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Product Description
The Quants: How a New Breed of Math Whizzes Conquered Wall Street and Nearly Destroyed It (9780307453389): Scott Patterson: Books. 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. Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.
Shipping Weight: 2 pounds
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