The Quants
How a New Breed of Math Whizzes Conquered Wall Street and Nearly Destroyed It
(Sprache: Englisch)
Quants ist die faszinierende und abstoßende Geschichte von Ehrgeiz und Selbstüberschätzung, die zum größten finanziellen Desaster führen. Quants ist eindringliche Warnung vor der Wall-Street-Zukunft!
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Quants ist die faszinierende und abstoßende Geschichte von Ehrgeiz und Selbstüberschätzung, die zum größten finanziellen Desaster führen. Quants ist eindringliche Warnung vor der Wall-Street-Zukunft!
Klappentext zu „The Quants “
With the immediacy of today's NASDAQ close and the timeless power of a Greek tragedy, The Quants is at once a masterpiece of explanatory journalism, a gripping tale of ambition and hubris, and an ominous warning about Wall Street's future. In March of 2006, four of 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.
On that night, these four men and their cohorts were the new kings of Wall Street. Muller, Griffin, Asness, and Weinstein were among the best and brightest of a new breed, the quants. Over the prior twenty years, this species of math whiz--technocrats who make billions not with gut calls or fundamental analysis but with formulas and high-speed computers--had usurped the testosterone-fueled, kill-or-be-killed risk-takers who'd long been the alpha males the world's largest casino. The quants helped create a digitized money-trading machine that could shift billions around the globe with the click of a mouse. Few realized, though, that in creating this unprecedented machine, men like Muller, Griffin, Asness and Weinstein had sowed the seeds for history's greatest financial disaster.
Drawing on unprecedented access to these four number-crunching titans, The Quants tells the inside story of what they thought and felt in the days and weeks when they helplessly watched much of their net worth vaporize--and wondered just how their mind-bending formulas and genius-level IQ's had led them so wrong, so fast.
Lese-Probe zu „The Quants “
1: All in OnePeter Muller stepped into the posh Versailles Room of the century old St. Regis Hotel in midtown Manhattan and took in the glittering scene in a glance.
It wasn t the trio of cut-glass chandeliers hung from a gilt-laden ceiling that caught his attention, nor the pair of antique floor-to-ceiling mirrors to his left, nor the guests svelte Armani suits and gemstudded dresses. Something else in the air made him smile: the smell of money. And the sweet perfume of something he loved even more: pure, unbridled testosterone-fueled competition. It was intoxicating, and it was all around him, from the rich fizz of a fresh bottle of champagne popping open to the knowing nods and winks of his friends as he moved into a room that was a virtual murderer s row of topflight bankers and hedge fund managers, the richest in the world. His people.
It was March 8, 2006, and the Wall Street Poker Night Tournament was about to begin. More than a hundred well- heeled players milled about the room, elite traders and buttoned-down dealmakers by day, gambling enthusiasts by night. The small, private affair was a gathering of a select group of wealthy and brilliant individuals who had, through
sheer brainpower and a healthy dose of daring, become the new tycoons of Wall Street. This high-finance haut monde perhaps Muller most of all was so secretive that few people outside the room had ever heard their names. And yet, behind the scenes, their decisions controlled the ebb and flow of billions of dollars coursing through the
global financial system every day.
Mixed in with the crowd were professional poker players such as T. J. Cloutier, winner of sixty major tournaments, and Clonie Gowen, a blond Texan bombshell with the face of a fashion model and the body of a Playboy pinup. More important to the gathering crowd, Gowen was one of the most successful female poker players in the country.
Muller, tan, fit, and at forty-two looking a decade younger than his
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age, a wiry Pat Boone in his prime, radiated the relaxed cool of a man accustomed to victory. He waved across the room to Jim Simons, billionaire math genius and founder of the most successful hedge fund on the planet, Renaissance Technologies. Simons, a balding, whitebearded
wizard of quantitative investing, winked back as he continued chatting with the circle of admirers hovering around him.
The previous year, Simons had pocketed $1.5 billion in hedge fund fees, at the time the biggest one-year paycheck ever earned by a hedge fund manager. His elite team of traders, hidden away in a small enclave on Long Island, marshaled the most mind-bending advances in science and mathematics, from quantum physics to artificial intelligence to voice recognition technology, to wring billions in profits from the market. Simons was the rare investor who could make Muller feel jaw-clenchingly jealous.
The two had known each other since the early 1990s, when Muller briefly considered joining Renaissance before starting his own quantitative hedge fund inside Morgan Stanley, the giant New York investment bank. Muller s elite trading group, which he called Process Driven Trading, was so secretive that even most employees at Morgan weren t aware of its existence. Yet over the previous decade the group, composed of only about fifty people, had racked up a track record that could go toe-to-toe with the best investment outfits on Wall Street, cranking out $6 billion in gains for Morgan.
Muller and Simons were giants among an unusual breed of investors known as quants. They used brain-twisting math and superpowered computers to pluck billions in fleeting dollars out of the market. By the early 2000s, such tech-savvy investors had come to dominate Wall Street, helped by theoretical breakthroughs in the application
of mathematics to financial markets, advances that had earned their
wizard of quantitative investing, winked back as he continued chatting with the circle of admirers hovering around him.
The previous year, Simons had pocketed $1.5 billion in hedge fund fees, at the time the biggest one-year paycheck ever earned by a hedge fund manager. His elite team of traders, hidden away in a small enclave on Long Island, marshaled the most mind-bending advances in science and mathematics, from quantum physics to artificial intelligence to voice recognition technology, to wring billions in profits from the market. Simons was the rare investor who could make Muller feel jaw-clenchingly jealous.
The two had known each other since the early 1990s, when Muller briefly considered joining Renaissance before starting his own quantitative hedge fund inside Morgan Stanley, the giant New York investment bank. Muller s elite trading group, which he called Process Driven Trading, was so secretive that even most employees at Morgan weren t aware of its existence. Yet over the previous decade the group, composed of only about fifty people, had racked up a track record that could go toe-to-toe with the best investment outfits on Wall Street, cranking out $6 billion in gains for Morgan.
Muller and Simons were giants among an unusual breed of investors known as quants. They used brain-twisting math and superpowered computers to pluck billions in fleeting dollars out of the market. By the early 2000s, such tech-savvy investors had come to dominate Wall Street, helped by theoretical breakthroughs in the application
of mathematics to financial markets, advances that had earned their
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Autoren-Porträt von Scott Patterson
SCOTT PATTERSON is author of the New York Times bestselling book The Quants and Dark Pools and a staff reporter for The Wall Street Journal. His work has also appeared in the New York Times, Rolling Stone and Mother Earth News. He has a masters of arts degree from James Madison University. He lives in Alexandria, Virginia.
Bibliographische Angaben
- Autor: Scott Patterson
- 2011, 352 Seiten, Maße: 13,4 x 20,3 cm, Kartoniert (TB), Englisch
- Verlag: Penguin Random House
- ISBN-10: 0307453383
- ISBN-13: 9780307453389
- Erscheinungsdatum: 10.10.2014
Sprache:
Englisch
Pressezitat
Scott Patterson has the ability to see things you and I don t notice. In The Quants he does an admirable job of debunking the myths of black box traders and provides a very entertaining narrative in the process. --Nassim Nicholas Taleb, New York Times bestselling author of Fooled by Randomness and The Black Swan Fascinating and deeply disturbing Patterson gives faces and personalities to the quants, making their saga accessible and intriguing [he s] onto a big story that begs follow-up. --New York Times
Valuable makes [the quants ] secretive world comprehensible the story radiates with hubris, high stakes and expensive toys. --Bloomberg.com
A riveting account there are many dramatic moments and a good dose of schadenfreude in Scott Patterson s THE QUANTS. --Financial Times
Read this book if you want to understand how the collapse of the global financial system was at its core a failure of modern financial theory and its most ardent disciples. Patterson is able to gracefully explain the complex ideas underpinning our financial system through an extraordinarily engaging and insightful story. --Mark Zandi, Chief Economist of Moody s Economy.com and author of Financial Shock
"Enlightening and enjoyable...Patterson masterfully recounts how brilliant mathematicians and technologists ignored the human element...If you're serious about understanding the financial meltdown, you need to read this book." --David Vise, Pulitzer Prize Winner, author of The Google Story, and Senior Advisor, New Mountain Capital
"A compelling tale of greed and conceit, The Quants tells the inside story of the Wall Street rocket scientists who could couldn t resist playing with numbers and nearly blew themselves up. --Michael J. Panzner, author of Financial Armageddon and When Giants Fail
"The Quants will keep hedge fund managers on the edge of their
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Aeron chairs, while the rest of us read in horror about their greed and their impact on the wider economy. A gripping tale right until the last page...but I fear this is perhaps not yet the end of the story." --Paul Wilmott, Oxford Ph.D., founding partner of Caissa Capital, and author of Paul Wilmott Introduces Quantitative Finance
A character-rich tale of how quirky geniuses cut their teeth on gambling, then moved on to the biggest casino of all, Wall Street. From blackjack to black swans, The Quants tells how we got where we are today. --William Poundstone, author of Fortune s Formula
A character-rich tale of how quirky geniuses cut their teeth on gambling, then moved on to the biggest casino of all, Wall Street. From blackjack to black swans, The Quants tells how we got where we are today. --William Poundstone, author of Fortune s Formula
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