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2010-09-24
The Quants: How a New Breed of Math Whizzes Conquered Wall Street and Nearly Destroyed It [Hardcover]Scott Patterson
        
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                             3.4 out of 5 stars See all reviews(91 customer reviews)



2010年2月2日出版

From Publishers Weekly    In a fast-moving narrative, Wall Street Journal reporter Patterson explores the coterie of mathematicians behind the Wall Street crash of 2008. The story's stars are "an unusual breed of investors" called quants, who "used brain-twisting math and super-powered computers to pluck billions in fleeting dollars out of the market." Following the first quant, Beat the Market author Ed Thorp, from his graduate school days in 1955, and introducing others like Peter Muller and Ken Griffin as they established funds at major investment firms, Patterson spins a fascinating story of riches amassed for a few and, inevitably, lost for many: a collapsing hedge fund, "imploding under the weight of toxic subprime assets," took down the system "like a massive avalanche started by a single loose boulder." Though his narrative is interesting and easy to follow, Patterson's explanations of investment terms are not for novices; a glossary would have helped. As he puts the excesses and failures of Wall Street into perspective, however, Patterson also offers evidence that Wall Street hasn't learned its lesson: as of spring 2009, "several banks reported stronger earnings numbers...  in part due to clever accounting tricks... and other potentially dangerous quant gadgets being forged in the dark smithies of Wall Street."
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2010-9-24 17:59:18
如果你知道下面这些名字中的任何一个人,都是在华尔街,对冲基金界顶尖大拿,就知道此书的价值了。书中详细介绍了他们的背景和交易策略。


Peter Muller, outspokenly eccentric manager of Morgan Stanley’s
secretive hedge fund PDT. A whip-smart mathematician who occasionally
took to New York’s subways to play his keyboard for commuters, in 2007
Muller had just returned to his hedge fund after a long sabbatical, with grand
plans of expanding operations and juicing returns even further.

Ken Griffin
, tough-as-nails manager of Chicago hedge fund Citadel
Investment Group, one of the largest and most successful funds in the
world. In the years before the crash, Griffin’s indulgences included the
purchase of an $80 million Jasper Johns painting and a Paris wedding at
the Palace of Versailles.

Cliff Asness, sharp-tongued, hot-tempered founder of AQR Capital
Management, a hedge fund with nearly $40 billion in assets under
management at the time of the crash. Mere days before the crash, Asness’
s hedge fund was on the verge of filing the final papers for an initial public
offering.

Boaz Weinstein, chess “life master,” card counter, and powerful
derivatives trader at Deutsche Bank, who built his internal hedge fund, Saba
(Hebrew for “wise grandfather”), into one of the most powerful
credit-trading funds on the planet, juggling $30 billion worth of positions.

Jim Simons, the reclusive, highly secretive billionaire manager of
Renaissance Technologies, the most successful hedge fund in history,
whose mysterious investment techniques are driven by scientists poached
from the fields of cryptoanalysis and computerized speech recognition.
Ed Thorp, godfather of the quants. As a math professor in the 1950s,
Thorp deployed his mathematical skills to crack blackjack, unifying the key
themes of gambling and investing, and later became the first math genius
to figure out how to use similar skills to make millions on Wall Street.

Aaron Brown, the quant who used his math smarts to thoroughly humiliate
Wall Street’s old guard at their trademark game of Liar’s Poker, and whose
career provided him with a front-row view of the explosion of the
mortgage-backed securities industry.

Paul Wilmott, quant guru extraordinaire and founder of the mathematical
finance program at Oxford University. In 2000, Wilmott began warning of a
mathematician-led market meltdown.

Benoit Mandelbrot, mathematician who as early as the 1960s warned of
the dangers wild market swings pose to quant models—but was soon
forgotten in the world of quants as little more than a footnote in their long
march to a seemingly inevitable victory.
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2010-9-24 18:02:13
[lol][lol][lol][lol]
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2010-9-26 08:09:32
谢谢分享,下载学习。。。
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2011-3-20 10:34:58
谢谢分享,好东西
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2012-2-29 21:59:12
谢谢分享~
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