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The Physics of Wall Street by James Owen Weatherall Pdf
A young scholar tells the story of the physicists and mathematicians who created the models that have become the basis of modern finance and argues that these models are the "solution" to--not the source of--our current economic woes.
The Physics of Wall Street by James Owen Weatherall Pdf
A look inside the world of “quants” and how science can (and can’t) predict financial markets: “Entertaining and enlightening” (The New York Times). After the economic meltdown of 2008, Warren Buffett famously warned, “beware of geeks bearing formulas.” But while many of the mathematicians and software engineers on Wall Street failed when their abstractions turned ugly in practice, a special breed of physicists has a much deeper history of revolutionizing finance. Taking us from fin-de-siècle Paris to Rat Pack–era Las Vegas, from wartime government labs to Yippie communes on the Pacific coast, James Owen Weatherall shows how physicists successfully brought their science to bear on some of the thorniest problems in economics, from options pricing to bubbles. The crisis was partly a failure of mathematical modeling. But even more, it was a failure of some very sophisticated financial institutions to think like physicists. Models—whether in science or finance—have limitations; they break down under certain conditions. And in 2008, sophisticated models fell into the hands of people who didn’t understand their purpose, and didn’t care. It was a catastrophic misuse of science. The solution, however, is not to give up on models; it’s to make them better. This book reveals the people and ideas on the cusp of a new era in finance, from a geophysicist using a model designed for earthquakes to predict a massive stock market crash to a physicist-run hedge fund earning 2,478.6% over the course of the 1990s. Weatherall shows how an obscure idea from quantum theory might soon be used to create a far more accurate Consumer Price Index. The Physics of Wall Street will change how we think about our economic future. “Fascinating history . . . Happily, the author has a gift for making complex concepts clear to lay readers.” —Booklist
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.
Wall Street legend Alfred Lee Loomis, who once owned Hilton Head Island, was devoted to his hobby of science experiments in his mansion. During World War II, Loomis played a key role in the development of radar and the atomic bomb.
The New York Times bestselling author of The Physics of Wall Street “deftly explains all you wanted to know about nothingness—a.k.a. the quantum vacuum” (Priyamvada Natarajan, author of Mapping the Heavens). James Owen Weatherall’s bestselling book, The Physics of Wall Street, was named one of Physics Today’s five most intriguing books of 2013. In this work, he takes on a fundamental concept of modern physics: nothing. The physics of stuff—protons, neutrons, electrons, and even quarks and gluons—is at least somewhat familiar to most of us. But what about the physics of nothing? Isaac Newton thought of empty space as nothingness extended in all directions, a kind of theater in which physics could unfold. But both quantum theory and relativity tell us that Newton’s picture can’t be right. Nothing, it turns out, is an awful lot like something, with a structure and properties every bit as complex and mysterious as matter. In his signature lively prose, Weatherall explores the very nature of empty space—and solidifies his reputation as a science writer to watch. Included on the 2017 Best Book List by the American Association for the Advancement of Science (AAAS) “An engaging and interesting account.”—The Economist “Readers get a dose of biography while following such figures as Einstein, Dirac, and Newton to see how top theories about the void have been discovered, developed, and debunked. Weatherall’s clear language and skillful organization adroitly combines history and physics to show readers just how much ‘nothing really matters.’”—Publishers Weekly
An intriguing look at how technology is changing financial markets, from an innovator on the frontlines of this revolution Nerds on Wall Street tells the tale of the ongoing technological transformation of the world's financial markets. The impact of technology on investing is profound, and author David Leinweber provides readers with an overview of where we were just a few short years ago, and where we are going. Being a successful investor today and tomorrow--individual or institutional--involves more than stock picking, asset allocation, or market timing: it involves technology. And Leinweber helps readers go beyond the numbers to see exactly how this technology has become more responsible for managing modern markets. In essence, the financial game has changed and will continue to change due entirely to technology. The new "players," human or otherwise, offer investors opportunities and dangers. With this intriguing and entertaining book, Leinweber shows where technology on Wall Street has been, what it has meant, and how it will impact the markets of tomorrow.
Now in paperback, “a compelling, accessible, and provocative piece of work that forces us to question many of our assumptions” (Gillian Tett, author of Fool’s Gold). Quants, physicists working on Wall Street as quantitative analysts, have been widely blamed for triggering financial crises with their complex mathematical models. Their formulas were meant to allow Wall Street to prosper without risk. But in this penetrating insider’s look at the recent economic collapse, Emanuel Derman—former head quant at Goldman Sachs—explains the collision between mathematical modeling and economics and what makes financial models so dangerous. Though such models imitate the style of physics and employ the language of mathematics, theories in physics aim for a description of reality—but in finance, models can shoot only for a very limited approximation of reality. Derman uses his firsthand experience in financial theory and practice to explain the complicated tangles that have paralyzed the economy. Models.Behaving.Badly. exposes Wall Street’s love affair with models, and shows us why nobody will ever be able to write a model that can encapsulate human behavior.
Readers were first made aware of maverick physicists Doyne Farmer and Norman Packard in "The Eudaemonic Pie, " which chronicled their assault on the casinos of Las Vegas. Now Bass takes readers inside their start-up company, as a motley collection of long-haired Ph.D.s nervously tests its computer forecasting models.
In this behind-the-scenes look at one of the world's top Wall Street investment firms, Partnoy recounts his experience during the annual drunken skeet-shooting competition where he and his colleagues sharpen the killer instincts they're encouraged to use against competitors, clients, and each other.
NATIONAL BESTSELLER • The renowned theoretical physicist and national bestselling author of The God Equation details the developments in computer technology, artificial intelligence, medicine, space travel, and more, that are poised to happen over the next century. “Mind-bending…. [An] alternately fascinating and frightening book.” —San Francisco Chronicle Space elevators. Internet-enabled contact lenses. Cars that fly by floating on magnetic fields. This is the stuff of science fiction—it’s also daily life in the year 2100. Renowned theoretical physicist Michio Kaku considers how these inventions will affect the world economy, addressing the key questions: Who will have jobs? Which nations will prosper? Kaku interviews three hundred of the world’s top scientists—working in their labs on astonishing prototypes. He also takes into account the rigorous scientific principles that regulate how quickly, how safely, and how far technologies can advance. In Physics of the Future, Kaku forecasts a century of earthshaking advances in technology that could make even the last centuries’ leaps and bounds seem insignificant.
How I Became a Quant by Richard R. Lindsey,Barry Schachter Pdf
Praise for How I Became a Quant "Led by two top-notch quants, Richard R. Lindsey and Barry Schachter, How I Became a Quant details the quirky world of quantitative analysis through stories told by some of today's most successful quants. For anyone who might have thought otherwise, there are engaging personalities behind all that number crunching!" --Ira Kawaller, Kawaller & Co. and the Kawaller Fund "A fun and fascinating read. This book tells the story of how academics, physicists, mathematicians, and other scientists became professional investors managing billions." --David A. Krell, President and CEO, International Securities Exchange "How I Became a Quant should be must reading for all students with a quantitative aptitude. It provides fascinating examples of the dynamic career opportunities potentially open to anyone with the skills and passion for quantitative analysis." --Roy D. Henriksson, Chief Investment Officer, Advanced Portfolio Management "Quants"--those who design and implement mathematical models for the pricing of derivatives, assessment of risk, or prediction of market movements--are the backbone of today's investment industry. As the greater volatility of current financial markets has driven investors to seek shelter from increasing uncertainty, the quant revolution has given people the opportunity to avoid unwanted financial risk by literally trading it away, or more specifically, paying someone else to take on the unwanted risk. How I Became a Quant reveals the faces behind the quant revolution, offering you?the?chance to learn firsthand what it's like to be a?quant today. In this fascinating collection of Wall Street war stories, more than two dozen quants detail their roots, roles, and contributions, explaining what they do and how they do it, as well as outlining the sometimes unexpected paths they have followed from the halls of academia to the front lines of an investment revolution.
A vivid and captivating narrative about how modern science broke free of ancient philosophy, and how theoretical physics is returning to its unscientific roots In the early seventeenth century Galileo broke free from the hold of ancient Platonic and Aristotelian philosophy. He drastically changed the framework through which we view the natural world when he asserted that we should base our theory of reality on what we can observe rather than pure thought. In the process, he invented what we would come to call science. This set the stage for all the breakthroughs that followed--from Kepler to Newton to Einstein. But in the early twentieth century when quantum physics, with its deeply complex mathematics, entered into the picture, something began to change. Many physicists began looking to the equations first and physical reality second. As we investigate realms further and further from what we can see and what we can test, we must look to elegant, aesthetically pleasing equations to develop our conception of what reality is. As a result, much of theoretical physics today is something more akin to the philosophy of Plato than the science to which the physicists are heirs. In The Dream Universe, Lindley asks what is science when it becomes completely untethered from measurable phenomena?
"Unsettled is a remarkable book—probably the best book on climate change for the intelligent layperson—that achieves the feat of conveying complex information clearly and in depth." —Claremont Review of Books "Surging sea levels are inundating the coasts." "Hurricanes and tornadoes are becoming fiercer and more frequent." "Climate change will be an economic disaster." You've heard all this presented as fact. But according to science, all of these statements are profoundly misleading. When it comes to climate change, the media, politicians, and other prominent voices have declared that "the science is settled." In reality, the long game of telephone from research to reports to the popular media is corrupted by misunderstanding and misinformation. Core questions—about the way the climate is responding to our influence, and what the impacts will be—remain largely unanswered. The climate is changing, but the why and how aren't as clear as you've probably been led to believe. Now, one of America's most distinguished scientists is clearing away the fog to explain what science really says (and doesn't say) about our changing climate. In Unsettled: What Climate Science Tells Us, What It Doesn't, and Why It Matters, Steven Koonin draws upon his decades of experience—including as a top science advisor to the Obama administration—to provide up-to-date insights and expert perspective free from political agendas. Fascinating, clear-headed, and full of surprises, this book gives readers the tools to both understand the climate issue and be savvier consumers of science media in general. Koonin takes readers behind the headlines to the more nuanced science itself, showing us where it comes from and guiding us through the implications of the evidence. He dispels popular myths and unveils little-known truths: despite a dramatic rise in greenhouse gas emissions, global temperatures actually decreased from 1940 to 1970. What's more, the models we use to predict the future aren't able to accurately describe the climate of the past, suggesting they are deeply flawed. Koonin also tackles society's response to a changing climate, using data-driven analysis to explain why many proposed "solutions" would be ineffective, and discussing how alternatives like adaptation and, if necessary, geoengineering will ensure humanity continues to prosper. Unsettled is a reality check buoyed by hope, offering the truth about climate science that you aren't getting elsewhere—what we know, what we don't, and what it all means for our future.
