedge fund fees, at the time the biggest one-year paycheck ever earned by a hedge fund manager. His elite team of traders, hidden away in a small enclave on Long Island, marshaled the most mind-bending advances in science and mathematics, from quantum physics to artificial intelligence to voice recognition technology, to wring billions in profits from the market. Simons was the rare investor who could make Muller feel jaw-clenchingly jealous.

The two had known each other since the early 1990s, when Muller briefly considered joining Renaissance before starting his own quantitative hedge fund inside Morgan Stanley, the giant New York investment bank. Muller’s elite trading group, which he called Process Driven Trading, was so secretive that even most employees at Morgan weren’t aware of its existence. Yet over the previous decade the group, composed of only about fifty people, had racked up a track record that could go toe-to-toe with the best investment outfits on Wall Street, cranking out $6 billion in gains for Morgan.

Muller and Simons were giants among an unusual breed of investors known as “quants.” They used brain-twisting math and superpowered computers to pluck billions in fleeting dollars out of the market. By the early 2000s, such tech-savvy investors had come to dominate Wall Street, helped by theoretical breakthroughs in the application
of mathematics to financial markets, advances that had earned their discoverers several shelves of Nobel Prizes. The quants applied those same breakthroughs to the highly practical, massively profitable practice of calculating predictable patterns in how the market moved and worked.

These computer-driven investors couldn’t care less about a company’s “fundamentals,” amorphous qualities such as the morale of its employees or the cut of its chief executive’s jib. That was for the dinosaurs of Wall Street, the Warren Buffetts and Peter Lynches of the world, investors who focused on factors such as what a company actually
made and whether it made it well. Quants were agnostic on such matters, devoting themselves instead to predicting whether a company’s stock would move up or down based on a dizzying array of numerical variables such as how cheap it was relative to the rest of the market, how quickly the stock had risen or declined, or a combination
of the two—and much more.

That night at the St. Regis was a golden hour for the quants, a predators’ ball for the pocket-protector set. They were celebrating their dominance of Wall Street, just as junk bond kings such as Michael Milken had ruled the financial world in the 1980s or swashbuckling, trade-from-the-hip hedge fund managers such as George Soros had conquered the Street in the 1990s.

Muller flicked a lock of sandy brown hair from his eyes and snatched a glass of wine from a passing tray, looking for his friends. A few nonquants, fundamental investors of the old guard, rubbed elbows with the quant crowd that night. David Einhorn, the boy-faced manager of Greenlight Capital (so named when his wife gave him the green light to launch a fund in the 1990s), could be seen chatting on a cell phone by a tall, narrow window overlooking the corner of 55th Street and Fifth Avenue. Just thirty-seven years old, Einhorn was quickly gaining a reputation as one of the sharpest fundamental investors in the business, putting up returns of 20 percent or more year after year. Einhorn was also an ace poker player who would place eighteenth in the World Series of Poker in Las Vegas the following year, winning $659,730.

The next billionaire Muller spotted was Ken Griffin, the blueeyed, notoriously ruthless manager of Chicago’s Citadel Investment Group, one of the largest and most successful hedge funds in the business. Grave dancer of the hedge funds, Citadel was known for sweeping in on distressed companies and gobbling up the remains of the bloodied carcasses. But the core engines of his fund were computer driven mathematical models that guided its every move. Griffin, who sported a no-nonsense buzz cut of jet-black hair, was the sort of man who triggered a dark sense of foreboding even in close associates: Wouldn’t want to mess with Ken in a dark alley. Does he ever smile? The guy wants to be king of everything he touches.

“Petey boy.”

Muller felt a jolt in his back. It was his old friend and poker pal Cliff Asness, manager of AQR Capital Management, among the first pure quant hedge funds. Asness, like Muller, Griffin, and Simons, was a pioneer among the quants, having started out at Goldman Sachs in the early 1990s.

“Decided to grace us tonight?” he said.

Asness knew Muller wouldn’t miss this quant poker coronation for the world. Muller was obsessed with poker, had been for years. He’d recently roped Asness into a private high-stakes poker game played with several other traders and hedge fund hotshots in ritzy Manhattan hotel rooms. The game had a $10,000 buy-in, couch cushion change to topflight traders such as Asness and Muller.

The quants ran the private poker game, but more traditional investment titans joined in. Carl Icahn, the billionaire financier who’d gotten his start on Wall Street with $4,ooo in poker winnings, was a regular. So was Marc Lasry, manager of Avenue Capital Group, the $12 billion hedge fund that would hire former first daughter Chelsea Clinton
later that year. Lasry was known for being a cool investor whose icy demeanor belied his let-it-roll mentality. He was said to have once wagered $100,000 on a hand without even looking at his cards. And won.

The real point of Asness’s needle was that he never knew when the globetrotting Muller would be in town. One week he’d be trekking in Bhutan or white-water rafting in Bolivia, the next heli-skiing in the Grand Tetons or singing folk songs in a funky cabaret in Greenwich Village. Muller had even been spotted belting out Bob Dylan tunes in
New York’s subway system, his keyboard case sprinkled with coins from charitable commuters with no idea the seemingly down-on-his luck songster was worth hundreds of millions and flew around in a private jet.

Asness, a stocky, balding man with a meaty face and impish blue eyes, wore khaki pants and a white tee peeking out from his open collar. He winked, stroking the orange-gray stubble of his trimmed beard. Though he lacked Muller’s savoir faire, Asness was far wealthier, manager of his own hedge fund, and a rising power in the investment world. His firm, AQR, short for Applied Quantitative Research, was managing $25 billion and growing fast.

The year before, Asness had been the subject of a lengthy and glowing profile in the New York Times Magazine. He was a scourge of bad practices in the money management industry, such as ridiculously high fees at mutual funds. And he had the intellectual chops to back up his attacks. Known as one of the smartest investors in the world, Asness had worked hard for his success. He’d been a standout student at the University of Chicago’s prestigious economics department in the early 1990s, then a star at Goldman Sachs in the mid-1990s before branching out on his own in 1998 to launch AQR with $1 billion and change, a near record at the time. His ego had grown along with his wallet, and so, too, had his temper. While outsiders knew Asness for his razor-sharp mind tempered by a wry, self-effacing sense of humor, inside AQR he was known for flying into computer-smashing rampages and shooting off ego-crushing emails to his cowed employees at all hours of the day or night. His poker buddies loved Asness’s cutting wit and encyclopedic memory, but they’d also seen his darker side, his volatile temper and sudden rages at a losing hand.

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Derek Zweig
3.0 out of 5 starsVerified Purchase
Useful history, unconvincing narrative
Reviewed in the United States on November 6, 2017
The enjoyable portions of the book were those detailing objective history in the finance field. The author summarizes the quant side of finance well, explaining both sides of the efficient market hypothesis debate, its implications, and the players involved. He... See more
The enjoyable portions of the book were those detailing objective history in the finance field. The author summarizes the quant side of finance well, explaining both sides of the efficient market hypothesis debate, its implications, and the players involved.

He starts with the development of the ''random walk'' or Brownian motion. He notes that this concept is based originally on the findings of Robert Brown, a botanist in the early 19th century. His initial discovery was the seemingly random movement of pollen particles in water under a microscope. Oddly enough, it was actually Einstein in the early 20th century who later realized that the random motion was due to individual water particles interacting with the pollen particles. This concept was eventually adopted in the finance field to describe movement in market prices of securities. Ed Thorpe, an early user of the concept, developed a volatility-based model as a means to value options contracts...a precursor to the Black-Scholes-Merton option pricing model.

He goes over the LTCM strategy in detail. At a high level, the fund bet on return spreads for particular securities reverting to historical levels. One version of this involves on- and off-the-run treasury securities. Since on-the-run securities generally enjoy a higher demand, they tend to trade at a premium and have greater liquidity. So LTCM would buy off-the-run treasuries at the relatively lower value and short on-the-run securities. Their overall risk seemed mitigated since they had small net positions within any single market. However, following the Russian default in 1998, the ''flight to quality'' caused a large spike in on-the-run treasury securities, causing sizable early losses to LTCM and all the copycat funds mimicking their strategy. Margin calls required the sale of long positions, but in the less liquid off-the-run market, these sales had a material impact on prices, exacerbating losses and causing more margin calls. This vicious cycle resulted in the failure of LTCM''s heavily leveraged portfolio, ending in a bailout from other financial institutions.

The author describes the liar''s poker game, which sounds fun, where players have to successively guess how many of a certain number shows up on a collection of dollar bills. The successive player can either call the previous player''s bet or raise the number of predicted occurrences. It''s kind of like the game ''bullshit'' with playing cards.

The author also covers carry trade, wherein traders borrow lend-able assets in one market with low interest rates and lend them in another with higher interest rates. The strategy requires failure of interest rate parity on exchange rates to hold over the investment horizon, which is more likely in emerging markets than in others. Japan''s monetary policy has historically made them a primary market in which investors applied this strategy.

He gets some into collateralized debt obligations, explaining the tranche structure and how cash flows through. He notes that many investors under-estimated the correlation between tranches when investing, resulting in a serious miscalculation of risk-adjusted cash flows and a mismatch between risk rating and actual risk.

The above is all part of a narrative wherein individuals attempt to treat finance and economics as a field similar to the hard sciences, where the subjects (people) follow predictable patterns that can be modeled. He challenges this assumption and states that mathematical predictability is not reliable in these fields, which is a reasonable position held by several schools of thought. He points to behavioral finance developments as alternatives, including the adaptive market hypothesis. In this model, as opposed to the EMH, market inefficiencies can exist and be bid away, but may fail to rematerialize systematically. In other words, markets adapt to inefficiencies and prevent them from reoccurring. It also paints investment markets as far more chaotic, with institutional investors trying to squeeze every last penny out of every possible inefficiency imaginable.

He covers high frequency trading and dark pools, glossing over the often faux liquidity HFT offers, and explaining that dark pools are basically just exchanges that can''t be seen by the general public (and to a similar extent regulators).

The moral of his story is that quants were the cause of the crisis. Unfortunately, his own story made me feel that the quants were just as much victims of the crisis as anyone else. There''s no step-by-step causal relationship developed to explain how they caused the crisis, just this vague idea that their incorrect models may have caused asset price bubbles, and that the irrationality of the masses (not captured in models) resulted in the bubble bursting. But the link between quant funds and housing prices is nonexistent, even if the link with housing derivatives is apparent. As with most books about the crisis, the author stops short of sources and focuses on symptoms. I would not recommend as a wealth of crisis knowledge, however I would recommend as a brief history of finance and financial markets.
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Rob Galbraith
4.0 out of 5 starsVerified Purchase
An enjoyable story of the rise and fall and rise again of quants
Reviewed in the United States on March 13, 2021
I read this book after thoroughly enjoying Scott Patterson''s follow on book called Dark Pools which I read during the game stop and Reddit trade mania of early 2021. I''d recommend that book over this one for anyone looking for a deeper understand of how financial markets... See more
I read this book after thoroughly enjoying Scott Patterson''s follow on book called Dark Pools which I read during the game stop and Reddit trade mania of early 2021. I''d recommend that book over this one for anyone looking for a deeper understand of how financial markets work and how they have radically changed over the past three decades. This was a nice follow on to that book as well as The Man Who Solved The Market by Gregory Zuckerman which dives deep into the life of legendary quant Jim Simons.

We meet several legends in The Quants as well including Ken Griffin, Cliff Assess and Peter Mueller. The book is best when providing a narrative history of the rise of quantatative finance and the rejection of the prevailing Efficient Markets Hypothesis which I was taught in college. It also does a nice job comparing and contrasting these Wall Street icons and their hedge funds with traditional legendary investors such as Warren Buffett, Peter Lynch and Bill Gross. Ed Thorp makes a large appearance here as well and his influence cannot be understated on the multitudes of quants that followed.

Towards the end of the book, Patterson flies through the 2007 and 2008 market meltdown and teases some of the correction in 2009 and 2010 but this part felt a bit rushed to me and felt like a superficial treatment of the perils, dangers, corrections and lessons that were made during this time. While the Hollywood ending might have been the comeuppance of the quantatative, that''s not exactly what happened and a deeper exploration of this period is warranted.

All in all, it was a good introduction to who quants are and how they arose, so I would recommend it for readers seeking material covering this.
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John T. Landry
3.0 out of 5 starsVerified Purchase
Overwrought and lacks historical perspective, but good narrative of the origins of quants
Reviewed in the United States on July 9, 2018
The book nicely covers the origins of quantitative investing. But the second half is full of purple prose and overwrought drama. The connection between the quants and the 2008 financial crisis isn''t shown convincingly. More important, the book lacks perspective on... See more
The book nicely covers the origins of quantitative investing. But the second half is full of purple prose and overwrought drama. The connection between the quants and the 2008 financial crisis isn''t shown convincingly. More important, the book lacks perspective on financial evolution. At least from the perspective of 2018, we can see the 2008 crisis as the inevitable over-reach of some useful financial innovations of the preceding two decades. Instead of blaming quantitative investing for instability, we can see it as just another chapter of financial innovation. The book almost concedes as much in mentioning that half of the six leading quants highlighted in the book actually achieved positive returns in 2008, and that quants are at least as entrenched in Wall Street in 2011 as they were in 2008. As the book suggests at the very end, quantitative investing is just another tool for financial engineers looking to make the financial markets more efficient (and thereby generate profits). It has strengths and weaknesses, and it will continue to adapt.
8 people found this helpful
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Rodrigo Alves Vieira
3.0 out of 5 starsVerified Purchase
Good for learning about the rise of Quant Finance, perhaps too strong on the cause-effect narrative
Reviewed in the United States on February 20, 2020
The book offers one way of looking at the causes of the Great Recession, strongly pinning it on quantitative financial engineering and hedge funds, of course with a good bit of hindsight bias and the benefit of ex post narrative-fits-history. Nevertheless, it... See more
The book offers one way of looking at the causes of the Great Recession, strongly pinning it on quantitative financial engineering and hedge funds, of course with a good bit of hindsight bias and the benefit of ex post narrative-fits-history.

Nevertheless, it tells a good story of how the Finance industry came to appreciate and make use of quantitative methods and how professionals arrived from Academia to the back office and eventually dominated the front office, many of them becoming true leaders in the industry managing billions of dollars each.

The book also offers a truly valuable reminder of how over leveraged trading strategies in combination with too much belief in models lead to disaster when the door gets too narrow and liquidity is gone, while also drawing nice parallels with the LTCM debacle in the late 90s as well as the Black Monday event of 1987.
3 people found this helpful
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Turbo
4.0 out of 5 starsVerified Purchase
Meltdown by the Numbers
Reviewed in the United States on December 17, 2017
This was an interesting recount of the financial meltdown from the perspective of hedge fund actions. The history of the application of mathematical models is discussed. The author provided a possible reason for the model failure by comparing the utilization of similar... See more
This was an interesting recount of the financial meltdown from the perspective of hedge fund actions. The history of the application of mathematical models is discussed. The author provided a possible reason for the model failure by comparing the utilization of similar mathematical models used in classical physics with fixed laws of behavior to the use of similar models in finance without fixed laws of behavior.
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Money Honey
3.0 out of 5 starsVerified Purchase
Highly entertaining but not much else
Reviewed in the United States on February 22, 2011
"The Quants" is a highly entertaining read that seems to have been written under the guise of non-fiction. Scott Patterson seeks to link the actions of those highly mysterious Wall Street types called "Quants" to the credit crisis of 2008, linking their riches and egos to... See more
"The Quants" is a highly entertaining read that seems to have been written under the guise of non-fiction. Scott Patterson seeks to link the actions of those highly mysterious Wall Street types called "Quants" to the credit crisis of 2008, linking their riches and egos to the demise of the market, the problem is it''s simply not true. The problem with the book is that it seems to want to place blame on the quants so much that it narrowly focuses on specific events and character flaws that would support the argument. Did quants play a part in the meltdown? Yes, but not all quants and not even the notable people highlighted in the book, there were many factors that led to the crisis. Quants practice a specific type of investment strategy, just like fundamental investors do, it isn''t necessarily a big mechanism for group-think like the author would like you to believe. If the reader''s underlying goal is to understand the events that culminated with the 2008 credit crisis, they will not find insight here. If the reader''s underlying goal is to be highly entertained with a fast paced, well constructed story then they will be delighted with this book.
13 people found this helpful
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Patrick Maguire
5.0 out of 5 starsVerified Purchase
A crazy ride
Reviewed in the United States on January 25, 2019
Currently reading and hard to put down. If you are into the market and history....good or bad this is a great read. The rise of machine trading and the individuals that lead the way or the fall.
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John LaRosa
4.0 out of 5 starsVerified Purchase
Would Have Been Better w/o a Chapter or Two
Reviewed in the United States on October 20, 2020
I thought this book was mostly good. Towards the end it turns into The Big Short and goes into way too much detail about CDS,CDO’s, MDS, etc. kinda lost my interest there. Once you get through the two or so chapters on that stuff it gets good again.
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Steviet010
5.0 out of 5 starsVerified Purchase
A brilliant read!
Reviewed in the United Kingdom on June 5, 2018
Fantastic book! Really interesting read and gripping!
Fantastic book! Really interesting read and gripping!
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L.
1.0 out of 5 starsVerified Purchase
Keine roter Faden, keine Methoden und ein schlechter Roman
Reviewed in Germany on January 6, 2020
Es werden keine Methoden werden erklärt. Deshalb bleibt der Author den Titel des Buchs auch schuldig. Obendrein ist die journalistische Arbeit einfach nicht vorhanden. Vielleicht hat er ein paar Interviews geführt, aber der Author hat weder Ahnung von den quantitativen...See more
Es werden keine Methoden werden erklärt. Deshalb bleibt der Author den Titel des Buchs auch schuldig. Obendrein ist die journalistische Arbeit einfach nicht vorhanden. Vielleicht hat er ein paar Interviews geführt, aber der Author hat weder Ahnung von den quantitativen Modellen, noch davon wie man ein stimmiges Werk schreibt. Der rote Faden fehlt komplett, weil von Person und Fond gesprungen wird sowie ständig die Zeit wild wechselt. Das Buch taugt vielleicht etwas als Roman, aber selbst hierfür fehlt es an tiefe. Dann doch lieber den Film "Margin Call". Spart zeit und Geld.
Es werden keine Methoden werden erklärt. Deshalb bleibt der Author den Titel des Buchs auch schuldig.

Obendrein ist die journalistische Arbeit einfach nicht vorhanden. Vielleicht hat er ein paar Interviews geführt, aber der Author hat weder Ahnung von den quantitativen Modellen, noch davon wie man ein stimmiges Werk schreibt.

Der rote Faden fehlt komplett, weil von Person und Fond gesprungen wird sowie ständig die Zeit wild wechselt.

Das Buch taugt vielleicht etwas als Roman, aber selbst hierfür fehlt es an tiefe.
Dann doch lieber den Film "Margin Call". Spart zeit und Geld.
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Dianne Coughlin
4.0 out of 5 starsVerified Purchase
Acessible complexity
Reviewed in Canada on January 12, 2019
It''s a good read, focused on the people and their personalities that doesn''t require an in-depth knowledge of higher mathematiics or economics. Highly recommended.
It''s a good read, focused on the people and their personalities that doesn''t require an in-depth knowledge of higher mathematiics or economics. Highly recommended.
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Michel Hebert
5.0 out of 5 starsVerified Purchase
When the maths wiz get out in the real world, anything is possible...even flirting with the collapse of the financial markets.
Reviewed in Canada on June 16, 2015
A very detailed, well documented report on the events that led to a major crisis in the financial world, with roots in the USA, the development of ultra powerful computers, and very intelligent persons thinking they have figured it all. Scott Patterson is a very good writer.See more
A very detailed, well documented report on the events that led to a major crisis in the financial world, with roots in the USA, the development of ultra powerful computers, and very intelligent persons thinking they have figured it all. Scott Patterson is a very good writer.
A very detailed, well documented report on the events that led to a major crisis in the financial world, with roots in the USA, the development of ultra powerful computers, and very intelligent persons thinking they have figured it all. Scott Patterson is a very good writer.
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Marco
3.0 out of 5 starsVerified Purchase
Deep dive how math & stats works in hedge fund
Reviewed in Italy on June 3, 2018
The book is a Deep dive how math & stats works in hedge fund Reading the book I appreciated a lot the contents but I guess that the storytelling is full of repetition and so it is not lean. If you are fresh to the subject I also suggest to start reading M.Lewis "FLASH...See more
The book is a Deep dive how math & stats works in hedge fund Reading the book I appreciated a lot the contents but I guess that the storytelling is full of repetition and so it is not lean. If you are fresh to the subject I also suggest to start reading M.Lewis "FLASH BOYS" to get the high level overview of the market.
The book is a Deep dive how math & stats works in hedge fund
Reading the book I appreciated a lot the contents but I guess that the storytelling is full of repetition and so it is not lean.
If you are fresh to the subject I also suggest to start reading M.Lewis "FLASH BOYS" to get the high level overview of the market.
One person found this helpful
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