The Quants
How a New Breed of Math Whizzes Conquered Wall Street and Nearly Destroyed It
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Narrated by:
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Mike Chamberlain
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By:
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Scott Patterson
About this listen
In March 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. At the card table that night was Peter Muller, who managed a fabulously successful hedge fund called PDT. With him was Ken Griffin, who was the tough-as-nails head of Citadel Investment Group. There, too, were Cliff Asness, the sharp-tongued, mercurial founder of the hedge fund AQR Capital Management, and Boaz Weinstein, chess “life master” and king of the credit-default swap.
Muller, Griffin, Asness, and Weinstein were among the best and brightest of a new breed, the quants. Over the past 20 years, this species of math whiz had usurped the testosterone-fueled, kill-or-be-killed risk takers who’d long been the alpha males of the world’s largest casino. The quants believed that a cocktail of differential calculus, quantum physics, and advanced geometry held the key to reaping riches from the financial markets. And they helped create a digitized money-trading machine that could shift billions around the globe with the click of a mouse. Few realized that night, though, that in creating this extraordinary system, men like Muller, Griffin, Asness, and Weinstein had sown the seeds for history’s greatest financial disaster.
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The 1980s was the most outrageous and turbulent era in the financial market since the crash of ’29, not only on Wall Street but around the world. Michael Lewis, as a trainee at Salomon Brothers in New York and as an investment banker and later financial journalist, was uniquely positioned to chronicle the ambition and folly that fueled the decade. In these trenchant, often hilarious true tales we meet the colorful movers and shakers who commanded the headlines and rewrote the rules.
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Not the normal great Michael Lewis
- By Me on 05-12-12
By: Michael Lewis
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A History of the United States in Five Crashes
- Stock Market Meltdowns That Defined a Nation
- By: Scott Nations
- Narrated by: Christopher Grove
- Length: 12 hrs and 32 mins
- Unabridged
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In this absorbing, smart, and accessible blend of economic and cultural history in the vein of the works of Michael Lewis and Andrew Ross Sorkin, a financial executive and CNBC contributor examines the five most significant stock market crashes in the United States over the past century, revealing how they have defined the nation today.
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A solid telling of crucial history
- By Philo on 06-17-17
By: Scott Nations
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Tap Dancing to Work
- Warren Buffett on Practically Everything, 1966–2012: A Fortune Magazine Book
- By: Carol J. Loomis
- Narrated by: Susan Boyce, Barry Press
- Length: 17 hrs and 38 mins
- Unabridged
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When Carol Loomis first mentioned a little-known Omaha hedge-fund manager in a 1966 Fortune article, she didn’t dream that Warren Buffett would one day be considered the world’s greatest investor - nor that she and Buffett would become close personal friends. Now Loomis has collected and updated the best Buffett articles Fortune published between 1966 and 2012, including thirteen cover stories and a dozen pieces authored by Buffett himself. Loomis has provided commentary about each major article that supplies context and her own informed point of view.
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A collection of finance articles - not a biography
- By Gerardo A Dada on 08-23-13
By: Carol J. Loomis
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Heads I Win, Tails I Win
- Why Smart Investors Fail and How to Tilt the Odds in Your Favor
- By: Spencer Jakab
- Narrated by: Sean Pratt
- Length: 8 hrs and 30 mins
- Unabridged
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According to Wall Street Journal investing columnist Spencer Jakab, most of us have no idea how much money we're leaving on the table - or that the average saver doesn't come anywhere close to earning the "average" returns touted in those glossy brochures. We're handicapped not only by psychological biases and a fear of missing out but by an industry with multimillion-dollar marketing budgets and an eye on its own bottom line, not yours.
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Got my head screwed on straight
- By Rob Barry on 12-20-18
By: Spencer Jakab
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The Myth of the Rational Market
- A History of Risk, Reward, and Delusion on Wall Street
- By: Justin Fox
- Narrated by: Alan Sklar
- Length: 13 hrs and 38 mins
- Unabridged
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Chronicling the rise and fall of the efficient market theory and the century-long making of the modern financial industry, Justin Fox’s The Myth of the Rational Market is as much an intellectual whodunit as a cultural history of the perils and possibilities of risk. The book brings to life the people and ideas that forged modern finance and investing, from the formative days of Wall Street through the Great Depression and into the financial calamity of today.
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Probably most interesting to economists
- By D. Martin on 06-29-12
By: Justin Fox
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The Lost Bank
- The Story of Washington Mutual - The Biggest Bank Failure in American History
- By: Kirsten Grind
- Narrated by: Traber Burns
- Length: 14 hrs and 7 mins
- Unabridged
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During the most dizzying days of the financial crisis, Washington Mutual, a bank with hundreds of billions of dollars in its coffers, suffered a crippling bank run. The story of its final, brutal collapse in the autumn of 2008, and its controversial sale to JPMorgan Chase, is an astonishing account of how one bank lost itself to greed and mismanagement, and how the entire financial industry - and even the entire country - lost its way as well. Kirsten Grind’s The Lost Bank is a magisterial and gripping account of these events.
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Sad and Angry by Turn
- By Johnnie Walker on 07-24-12
By: Kirsten Grind
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The House of Dimon
- How JP Morgan's Jamie Dimon Rose to the Top of the Financial World
- By: Patricia Crisafulli
- Narrated by: Suzanne Toren
- Length: 9 hrs and 39 mins
- Unabridged
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Jamie Dimon is Wall Street's biggest player. Following the 11h-hour rescue of Bear Stearns by JPMorgan, his profile has reached stratospheric levels. And while the deals and decisions he's made have usually turned out to be the right ones, his journey to the top of the financial world has been anything but easy. Now, in The House of Dimon, business writer Patricia Crisafulli goes behind the scenes to recount the amazing events that have shaped Dimon's career.
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Intriguing
- By Jean on 08-28-16
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Too Good to Be True
- The Rise and Fall of Bernie Madoff
- By: Erin Arvedlund
- Narrated by: Karen White
- Length: 12 hrs and 57 mins
- Unabridged
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Erin Arvedlund, the financial reporter who questioned the amazing returns of Bernie Madoff's hedge funds way back in 2001, traces the life of the infamous swindler and addresses the tough questions surrounding the collapse of his Ponzi scheme.
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Doesn't add much more that a lot of details.
- By Robert on 11-07-10
By: Erin Arvedlund
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Rainbow's End: The Crash of 1929
- Oxford University Press: Pivotal Moments in US History
- By: Maury Klein
- Narrated by: Sean Crisden
- Length: 11 hrs and 45 mins
- Unabridged
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The first major history of the Crash in over a decade, Rainbow's End tells the story of the stock market collapse in a colorful, swift-moving narrative that blends a vivid portrait of the 1920s with an intensely gripping account of Wall Street's greatest catastrophe. The book offers a vibrant picture of a world full of plungers, powerful bankers, corporate titans, millionaire brokers, and buoyantly optimistic stock market bulls.
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Plenty of fine detail, especially of the 1920s
- By Philo on 04-18-13
By: Maury Klein
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The Bank That Lived a Little
- Barclays in the Age of the Very Free Market
- By: Philip Augar
- Narrated by: Jonathan Keeble
- Length: 15 hrs and 32 mins
- Unabridged
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Story
Based on unparalleled access to those involved, and told with compelling pace and drama, The Bank That Lived a Little is the story of one of the most familiar names on the British high street since Big Bang in 1986. Philip Augar describes in detail three decades of boardroom intrigue driven by ruthless ambition, grandiose dreams and a desire for wealth. It is a tale of a struggle for long-term supremacy between rival strategies and their adherents.
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Global superstar bankers under light-touch gov
- By Philo on 12-21-18
By: Philip Augar
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The Zeroes
- My Misadventures in the Decade Wall Street Went Insane
- By: Randall Lane
- Narrated by: Randall Lane
- Length: 12 hrs and 4 mins
- Unabridged
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Magazine entrepreneur Randall Lane had a prime seat at Wall Street's biggest greed fest. The Zeroes is a memoir about the excesses and bad behavior of an outsider who got pulled into a crazy, self-contained world.
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A very entertaining tale
- By andy on 11-03-13
By: Randall Lane
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By: Paul Wilmott, and others
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In 1956 two Bell Labs scientists discovered the scientific formula for getting rich. One was mathematician Claude Shannon, neurotic father of our digital age, whose genius is ranked with Einstein's. The other was John L. Kelly Jr., a Texas-born gun-toting physicist. Together they applied the science of information theory - the basis of computers and the Internet - to the problem of making as much money as possible as fast as possible.
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The Options Wheel Strategy
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Good book. Bad audiobook.
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Inside the House of Money, Revised and Updated
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A must read.
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Lords of Finance
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Performance
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Story
It is commonly believed that the Great Depression that began in 1929 resulted from a confluence of events beyond any one person's or government's control. In fact, as Liaquat Ahamed reveals, it was the decisions made by a small number of central bankers that were the primary cause of the economic meltdown, the effects of which set the stage for World War II and reverberated for decades.
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interesting insight into interwar period!
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What listeners say about The Quants
Average customer ratingsReviews - Please select the tabs below to change the source of reviews.
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- Long Time Member
- 10-09-17
Very good telling about quants
Really good story telling to understand the history of the quants and the impact they have had
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- Gabriel Kendjy Koike
- 06-07-21
A novel with a market ambiance
This book should be read with proper expectations. It does not provide much in terms of information regarding technical side of events (even if washed down for the casual reader). It's more of a romance with characters, dialogue lines, account of feelings and internal thoughts of characters which, in this case, is set on a "quant finance" environment. I guess in this sense the book is good and nice performance, although not my style.
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Overall
- Craig
- 08-09-10
Very intersting and engaging...
I loved this book. Ends about abruptly, I guess it's fitting considering the crash. Still was a fun ride!
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- Brad Mills
- 03-15-17
Dence book, not recommended as a casual read
This book is pretty dense. I wouldn't recommend it to a casual reader. I am starting an algorithmic trading fund, so I liked this book because I am trying to get more focused information on the history of algorithmic trading on Wall St and with traditional investment firms.
If you're looking for entertaining stories about wall st and trading, this is not really the book for you.
It's a great backstory that walks you through the original algorithmic traders on wall st and how their quantitative analysis strategies evolved from trying to beat the dealer at blackjack or game the roulette wheel, to running the world's financial markets.
Not so much about high speed trading, this book talks a lot about the theory of using computer algorithms to trade and find an "edge" against human traders.
There's really interesting backstories behind the role that the quants played during "Black Monday" in the 80s, the collapse of LTCM in the late 90s, the 2007/2008 derivatives bubble.
I did not realize that most of the financial voodoo products like CDOs, credit default swaps, options trading, etc were mostly instruments created by quant traders.
Nassim Taleb, the author of The Black Swan makes an appearance a few times in this book.
If you google "wall street trading floor" you will see the pictures of barren wall st trading floors with a tiny fraction of traders compared to what you'll probably remember from the movies. This is thanks to "the quants".
Computer algorithmic trading systems have depreciated the traditional wall st trader.
We are now in an era where Artificial Intelligence is shifting the market once again...who knows how this will work out.
Overall, this was a great book with lots of solid information about the previous generations of hedge funds and trading methods used by the biggest funds in the world.
It gets boring sometimes, it probably could have been about 30% shorter.
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- NEY TORRES
- 10-21-18
risk management the secret of trading
it was a good story, specially now that I'm studying artificial intelligence for trading.
key lessons I rescue form the book:
1) statics that we use for explaining the universe does not apply to price movements (in fact would be an error)
2) risk management (leverage, position sizing) it's still the hollygrail of trading. just like in poker. and from my point of view, the way the small guy can still beat the market.
3) things are only going to accelerate (volatility?)
4) "for a man with a hammer every problem seems like a nail" , Charlie Munger referring to quants that forgot rule 1.
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- Captain
- 08-12-17
Great book for financial and math types
Thorough and well explained. I really enjoyed the biographical setting of the book and parallel tracking of the characters. If you are interested in the "why" of financial meltdown of 2008 this book goes a long way in answering a good part of it. Couple this with the "The Number That Killed Us" and "The Big Short". And you get the picture. Should be required learning for Congress and SEC.
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- Alf
- 12-02-17
amazing
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- Mukul Rao
- 04-11-21
Learnt about Quants I didnt really know
I've heard and read a great deal about Jim Simons and Ed Thorpe, but this book went into great detail on the lives less famous quants - Boaz Weinstein, Peter Mueller and Cliff Asness. It was especially surprising to discover that quants fared really poorly in 2008, one would have imagined they knew it all. The only gripe I had with this book was that it painted the quants as the cause of the 2008 crisis, which I believe is wrong. They were certainly caught in it, but were not the cause.
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- Kent
- 04-16-10
Too much, too little and just right
The previous reviewer pretty much nailed it on the head for me: the author enjoys writing the about the personal -- and largely irrelevant -- stories of the people profile. Had he just spent as much effort unwinding the how and why of the quants approach, I would have enjoyed this book much more. When he doesn't overthink it, the narrative is focus and informative. When he does, its push the work very close to a fictional feel.
Of course, understanding the level of hubris involved in this culture is part of understanding how and why it lead to the outcomes it did, so it was essential to cover that. Just too much of a good thing here.
One concluding suggestion: if you decide to invest your time and attention into the offering, make sure you have already done the same or will follow this title up with Taleb's "The Black Swan." Its a great counterpoint this.
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11 people found this helpful
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- Vladimir
- 05-07-15
Great review of financial engineering principles
Author provides detailed illustration of delusions and simplifications of the efficient market theory. He also touches potential future market exploits and vulnerabilities.
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