"There are few "gentlemen bankers" left these days. Nor is there much room in the great financial houses for anything that smacks of the amateur spirit. That is why Emanuel Derman's memoirs are so compelling…Derman's wry humour and sense of irony are apparent throughout the book." - Financial Times
"That sense of being an intruder in outlaw territory lends an intriguing mood to Derman's My Life As a Quant, a literate and entertaining memoir." -Business Week
"engaging" --(CFO Europe, October 2005)
"Not only a delightful memoir, but one full of information, both about people and their enterprise. I never thought that I would be interested in quantitative financial analysis, but reading this book has been a fascinating education." –Jeremy Bernstein, author of Oppenheimer: Portrait of an Enigma
"This wonderful autobiography takes place in that special time when scientists discovered Wall Street and Wall Street discovered them. It is elegantly written by a gifted observer who was a pioneering member of the new profession of financial engineering, with an evident affection both for finance as a science and for the scientists who practice it. Derman’s portrait of how the academics brought their new financial science to the world of business and forever changed it and, especially, his descriptions of the late and extraordinary genius Fischer Black who became his mentor, reveal a surprising humanity where it might be least expected. Who should read this book? Anyone with a serious interest in finance and everyone who simply wants to enjoy a good read."–Stephen Ross, Franco Modigliani Professor of Finance and Economics, Sloan School, MIT
Wall Street is no longer the old-fashioned business it once was. In recent years, investment banks and hedge funds have increasingly turned to quantitative trading strategies and derivative securities for their profits, and have raided academia for PhDs to model these volatile products and manage their risk. Nowadays, the fortunes of firms and the stability of markets often rest on mathematical models. "Quants"the scientifically trained practitioners of quantitative finance who build these modelshave become key players on the Wall Street stage.
And no Wall Street quant is better known than Emanuel Derman. One of the first high-energy particle physicists to migrate to Wall Street, he spent seventeen years in the business, eventually becoming managing director and head of the renowned Quantitative Strategies group at Goldman, Sachs & Co. There he coauthored some of todays most widely used and influential financial models.
Physics and quantitative finance look deceptively similar. But, writes Derman, "When you do physics youre playing against God; in finance, youre playing against Gods creatures." How can one justify using the precise methods of physics in the frenzied world of financial markets? Is it reasonable to treat the economy and its markets as a complex machine? Or is quantitative finance merely flawed thinking masquerading as science, a brave whistling in the dark?
My Life as a Quant is Dermans entertaining and candid account of his search for answers as he undergoes his transformation from ambitious young scientist to managing director. His book is simultaneously wide-ranging and personal. He tells the story of his passage between two worlds; he recounts his adventures with physicists, quants, options traders, and other highfliers on Wall Street; he analyzes the incompatible personas of traders and quants; and he meditates on the dissimilar natures of knowledge in physics and finance. Throughout his tale, he reflects on the appropriate way to apply the refined methods of physics to the hurly-burly world of markets.
My Life as a Quant is a unique first-person story and a perceptive and revealing exploration of the quantitative side of Wall Street.--This text refers to the Hardcover edition. See all Editorial Reviews
Amazing book. It gives a great insight of what means to be a quant. Also it states differences with academia.Published 2 months ago by Gabriel C.
The language is pretty good and it's an essential reading in quantitative finance if one is trying to break into the field. Read morePublished 3 months ago by Arman Arkilic
Excellent insider account of the development of a major idea in investment theory.Published 6 months ago by Richard M. Weber
A good solid read for a wannabe successful investor like myself. Satisfying on many personal levels. Technical and imaginative I enjoyed every page.Published 7 months ago by amazed
This was a pretty good book. I like reading about the history of the financial industry and Dr. Derman's biography is a fun read. Read morePublished 8 months ago by GeraldM
I never finished this book, so that either means that it was not interesting enough or I am not qualified to write a review. Read morePublished 8 months ago by customer-guy
It is a nice book to know Mr. Derman better. But physics is a different philosophy for finance. I still do not believe in the concept that physics scientists can use their concepts... Read morePublished 9 months ago by Yun-chiang Tai