How a Small Band of Maths Wizards Took Over Wall Street and Nearly Destroyed It
Автор(и) : Scott Patterson
Издател : Random House Business Books
Място на издаване : New York, USA
Година на издаване : 2010
ISBN : 978-1-847-94058-2
Брой страници : 337
Език : английски
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How would you feel if you outperformed the market, year after year? Would you become convinced that the good times were here to stay, that nothing could possibly go wrong? And how would you then feel if everything suddenly collapsed around you? Quants - quantitative analysts - were the maths geniuses let loose in Wall Street's candy store, and this gripping narrative of talent and ambition follows their dizzying rise from the bottom of the Street's pecking order to its pinnacle. Their ascent was predicated on the belief that they had invented - and were fine-tuning - brilliant and impregnable computer programs that would always beat the market. Unfortunately, as the events of 2007 and 2008 showed all too clearly, these programs turned out to be ticking time bombs. The story actually begins in the early 1960s, when a successful maths-professor-turned-gambler named Ed Thorp realised that skills learned at the Vegas tables could also be applied to the financial markets. He soon acquired followers and imitators who, over the next few decades, assumed positions of ever-greater power and influence. Clever, eccentric, often larger than life, they achieved extraordinary success and massive wealth. "The Quants" follows them from obscurity to boom and then to bust, explaining why they were so self-confident, and how they got it so disastrously wrong.
“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
“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
Scott Patterson is freelance reporter covering high-tech finance. A former 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 is currently working on a new book about the rise of electronic trading and the use of artificial intelligence on Wall Street.
Личен сайт: http://scottpattersonreports.com/