EMANUEL DERMAN MY LIFE AS A QUANT PDF

It is written by one of the best authors in both the world of fixed income and the world of equities. The first part occupies about half of the book and to be honest it is a little depressing. I gave four stars instead of five because of the first half of the book. Derman describes his grad student years, post-doc years, uncertainty of academic career, his separation from wife and child while he worked in CO all in too much detail and mostly negatively. Like most quants I am familiar with negative sides of an academic career, so I felt it was unnecessary to spend so much time on describing those things. After-all it has little to do with being a quant and it is not why I bought the book.

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Jan 25, John rated it liked it I picked up this book at the library because it was suggested by Goodreads or Amazon I forget which as a book I might like to read.

Electrons must move according to the principles of quantum electrodynamics? This guy, it I picked up this book at the library because it was suggested by Goodreads or Amazon I forget which as a book I might like to read.

This guy, it appears, has got things backward if he thinks nature is somehow required to follow the models science has devised to describe nature. Nature does what it does without any consideration of our attempts to describe it. The models developed by scientists, wonderful as they may be, are not rules that nature must obey and anyone who believes otherwise is kidding himself.

Then on pages he wrote, "One summer in the early seventies, during the student protests against the American invasion of Cambodia, Eva [his wife] and I went camping in the Catskills mountains with Chang-Li and his wife. After several days in a tent, cut off from any news, we went to meet my in-laws who were vacationing in a nearby hotel.

It is difficult for me to comprehend the mind of a person who would rejoice in the bombing of his own department at a university. But as the book unfolded, it appeared that Derman was able to grow out of his adolescent arrogance and attitudes. I have to admire him for being willing to describe his early experiences with such honesty. He is clearly a brilliant person and I enjoyed his description of how he migrated from an academician in physics to a practitioner in finance.

And I was delighted to see in the final chapter that he understands that man-devised models are not rules that nature or financial markets follow but rather attempts to describe what happens in nature and financial markets. Though the material was fascinating, it was like listening to a boring professor -- dry, bland, and ultimately, self-defeating. The one thing this book did have that was helpful is lots of context. We learn not only what Derman as a quant does, but why, and what the business context is for it.

He also clearly has a passion for explaining theories clearly as opposed to high-brow. Overall, This book was Emanuel Derman Eman dryly taking us through his life as a theoretical physicist turned quant. Overall, a good book, but boring. I would recommend How I Became a Quant if you enjoy this kind of material.

In the first half, he reveals himself to be an incredibly arrogant physicist. Full disclosure - in the book , Derman expresses scorn for both solid state physicists and experimentalists -- I myself belong to both of these categories.

In the second half which addresses his financial career, his arrogance is not as noticeable, so either he was actually humbled by his change in career, as he describes Not the most insightful of memoirs, this was more of a catalogue of professional achievements. In the second half which addresses his financial career, his arrogance is not as noticeable, so either he was actually humbled by his change in career, as he describes in the book, or I have the benefit of not being in his profession.

In the last chapter, he struggles futilely to make philosophical statements about physics and financial math and their respective abilities to describe and predict the tangible world.

Despite references to God, he fails utterly in this attempt.

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My Life as a Quant: Reflections on Physics and Finance

Emanuel Derman sacrifices his privacy and shares some amazing insights and ideas that are definitely worthy of your time. This book summary emphasizes the value of science and pinpoints some of the fundamental principles of Wall Street. And Why? He is an author, businessman, a quantitative analyst and currently works at Columbia University as a director of the financial engineering program. By all means, science devises and explains our physical existence, which clarifies the primate — most revealing experimental branch. When we take into consideration the widely-known laws of physics like gravity, the nature of radio waves, the elements of electricity and others, we come to seeing that none of these are subjected to change. As old concepts, they surely promote a sense of reliability and consistency, even in the Digital Age.

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My Life as a Quant: Reflections on Physics and Finance

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My Life as a Quant: Reflections on Physics and Finance

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