(no subject)
The Quants: How a New Breed of Math Whizzes Conquered Wall Street and Nearly Destroyed It by Scott Patterson
My rating: 4 of 5 stars
An interesting insightful book about several of the major "quants" on Wall Street during the recent debacle, i.e., the quantitative investors who rely on complex mathematical equations and high-speed computers. The author does a good job explaining how these formulas and investment strategies work for laymen, which is a difficult challenge since many people who work in finance don't understand. It is a strong cautionary tale, although sometimes I think the author puts more blame on his subjects than is necessary. The meltdown was a result of many factors, and quantitative analysis and investing was a strong factor, but not the sole cause.
Nonetheless, anyone interested in the recent market meltdown or the future of Wall Street would do well to read it.
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