The "quants"Wall Street's disciples of quantitative analysishave become the mar-ket's new superstars. Their mathematical models are now the basis for such financial market innovations as exotic derivatives, structured investment products, quantitative trading strategies, and portfolio selection.
What brought about this path-breaking investment revolution? Some cite the beginning of trading in exchange-listed equity options in 1973, while others credit the arrival of desktop computing around 1980. But perhaps the most important factor was the dramatic increase in the volatility of prices. It was this aversion to increasing uncertainty experienced by financial market participantsreal, living, breathing peoplethat led to the quant revolution. So who are these people who develop the mathematical models that create new ways to allow people to modify their exposure to risk? How do they do what they do? Where did they come from? In How I Became a Quant, you will find firsthand accounts direct from the people who were swept into, and then helped fashion, today's "quant-driven," dynamic world of finance.
More than two dozen quants tell their stories here and detail the varying paths they have followedoften from university graduate departments of physics, math-ematics, and engineeringto Wall Street. Peter Carr, head of Quantitative Financial Research at Bloomberg, tells of his progression from cornering the local paper delivery market as a boy in Toronto to teaching at Cornell to ultimately helping Bloomberg start up its quant group. Leslie Rahl, President of Capital Market Risk Advisors, describes how she excelled in math and science as a girl, went on to MITso as not to be seen as "weird," as she thought might happen at other schoolsand joined Citibank at a time when they had only two women VPs in the entire worldwide organization. Andrew Weisman, Managing Director of Merrill Lynch, reveals an academic background that began with study of the classicsPlato to Popper, Beowulf to Virginia Woolf, and oddly enough, swimming lessons.
These unlikely superstars of Wall Street now provide the intellectual horsepower to fulfill the dream of unlimited ability to manage risks through trading financial instruments. These are the stories behind their careers.--This text refers to the Hardcover edition.
Praise for How I Became a Quant
"Led by two top-notch quants, Richard R. Lindsey and Barry Schachter, How I Became a Quant details the quirky world of quantitative analysis through stories told by some of today's most successful quants. For anyone who might have thought otherwise, there are engaging personalities behind all that number crunching!"
—Ira Kawaller, Kawaller & Co. and the Kawaller Fund
"A fun and fascinating read. This book tells the story of how academics, physicists, mathematicians, and other scientists became professional investors managing billions."
—David A. Krell, President and CEO, International Securities Exchange
"How I Became a Quant should be must reading for all students with a quantitative aptitude. It provides fascinating examples of the dynamic career opportunities potentially open to anyone with the skills and passion for quantitative analysis."
—Roy D. Henriksson, Chief Investment Officer, Advanced Portfolio Management
"Quants"—those who design and implement mathematical models for the pricing of derivatives, assessment of risk, or prediction of market movements—face the unprec-edented challenge of navigating some of the most volatile markets we have ever seen.
How I Became a Quant reveals the individuals behind this revolution, offering you the chance to learn firsthand what it's like to be a quant today. In this fascinating collection of Wall Street war stories, more than two dozen quants detail their roots, roles, and contributions, explaining what they do and how they do it, as well as outlining the sometimes unexpected paths they have followed from the halls of academia to the front lines of an investment revolution.See all Editorial Reviews
The book provides several in-depth anecdotes of people who progressed into becoming a quant finance professional laying out multiple paths a person may take to join that profession... Read morePublished 5 months ago by Chris
While I give the book only two stars, I must admit that I did not read the title carefully before I bought it. Read morePublished 9 months ago by Sukit Chawalitakul
SO FAR I HAVENT READ ALL OF THE BOOK BUT IT KEEPS YOU INTERESTED AND WONDERING WHAT ELSE CAN I DO TO ADVANCE MY TRADING KNOWLEDGE.Published on June 11, 2013 by michael
basically everyone in this book submitted their stories, its not an interview book like the market wizards collection by jack schwagger.Published on February 7, 2013 by L. Gibbs
I found the book to be interesting not from a professional-technical perspective (i.e. no differential equations in the book), but from a more personal perspective. Read morePublished on August 2, 2011 by Minjae
The book is a collation of short professional autobiographies by some financial practitioners. They belong to different vintages (some entering the field as early as the 60s, some... Read morePublished on November 27, 2010 by Giuseppe A. Paleologo
It is interesting to read these tales in light of the financial disaster of recent times. These babes in the woods have destroyed our economy and any moral underpinnings of the... Read morePublished on March 6, 2010 by Wits'End
The stories are pretty good at first but they start to all sound very similar after the first 5 or 6.Published on February 10, 2010 by Scott Van Pelt
I really enjoyed the personal insight into the 20 quants spotlighted in this book. There are so many brilliant minds featured on CNBC and Bloomberg TV and these guys are on there... Read morePublished on February 4, 2010 by Julie Bray