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The Quants: How a New Breed of Math Whizzes Conquered Wall Street and Nearly Destroyed It
The Quants How a New Breed of Math Whizzes Conquered Wall Street and Nearly Destroyed It
Author: Scott Patterson
“Beware of geeks bearing formulas.” — --Warren Buffett —   — In March of 2006, the world’s richest men sipped champagne in an opulent New York hotel.  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.   —  ...  more »
ISBN-13: 9780307453389
ISBN-10: 0307453383
Publication Date: 1/25/2011
Pages: 352
Rating:
  • Currently 3/5 Stars.
 1

3 stars, based on 1 rating
Publisher: Crown Business
Book Type: Paperback
Other Versions: Hardcover, Audio CD
Members Wishing: 2
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reviewed The Quants: How a New Breed of Math Whizzes Conquered Wall Street and Nearly Destroyed It on + 6 more book reviews
An excellent overview of the creation and exploitation of derivatives that ultimately led to the meltdown of Wall Street in 2007. Amazing to see how twenty-somethings with advanced degrees in mathematics created algorithms to exploit market fluctuations. Unfortunately, these same algorithms were enabled with lots of leveraging which came tumbling down with the housing market in 2007. A little "technical" with the Wall Street stuff, but the glossary helped substantially. If you're an investment banker, fraud investigator, or anyone in between you'll really enjoy this book.