I really enjoyed Scott Patterson’s The Quants (full review coming in August).
Here is Scott and Ed Thorp on NPR:
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Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data, ability to repeat discredited memes, and lack of respect for scientific knowledge. Also, be sure to create straw men and argue against things I have neither said nor even implied. Any irrelevancies you can mention will also be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.
Faced with the choice between changing one's mind and proving that there is no need to do so, almost everyone gets busy on the proof. —John Kenneth Galbraith
Retail Sales in Jan rose .4% headline m/o/m, .7% ex auto's, .6% ex auto's and gasoline and .7% at the core. The headline figure was less than expected while the rest were slightly better. But, with respect to non headline sales, because Dec figures were revised lower, taking the two months together were about in line with forecasts overall. Sales rose in electronics, building materials, food/beverages, clothing, sporting goods, dept stores and restaurant/bars and fell interestingly for online retailers, health/personal care, furniture and motor vehicle/parts. Bottom line, headline sales were below expectations due to the greater than expected fall m/o/m...
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August 13th, 2010 at 10:53 am
Fascinating interview.
The fun for quants is to develop the system. When that system moved from casinos to Wall Street it became more sinister than beating the house.
The math is now used in HFT, hedge funds and others who are interested in one thing- exploitation of technology to rob the public.
Until the SEC takes a more serious look at these weaknesses in the structure the public will continue to lose faith in the financial system.
Curious