. 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. Few realized, men like muller, that in creating this unprecedented machine, though, Griffin, Asness and Weinstein had sowed the seeds for history’s greatest financial disaster.
The quants helped create a digitized money-trading machine that could shift billions around the globe with the click of a mouse. Muller, and weinstein were among the best and brightest of a new breed, Griffin, Asness, 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: How a New Breed of Math Whizzes Conquered Wall Street and Nearly Destroyed It #ad - With the immediacy of today’s nasdaq close and the timeless power of a Greek tragedy, a gripping tale of ambition and hubris, The Quants is at once a masterpiece of explanatory journalism, 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.
Dark Pools: The Rise of the Machine Traders and the Rigging of the U.S. Stock MarketCurrency #ad - A news-breaking account of the global stock market's subterranean battles, Dark Pools portrays the rise of the "bots"--artificially intelligent systems that execute trades in milliseconds and use the cover of darkness to out-maneuver the humans who've created them. In the beginning was josh levine, again and again, an idealistic programming genius who dreamed of wresting control of the market from the big exchanges that, gave the giant institutions an advantage over the little guy.
Levine created a computerized trading hub named Island where small traders swapped stocks, and over time his invention morphed into a global electronic stock market that sent trillions in capital through a vast jungle of fiber-optic cables. Dark pools is the fascinating story of how global markets have been hijacked by trading robots--many so self-directed that humans can't predict what they'll do next.
Dark Pools: The Rise of the Machine Traders and the Rigging of the U.S. Stock Market #ad - By then, the market that levine had sought to fix had turned upside down, birthing secretive exchanges called dark pools and a new species of trading machines that could think, and that seemed, ominously, to be slipping the control of their human masters.
The Man Who Solved the Market: How Jim Simons Launched the Quant RevolutionPortfolio #ad - No other investor--warren buffett, Steve Cohen, Ray Dalio, Peter Lynch, or George Soros--can touch his record. Simons pioneered a data-driven, algorithmic approach that's sweeping the world. As renaissance became a market force, its executives began influencing the world beyond finance. Senior executive robert mercer is more responsible than anyone else for the Trump presidency, placing Steve Bannon in the campaign and funding Trump's victorious 2016 effort.
Mercer also impacted the campaign behind Brexit. The man who solved the market is a portrait of a modern-day Midas who remade markets in his own image, but failed to anticipate how his success would impact his firm and his country. The firm has earned profits of more than $100 billion; Simons is worth twenty-three billion dollars.
Drawing on unprecedented access to simons and dozens of current and former employees, Zuckerman, a veteran Wall Street Journal investigative reporter, tells the gripping story of how a world-class mathematician and former code breaker mastered the market. It's also a story of what Simons's revolution means for the rest of us.
The Man Who Solved the Market: How Jim Simons Launched the Quant Revolution #ad - New york times bestsellershortlisted for the financial times/mckinsey Business Book of the Year AwardThe unbelievable story of a secretive mathematician who pioneered the era of the algorithm--and made $23 billion doing it. Jim simons is the greatest money maker in modern financial history. Since 1988, renaissance's signature Medallion fund has generated average annual returns of 66 percent.
The Greatest Trade Ever: The Behind-the-Scenes Story of How John Paulson Defied Wall Street and Made Financial HistoryCurrency #ad - But paulson was convinced this was his chance to make his mark. By year's end, though, john paulson had pulled off the greatest trade in financial history, earning more than $15 billion for his firm--a figure that dwarfed George Soros's billion-dollar currency trade in 1992. Paulson made billions more in 2008 by transforming his gutsy move.
Some of the underdog investors who attempted the daring trade also reaped fortunes. Timing is everything, though. In 2006, hedge fund manager john paulson realized something few others suspected--that the housing market and the value of subprime mortgages were grossly inflated and headed for a major fall.
The Greatest Trade Ever: The Behind-the-Scenes Story of How John Paulson Defied Wall Street and Made Financial History #ad - Paulson's background was in mergers and acquisitions, however, and he knew little about real estate or how to wager against housing. He had spent a career as an also-ran on Wall Street. He just wasn't sure how to do it. Colleagues at investment banks scoffed at him and investors dismissed him. Even pros skeptical about housing shied away from the complicated derivative investments that Paulson was just learning about.
But paulson and a handful of renegade investors such as Jeffrey Greene and Michael Burry began to bet heavily against risky mortgages and precarious financial companies. Rather than back down, paulson redoubled his bets, however, putting his hedge fund and his reputation on the line. In the summer of 2007, the markets began to implode, bringing Paulson early profits, but also sparking efforts to rescue real estate and derail him.
A Man for All Markets: From Las Vegas to Wall Street, How I Beat the Dealer and the MarketRandom House #ad - . They barred him from their premises, even put his life in jeopardy. Along the way, crossed swords with a young rudy giuliani, and, detected the Bernie Madoff scheme, with Claude Shannon, invented, the so-called godfather of the quants played bridge with Warren Buffett, to beat the game of roulette, the world’s first wearable computer.
As a result he launched a gambling renaissance. A child of the Great Depression, legendary mathematician Edward O. Devising and then deploying mathematical formulas to beat the market, Thorp ushered in the era of quantitative finance we live in today. The incredible true story of the card-counting mathematics professor who taught the world how to beat the dealer and, as the first of the great quantitative investors, ushered in a revolution on Wall Street.
Illuminating for the mathematically inclined, and cautionary for would-be gamblers and day traders”— Library Journal. Nonetheless, gambling was forever changed. Thereafter, thorp shifted his sights to “the biggest casino in the world”: Wall Street. Thorp invented card counting, proving the seemingly impossible: that you could beat the dealer at the blackjack table.
A Man for All Markets: From Las Vegas to Wall Street, How I Beat the Dealer and the Market #ad - Feynman! of his quest to prove the aphorism ‘the house always wins’ is flawed. An intellectual thrill ride, replete with practical wisdom that can guide us all in uncertain financial waters, A Man for All Markets is an instant classic—a book that challenges its readers to think logically about a seemingly irrational world.
Praise for a man for all markets“in a man for All Markets, Thorp delightfully recounts his progress if that is the word from college teacher to gambler to hedge-fund manager.
My Life as a Quant: Reflections on Physics and FinanceWiley #ad - In my life as a quant, emanuel derman relives his exciting journey as one of the first high-energy particle physicists to migrate to Wall Street. Page by page, derman details his adventures in this field—analyzing the incompatible personas of traders and quants, and discussing the dissimilar nature of knowledge in physics and finance.
. Throughout this tale, he also reflects on the appropriate way to apply the refined methods of physics to the hurly-burly world of markets.
More Money Than God: Hedge Funds and the Making of a New ElitePenguin Books #ad - Beating the market was long thought to be impossible, but hedge funds cracked its mysteries and made fortunes in the process. Splendid. The definitive history of the hedge fund, a compelling narrative full of larger-than-life characters and dramatic tales. The washington post wealthy, and potentially dangerous, powerful, hedge fund moguls have become the It Boys of twenty-first- century capitalism.
Drawing on his unprecedented access to the industry, esteemed financial writer Sebastian Mallaby tells the inside story of the hedge funds, from their origins in the 1960s to their role in the financial crisis of 2007 to 2009. Read sebastian mallaby's new book, The Man Who Knew: The Life and Times of Alan Greenspan.
Flash Boys: A Wall Street RevoltW. W. Norton & Company #ad - 1 new york times bestseller — With a new Afterword"Guaranteed to make blood boil. Janet maslin, new york timesin michael Lewis's game-changing bestseller, a small group of Wall Street iconoclasts realize that the U. S. Stock market has been rigged for the benefit of insiders. They band together—some of them walking away from seven-figure salaries—to investigate, expose, and reform the insidious new ways that Wall Street generates profits.
If you have any contact with the market, even a retirement account, this story is happening to you.
When Genius Failed: The Rise and Fall of Long-Term Capital ManagementRandom House #ad - Drawing on confidential internal memos and interviews with dozens of key players, the arrogance of their mathematical certainties, Lowenstein explains not just how the fund made and lost its money but also how the personalities of Long-Term’s partners, and the culture of Wall Street itself contributed to both their rise and their fall.
The dramatic story of long-term’s fall is now a chilling harbinger of the crisis that would strike all of Wall Street, from Lehman Brothers to AIG, a decade later. The fund was long cloaked in secrecy, making the story of its rise. A riveting account that reaches beyond the market landscape to say something universal about risk and triumph, about hubris and failure.
When Genius Failed: The Rise and Fall of Long-Term Capital Management #ad - The new york timesnamed one of the best books of the year by businessweekin this business classic—now with a new Afterword in which the author draws parallels to the recent financial crisis—Roger Lowenstein captures the gripping roller-coaster ride of Long-Term Capital Management. When it was founded in 1993, Long-Term was hailed as the most impressive hedge fund in history.
And its ultimate destruction that much more fascinating. The washington Post “Story-telling journalism at its best. The economist. But after four years in which the firm dazzled wall Street as a $100 billion moneymaking juggernaut, it suddenly suffered catastrophic losses that jeopardized not only the biggest banks on Wall Street but the stability of the financial system itself.
Advances in Financial Machine LearningWiley #ad - Machine learning ML is changing virtually every aspect of our lives. Written by a recognized expert and portfolio manager, this book will equip investment professionals with the groundbreaking tools needed to succeed in modern finance. Readers become active users who can test the proposed solutions in their particular setting.
The book addresses real-life problems faced by practitioners on a daily basis, and explains scientifically sound solutions using math, supported by code and examples. Today ml algorithms accomplish tasks that until recently only expert humans could perform. As it relates to finance, this is the most exciting time to adopt a disruptive technology that will transform how everyone invests for generations.
Advances in Financial Machine Learning #ad - Readers will learn how to structure big data in a way that is amenable to ML algorithms; how to conduct research with ML algorithms on that data; how to use supercomputing methods; how to backtest your discoveries while avoiding false positives.
Inside the Black Box: A Simple Guide to Quantitative and High Frequency Trading Wiley Finance Book 885Wiley #ad - He skillfully sheds light upon the work that quants do, lifting the veil of mystery around quantitative trading and allowing anyone interested in doing so to understand quants and their strategies. This new edition includes information on High Frequency Trading. Offers an update on the bestselling book for explaining in non-mathematical terms what quant and algo trading are and how they work Provides key information for investors to evaluate the best hedge fund investments Explains how quant strategies fit into a portfolio, why they are valuable, and how to evaluate a quant manager This new edition of Inside the Black Box explains quant investing without the jargon and goes a long way toward educating investment professionals.
New edition of book that demystifies quant and algo trading In this updated edition of his bestselling book, Rishi K Narang offers in a straightforward, nontechnical style—supplemented by real-world examples and informative anecdotes—a reliable resource takes you on a detailed tour through the black box.