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"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
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.
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 1 day ago by Yun-chiang Tai
The book is a good autobiography of Derman's life and career progression. It is interesting to see how Wall Street back then was an intellectual and friendly place. Read morePublished 6 months ago by College Student
Easy readiing, nice stories, good information about the use of mathematical modeling and computing in finance, and the culture that has evolved around it. Read morePublished 9 months ago by Gil Ramirez
well..only if one is super interests on understanding Black/Scholes Price Options Theory in steroid mode, then one may not find this book interesting at all.. Read morePublished 10 months ago by David Ip
I suppose if somebody is reading this review, odds are high that they already know that this book is one of the few must read human stories of Wall Street. Read morePublished 11 months ago by Puneet Pamnani
Too man complex wording, the authority needs to simply it more so that the reader can grasp the main ideaPublished 12 months ago by Aziz
Summary from my full length review - Do not expect to find trading techniques or insights from this book. Read morePublished 20 months ago by Lawrence Chan
The author's story from Columbia University to various postdoctoral positions in particle physics to financial titans Goldman Sachs and Salomon Brothers is fascinating. Read morePublished 20 months ago by py10man