The Physics Of Wall Street
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The Physics Of Wall Street
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Author : James Owen Weatherall
language : en
Publisher: HMH
Release Date : 2013-01-08
The Physics Of Wall Street written by James Owen Weatherall and has been published by HMH this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-01-08 with Business & Economics categories.
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
The Physics Of Wall Street
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Author : James Owen Weatherall
language : en
Publisher: Houghton Mifflin Harcourt
Release Date : 2013
The Physics Of Wall Street written by James Owen Weatherall and has been published by Houghton Mifflin Harcourt this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Business & Economics categories.
A Harvard scholar argues that mathematical models can provide solutions to current economic challenges, explaining that the economic meltdown of 2008 was based on a misunderstanding of scientific models rather than on the models themselves.
The Physics Of Finance
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Author : James Owen Weatherall
language : en
Publisher: Hachette UK
Release Date : 2013-02-07
The Physics Of Finance written by James Owen Weatherall and has been published by Hachette UK this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-02-07 with Business & Economics categories.
A book which reveals the people and ideas on the cusp of a new era in finance... After the economic meltdown of 2008, many pundits placed the blame on "complex financial instruments" like derivatives, and the physicists and mathematicians who dreamed them up. But a young academic named James Owen Weatherall quickly began to question this narrative. Were the physicists really at fault? In this important and engaging book, Weatherall tells the story of how physicists came to Wall Street and how their ideas changed finance forever. Taking us from fin-de-siècle Paris to Rat Pack-era Las Vegas, from wartime government labs to Yippie communes, he shows how physicists successfully brought their science to bear on some of the thorniest problems in economics, from options pricing to bubbles. The trouble is that 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, Weatherall argues in this brilliantly entertaining book, is not to give up on models; it is to simply make them better.
My Life As A Quant
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Author : Emanuel Derman
language : en
Publisher: John Wiley & Sons
Release Date : 2016-01-11
My Life As A Quant written by Emanuel Derman and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-01-11 with Business & Economics categories.
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.
Physicists On Wall Street And Other Essays On Science And Society
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Author : Jeremy Bernstein
language : en
Publisher: Springer Science & Business Media
Release Date : 2008-11-02
Physicists On Wall Street And Other Essays On Science And Society written by Jeremy Bernstein and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-11-02 with Science categories.
Over the years, Jeremy Bernstein has been in contact with many of the world’s most renowned physicists and other scientists, many of whom were involved in politics, literature, and language. In this diverse collection of essays, he reflects on their work, their personal relationships, their motives, and their contributions. Even for those people he writes about that he did not know personally, he provides important insights into their lives and work, and questions their character, their decisions, and the lives they led. In the first three essays, Professor Bernstein looks at economic theory and how some physicists who developed interesting economic models based on derivatives and hedge funds almost led to the country into bankruptcy. In later essays, he discusses a suspect visit to Poland by the great Heisenberg during the Nazi era, a visit that there is almost nothing written about. Included also are essays on ancient languages and a nuclear weapons program in South Africa that was supposedly dismantled. In one particularly humorous essay, he describes how an ill-conceived manned spaceship to be powered by an atomic bomb was being developed by some of the country’s most powerful intellects. The project never got off the ground. Dipping into these pages is like rummaging around in the mind of a genius who has a potpourri of interests and an abundance of fascinating experiences. Bernstein has not only rubbed elbows with some of the finest minds in world, he has worked and played with them. He has sometimes mourned with them and laughed at them. His sharp wit and even sharper analysis make for a fascinating read.
Void
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Author : James Owen Weatherall
language : en
Publisher: Yale University Press
Release Date : 2016-11-22
Void written by James Owen Weatherall and has been published by Yale University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-11-22 with Science categories.
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
Physics And Finance
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Author : Volker Ziemann
language : en
Publisher: Springer Nature
Release Date : 2021-01-18
Physics And Finance written by Volker Ziemann and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-01-18 with Science categories.
This book introduces physics students to concepts and methods of finance. Despite being perceived as quite distant from physics, finance shares a number of common methods and ideas, usually related to noise and uncertainties. Juxtaposing the key methods to applications in both physics and finance articulates both differences and common features, this gives students a deeper understanding of the underlying ideas. Moreover, they acquire a number of useful mathematical and computational tools, such as stochastic differential equations, path integrals, Monte-Carlo methods, and basic cryptology. Each chapter ends with a set of carefully designed exercises enabling readers to test their comprehension.
Nerds On Wall Street
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Author : David J. Leinweber
language : en
Publisher: Wiley
Release Date : 2009-06-09
Nerds On Wall Street written by David J. Leinweber and has been published by Wiley this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-06-09 with Business & Economics categories.
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.
Summary Of James Owen Weatherall S The Physics Of Wall Street
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Author : Everest Media,
language : en
Publisher: Everest Media LLC
Release Date : 2022-06-22T22:59:00Z
Summary Of James Owen Weatherall S The Physics Of Wall Street written by Everest Media, and has been published by Everest Media LLC this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-06-22T22:59:00Z with Business & Economics categories.
Please note: This is a companion version & not the original book. Sample Book Insights: #1 The French capital, Paris, was abuzz with progress in the 1890s. The city was home to the Bourse, France’s principal financial exchange, and the Palais Brongniart, a palace built by Napoleon as a temple to money. #2 Paul Samuelson, an economics professor at MIT, was interested in mathematical finance. He had never heard of Louis Bachelier, but he had read his dissertation, which was titled A Theory of Speculation. It contained the mathematics of financial markets, and it was 20 years old. #3 Cardano was the first person to take a mathematical interest in games of chance. He believed that if one assumed a die was just as likely to land with one face showing as another, one could work out the precise likelihoods of all sorts of combinations occurring. #4 The French writer Chevalier de Méré was interested in a number of questions, the most pressing of which was how to play dice games. He had an instinct that if you bet that a 6 would get rolled, and you made this bet every time you played the game, over time you would tend to win slightly more often than you lost.
Models Behaving Badly
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Author : Emanuel Derman
language : en
Publisher: Simon and Schuster
Release Date : 2011-10-25
Models Behaving Badly written by Emanuel Derman and has been published by Simon and Schuster this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-10-25 with Business & Economics categories.
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.