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He was formerly a quant and managing director at Goldman Sachs, and is the author of many widely used financial models. He lives in New <a class="showlessmore_link" id="u_b3c92_showmore" onclick="truncate_show('u_b3c92')" >show more</a><span class="hideme" id="u_b3c92"> York City.</span> <a class="hideme showlessmore_link" id="u_b3c92_showless" onclick="truncate_show('u_b3c92')" >show less</a></div><div class="author_aka tinytext"><p class="alsoknownas">Includes the name: <span id="u_d3521660" class="lt_itemlist"><span class="ltil_item " ><a href="/author/emanuelderman&norefer=2">Emanuel Derman</a></span></span></p></div><div class="tinytext">Image credit: Copyright © Prof Emanuel Derman. All rights reserved.</div></span></section><section class="w_a_section" id="section_mainworks" ><h2 class="lt_turndown" id="u_7996" data-caret-id="tdc_u_7996" data-hidden-id="tdh_u_30dd" data-visible="1" onclick="lt.newauthor.saveSticky("mainworks", event);;lt.turndown_toggle(this, event);" href="javascript:void(0);" data-duration="200" data-name="mainworks" data-group="worksections" ><i class="fa-solid fa-chevron-up turndown_indicator" id="tdc_u_7996" data-turndown-style="chevron" ></i>Works by Emanuel Derman</h2><span id="tdh_u_30dd" ><a name="mainworks"></a><div class="section_controls"><div data-value="0" class="lt_pillbox lt_blend_nav small lt_small" id="recent_pillbox" ><a data-value="0" data-onclick="lt.newauthor.sortWorks('dermanemanuel', 0);" role="button" class="selected" ><span class="ltp_txt">Popular</span></a class="" ><a data-value="1" data-onclick="lt.newauthor.sortWorks('dermanemanuel', 1);" role="button" class="" ><span class="ltp_txt">Recent</span></a class="" ></div class="" ></div><div class="worklist"><div id="u_5eb2f6e3" class="lt_itemlist list"><div class="ltil_item " > <a href="/work/7687" data-workid="7687" data-title="My-Life-as-a-Quant-Reflections-on-Physics-and-Finance" class="" >My Life as a Quant: Reflections on Physics and Finance</a> <span class="date">(2004)</span> <span class="copies note">416 copies</span><span class="reviews note">, 10 reviews</span></div><div class="ltil_item " > <a href="/work/11637310" data-workid="11637310" data-title="Models-Behaving-Badly-Why-Confusing-Illusion-with-Reality-Can-Lead-to-Disaster-on-Wall-Street-and-in-Life" class="" >Models.Behaving.Badly: Why Confusing Illusion with Reality Can Lead to Disaster, on Wall Street and in Life</a> <span class="date">(2011)</span> <span class="copies note">158 copies</span><span class="reviews note">, 2 reviews</span></div><div class="ltil_item " > <a href="/work/17658838" data-workid="17658838" data-title="The-Volatility-Smile-Wiley-Finance" class="" >The Volatility Smile (Wiley Finance)</a> <span class="date">(2016)</span> <span class="copies note">13 copies</span></div><div class="ltil_item " > <a href="/work/21081387" data-workid="21081387" data-title="Bad-Behavior" class="" >Bad Behavior</a> <span class="date">(2013)</span> <span class="copies note">1 copy</span></div></div></div><div class="flex_center"><a value="Work Explorer " value="Work Explorer " class="func_lt2_display_ui lt2button btn btn_rollover_primary btn-lozenge extra_top_space_half btn-sm btn-default" type="button" role="button" href="/author/dermanemanuel/workexplorer" ><span class="btntxt">Work Explorer <i class="fa-solid fa-angle-right"></i></span></a></div></span></section><section class="w_a_section" id="section_alsoby" ><h2 class="lt_turndown" id="u_2ce3" data-caret-id="tdc_u_2ce3" data-hidden-id="tdh_u_7400" data-visible="1" onclick="lt.newauthor.saveSticky("alsoby", event);;lt.turndown_toggle(this, event);" href="javascript:void(0);" data-duration="200" data-name="alsoby" data-group="worksections" ><i class="fa-solid fa-chevron-up turndown_indicator" id="tdc_u_2ce3" data-turndown-style="chevron" ></i>Associated Works</h2><span id="tdh_u_7400" ><a name="alsoby"></a><div class="worklist"><div id="u_1e3697a9" class="lt_itemlist list"><div class="ltil_item " > <a href="/work/11794437" data-workid="11794437" data-title="This-Will-Make-You-Smarter-New-Scientific-Concepts-to-Improve-Your-Thinking" class="" >This Will Make You Smarter: New Scientific Concepts to Improve Your Thinking</a> <span class="date">(2012)</span> — Contributor — <span class="copies note">829 copies</span><span class="reviews note">, 17 reviews</span></div></div></div></span></section><section class="w_a_section" id="section_tags" ><h2 class="lt_turndown" id="u_8de4" data-caret-id="tdc_u_8de4" data-hidden-id="tdh_u_9f9d" data-visible="1" onclick="lt.newauthor.saveSticky("tags", event);;lt.turndown_toggle(this, event);" href="javascript:void(0);" data-duration="200" data-name="tags" data-group="worksections" ><i class="fa-solid fa-chevron-up turndown_indicator" id="tdc_u_8de4" data-turndown-style="chevron" ></i>Tagged</h2><span id="tdh_u_9f9d" ><a name="tags"></a><a name="rating"></a><div class="section_controls"><button id="relatedtagsarea_snb" value="Numbers" value="Numbers" class="func_lt2_display_ui lt2button btn btn-sm btn-default" type="button" role="button" onclick="tagcloud_showTagNumbers('relatedtagsarea');" ><span class="btntxt">Numbers</span></button></div><div id="relatedtagsarea" class="hidecount"><div class="tags tagcloud_tags" xstyle="line-height: 2.5em;"> <span class="tag" style="font-size: 1em;"><a href="/tag/20th%20century" target="_top">20th century</a><span class="count"> (3)</span> </span> <span class="tag" style="font-size: 0.8em;"><a href="/tag/academia" target="_top">academia</a><span class="count"> (2)</span> </span> <span class="tag" style="font-size: 1.4em;"><a href="/tag/autobiography" target="_top">autobiography</a><span class="count"> (5)</span> </span> <span class="tag" style="font-size: 0.8em;"><a href="/tag/banking" target="_top">banking</a><span class="count"> (2)</span> </span> <span class="tag" style="font-size: 1em;"><a href="/tag/bio" target="_top">bio</a><span class="count"> (3)</span> </span> <span class="tag" style="font-size: 2.6em;"><a href="/tag/biography" target="_top">biography</a><span class="count"> (18)</span> </span> <span class="tag" style="font-size: 0.8em;"><a href="/tag/Black-Scholes" target="_top">Black-Scholes</a><span class="count"> (2)</span> </span> <span class="tag" style="font-size: 2.4em;"><a href="/tag/business" target="_top">business</a><span class="count"> (11)</span> </span> <span class="tag" style="font-size: 0.8em;"><a href="/tag/Business%20%26%20Economics" target="_top">Business & Economics</a><span class="count"> (2)</span> </span> <span class="tag" style="font-size: 0.8em;"><a href="/tag/career" target="_top">career</a><span class="count"> (2)</span> </span> <span class="tag" style="font-size: 1em;"><a href="/tag/currently-reading" target="_top">currently-reading</a><span class="count"> (3)</span> </span> <span class="tag" style="font-size: 2.6em;"><a href="/tag/economics" target="_top">economics</a><span class="count"> (19)</span> </span> <span class="tag" style="font-size: 2.6em;"><b><a href="/tag/finance" target="_top">finance</a></b><span class="count"> (67)</span> </span> <span class="tag" style="font-size: 1em;"><a href="/tag/Financial%20Engineering" target="_top">Financial Engineering</a><span class="count"> (3)</span> </span> <span class="tag" style="font-size: 1em;"><a href="/tag/financial%20modeling" target="_top">financial modeling</a><span class="count"> (3)</span> </span> <span class="tag" style="font-size: 0.8em;"><a href="/tag/General" target="_top">General</a><span class="count"> (2)</span> </span> <span class="tag" style="font-size: 1em;"><a href="/tag/history" target="_top">history</a><span class="count"> (3)</span> </span> <span class="tag" style="font-size: 2.4em;"><b><a href="/tag/investing" target="_top">investing</a></b><span class="count"> (11)</span> </span> <span class="tag" style="font-size: 1.6em;"><b><a href="/tag/investment" target="_top">investment</a></b><span class="count"> (6)</span> </span> <span class="tag" style="font-size: 1em;"><b><a href="/tag/Investment%20advisors" target="_top">Investment advisors</a></b><span class="count"> (3)</span> </span> <span class="tag" style="font-size: 0.8em;"><a href="/tag/loc%3Aphxpublib" target="_top">loc:phxpublib</a><span class="count"> (2)</span> </span> <span class="tag" style="font-size: 1em;"><b><a href="/tag/markets" target="_top">markets</a></b><span class="count"> (3)</span> </span> <span class="tag" style="font-size: 2.3em;"><a href="/tag/math" target="_top">math</a><span class="count"> (10)</span> </span> <span class="tag" style="font-size: 0.8em;"><a href="/tag/Mathematical%20%26%20Computational" target="_top">Mathematical & Computational</a><span class="count"> (2)</span> </span> <span class="tag" style="font-size: 0.8em;"><b><a href="/tag/mathematical%20physics" target="_top">mathematical physics</a></b><span class="count"> (2)</span> </span> <span class="tag" style="font-size: 2.4em;"><a href="/tag/memoir" target="_top">memoir</a><span class="count"> (11)</span> </span> <span class="tag" style="font-size: 2.6em;"><a href="/tag/non-fiction" target="_top">non-fiction</a><span class="count"> (17)</span> </span> <span class="tag" style="font-size: 1.2em;"><b><a href="/tag/options" target="_top">options</a></b><span class="count"> (4)</span> </span> <span class="tag" style="font-size: 0.8em;"><a href="/tag/owned" target="_top">owned</a><span class="count"> (2)</span> </span> <span class="tag" style="font-size: 2.6em;"><b><a href="/tag/physics" target="_top">physics</a></b><span class="count"> (18)</span> </span> <span class="tag" style="font-size: 2em;"><b><a href="/tag/quant" target="_top">quant</a></b><span class="count"> (8)</span> </span> <span class="tag" style="font-size: 0.8em;"><b><a href="/tag/quantitative%20analysis" target="_top">quantitative analysis</a></b><span class="count"> (2)</span> </span> <span class="tag" style="font-size: 1.4em;"><a href="/tag/read" target="_top">read</a><span class="count"> (5)</span> </span> <span class="tag" style="font-size: 1em;"><b><a href="/tag/risk" target="_top">risk</a></b><span class="count"> (3)</span> </span> <span class="tag" style="font-size: 2.2em;"><a href="/tag/science" target="_top">science</a><span class="count"> (9)</span> </span> <span class="tag" style="font-size: 2.6em;"><a href="/tag/to-read" target="_top">to-read</a><span class="count"> (37)</span> </span> <span class="tag" style="font-size: 1em;"><b><a href="/tag/trading" target="_top">trading</a></b><span class="count"> (3)</span> </span> <span class="tag" style="font-size: 1.2em;"><a href="/tag/USA" target="_top">USA</a><span class="count"> (4)</span> </span> <span class="tag" style="font-size: 1.8em;"><b><a href="/tag/Wall%20Street" target="_top">Wall Street</a></b><span class="count"> (7)</span> </span> <span class="tag" style="font-size: 0.8em;"><a href="/tag/wishlist" target="_top">wishlist</a><span class="count"> (2)</span> </span> </div></div></span></section><section class="w_a_section" id="section_common_knowledge" ><h2 class="lt_turndown" id="u_9fb5" data-caret-id="tdc_u_9fb5" data-hidden-id="tdh_u_f95c" data-visible="1" onclick="lt.newauthor.saveSticky("common_knowledge", event);;lt.turndown_toggle(this, event);" href="javascript:void(0);" data-duration="200" data-name="common_knowledge" data-group="worksections" ><i class="fa-solid fa-chevron-up turndown_indicator" id="tdc_u_9fb5" data-turndown-style="chevron" ></i>Common Knowledge</h2><span id="tdh_u_f95c" ><a name="common_knowledge"></a><div id="fwikiContainerTablediv"><dl class="loving comfort joined"><dt>Birthdate</dt><dd><a target="_top" href="/commonknowledge/search.php?f=8&exact=1&type=2&q=1945" data-fieldtype="8" class="" >1945</a></dd><dt>Gender</dt><dd><a target="_top" href="/commonknowledge/search.php?f=5&exact=1&type=2&q=male" data-fieldtype="5" class="" >male</a></dd><dt>Nationality</dt><dd><a target="_top" href="/commonknowledge/search.php?f=18&exact=1&type=2&q=South Africa" data-fieldtype="18" class="" >South Africa (birth)</a><br><a target="_top" href="/commonknowledge/search.php?f=18&exact=1&type=2&q=USA" data-fieldtype="18" class="" >USA</a></dd><dt>Birthplace</dt><dd><a target="_top" href="/place/Cape Town, South Africa" data-fieldtype="44" class="" >Cape Town, South Africa</a></dd><dt>Places of residence</dt><dd><a target="_top" href="/place/New York, New York, USA" data-fieldtype="6" class="" >New York, New York, USA</a></dd><dt>Education</dt><dd><a target="_top" href="/commonknowledge/search.php?f=9&exact=1&type=2&q=University of Cape Town" data-fieldtype="9" class="" >University of Cape Town</a><br><a target="_top" href="/commonknowledge/search.php?f=9&exact=1&type=2&q=Columbia University" data-fieldtype="9" class="" >Columbia University</a></dd><dt>Occupations</dt><dd><a target="_top" href="/commonknowledge/search.php?f=17&exact=1&type=2&q=quantitative analyst" data-fieldtype="17" class="" >quantitative analyst</a></dd><dt>Awards and honors</dt><dd><a target="_top" href="/search.php?searchtype=awards&search=Financial Engineer of the Year" data-fieldtype="4" class="" >Financial Engineer of the Year (2000)</a><br><a target="_top" href="/search.php?searchtype=awards&search=Risk Hall of Fame" data-fieldtype="4" class="" >Risk Hall of Fame (2002)</a></dd></dl></div></span></section><section class="w_a_section" id="section_members" ><h2 class="lt_turndown" id="u_7224" data-caret-id="tdc_u_7224" data-hidden-id="tdh_u_55df" data-visible="1" onclick="lt.newauthor.saveSticky("members", event);;lt.turndown_toggle(this, event);" href="javascript:void(0);" data-duration="200" data-name="members" data-group="worksections" ><i class="fa-solid fa-chevron-up turndown_indicator" id="tdc_u_7224" data-turndown-style="chevron" ></i>Members</h2><span id="tdh_u_55df" ><a name="members"></a><div id="newauthor_members"></div></span></section><section class="w_a_section" id="section_reviews" ><h2 class="lt_turndown" id="u_5b1d" data-caret-id="tdc_u_5b1d" data-hidden-id="tdh_u_6e2a" data-visible="1" onclick="lt.newauthor.saveSticky("reviews", event);;lt.turndown_toggle(this, event);" href="javascript:void(0);" data-duration="200" data-name="reviews" data-group="worksections" ><i class="fa-solid fa-chevron-up turndown_indicator" id="tdc_u_5b1d" data-turndown-style="chevron" ></i>Reviews</h2><span id="tdh_u_6e2a" ><a name="reviews"></a><input type="hidden" id="cache_key" value="u_52a87e58"><div class="brevs_container author_brevs_container "><div class="bookReview"><div class="bookReview_content"><div id="brtext_258465035" class="commentText brslop"><div class="brev_cover"><a href="/work/7687" data-workid="7687" data-title="My-Life-as-a-Quant-Reflections-on-Physics-and-Finance" class="" ><img src="https://images-na.ssl-images-amazon.com/images/P/0471394203.01._SX100_SCLZZZZZZZ_.jpg" srcset="https://images-na.ssl-images-amazon.com/images/P/0471394203.01._SX200_SCLZZZZZZZ_.jpg 2x, https://images-na.ssl-images-amazon.com/images/P/0471394203.01._SX300_SCLZZZZZZZ_.jpg 3x" class="bookReview_cover cover" /></a></div><div class="commentHeader"><div class="postinfo"><a href="/work/7687" data-workid="7687" data-title="My-Life-as-a-Quant-Reflections-on-Physics-and-Finance" class="" >My Life as a Quant: Reflections on Physics and Finance</a> by <a href="/author/dermanemanuel">Emanuel Derman</a></div></div><div class="showmore" id="u_5a7f8cda" >The first half of the book was great. Derman describes academic (STEM) life in a very recognizable way for me. Derman is very good at describing the implicit culture of the typical readers of XKCD, even though the academic part of the book is set in the 1960s and 1970s.<br>Unlike Derman, I'm dropping out immediately after my PhD in computer science, instead of moving from temporary post-doc to post-doc for another six years. As I'm about to enter the world of quantitative finance, I was <u class="showmore_hide">hoping that this book would teach me a bit about the difference between those worlds. I was disappointed. Derman does occasionally remark on the differences between university life and corporate life, but the bulk of the second half of the book is about options theory and financial engineering. The book goes into too much detail when discussing Derman's research (both in physics and in finance), but other than that this was an interesting read. Derman writes about complex topics in a very elegant way, which helped me finish the book, even though it did not contain what I was looking for.</u><span class="showmore_showlink">… (<a href="#" onclick="showMore('u_5a7f8cda');">more</a>)</span></div class="" ><span id="rate-u_abfbc0dd" title="3 Stars" aria-title="3 Stars" class="rating rating-style-306 " data-fn="ratingWidget_fromSettingsA" ><span class="rw"><input type="hidden" value="6" name="form_rating" id="form_rating"/></span><i data-rating_value="2" class="fas fa-star selected" ></i><i data-rating_value="4" class="fas fa-star selected" ></i><i data-rating_value="5" class="fas fa-star selected" ></i><i data-rating_value="8" class=" fas fa-star empty" ></i><i data-rating_value="10" class=" fas fa-star empty" ></i></span></div><div id="rfd_258465035" class="reviewFlagDialogBox"></div><div class="commentFooter"><span class="reviewMods"><span class="reviewVoteInfo"><span class="reviewVoteCount" id="rvc_258465035"> </span> </span><span class="reviewFlags"><div id="reviewflags_given_258465035" class="reviewflags_given hideme">Flagged<span id="rfi1_258465035" class="hideme" > <i title="Flagged as not a review" class="fas fa-flag-alt reviewflags_notreview"></i></span><span id="rfi2_258465035" class="hideme" > <i title="Flagged as abuse" class="fas fa-flag-alt reviewflags_abuse"></i></span></span></div><span id="rfrf_258465035"> </span></span></span> <span class="controlItems ci3"><a href="/profile/jd7h" target="_top">jd7h</a> | <a href="/work/7687/reviews" data-workid="7687" data-title="My-Life-as-a-Quant-Reflections-on-Physics-and-Finance" class="" >9 other reviews</a> | Feb 18, 2024 | <a href="/review/258465035"><i class="fas fa-link"></i></a></span> </div></div></div><div class="bookReview"><div class="bookReview_content"><div id="brtext_249557707" class="commentText brslop"><div class="brev_cover"><a href="/work/7687" data-workid="7687" data-title="My-Life-as-a-Quant-Reflections-on-Physics-and-Finance" class="" ><img src="https://images-na.ssl-images-amazon.com/images/P/0471394203.01._SX100_SCLZZZZZZZ_.jpg" srcset="https://images-na.ssl-images-amazon.com/images/P/0471394203.01._SX200_SCLZZZZZZZ_.jpg 2x, https://images-na.ssl-images-amazon.com/images/P/0471394203.01._SX300_SCLZZZZZZZ_.jpg 3x" class="bookReview_cover cover" /></a></div><div class="commentHeader"><div class="postinfo"><a href="/work/7687" data-workid="7687" data-title="My-Life-as-a-Quant-Reflections-on-Physics-and-Finance" class="" >My Life as a Quant: Reflections on Physics and Finance</a> by <a href="/author/dermanemanuel">Emanuel Derman</a></div></div><div class="" >Interesting view into the world of physics at the tail end of the nuclear revolution, followed by a trip into the 80's and 90's Wall Street, topped with a world class closing statement on the limitations of financial engineering vs physics.<br><br>Solidly written so that is never too boring a read.</div class="" ><span id="rate-u_06e34a3d" title="3.5 Stars" aria-title="3.5 Stars" class="rating rating-style-306 " data-fn="ratingWidget_fromSettingsA" ><span class="rw"><input type="hidden" value="7" name="form_rating" id="form_rating"/></span><i data-rating_value="2" class="fas fa-star selected" ></i><i data-rating_value="4" class="fas fa-star selected" ></i><i data-rating_value="6" class="fas fa-star selected" ></i><i data-rating_value="0" class="ratehalf selected" >½</i><i data-rating_value="10" class=" fas fa-star empty" ></i></span></div><div id="rfd_249557707" class="reviewFlagDialogBox"></div><div class="commentFooter"><span class="reviewMods"><span class="reviewVoteInfo"><span class="reviewVoteCount" id="rvc_249557707"> </span> </span><span class="reviewFlags"><div id="reviewflags_given_249557707" class="reviewflags_given hideme">Flagged<span id="rfi1_249557707" class="hideme" > <i title="Flagged as not a review" class="fas fa-flag-alt reviewflags_notreview"></i></span><span id="rfi2_249557707" class="hideme" > <i title="Flagged as abuse" class="fas fa-flag-alt reviewflags_abuse"></i></span></span></div><span id="rfrf_249557707"> </span></span></span> <span class="controlItems ci3"><a href="/profile/emed0s" target="_top">emed0s</a> | <a href="/work/7687/reviews" data-workid="7687" data-title="My-Life-as-a-Quant-Reflections-on-Physics-and-Finance" class="" >9 other reviews</a> | Sep 24, 2023 | <a href="/review/249557707"><i class="fas fa-link"></i></a></span> </div></div></div><div class="bookReview"><div class="bookReview_content"><div id="brtext_249110631" class="commentText brslop"><div class="brev_cover"><a href="/work/11637310" data-workid="11637310" data-title="Models-Behaving-Badly-Why-Confusing-Illusion-with-Reality-Can-Lead-to-Disaster-on-Wall-Street-and-in-Life" class="" ><img src="https://images-na.ssl-images-amazon.com/images/P/1439164983.01._SX100_SCLZZZZZZZ_.jpg" srcset="https://images-na.ssl-images-amazon.com/images/P/1439164983.01._SX200_SCLZZZZZZZ_.jpg 2x, https://images-na.ssl-images-amazon.com/images/P/1439164983.01._SX300_SCLZZZZZZZ_.jpg 3x" class="bookReview_cover cover" /></a></div><div class="commentHeader"><div class="postinfo"><a href="/work/11637310" data-workid="11637310" data-title="Models-Behaving-Badly-Why-Confusing-Illusion-with-Reality-Can-Lead-to-Disaster-on-Wall-Street-and-in-Life" class="" >Models.Behaving.Badly: Why Confusing Illusion with…</a> by <a href="/author/dermanemanuel">Emanuel Derman</a></div></div><div class="showmore" id="u_e8f0828d" >I can understand why some people were disappointed with this book. It's not what I expected when I purchased it. There's a good deal of memoir, philosophy, history, and physics in the book before Derman talks about Economics and the Financial Markets. It is worth it. Derman makes the obvious case that the model is not the thing it represents (similar to how Derrida and other Deconstructionists explained that a word is a symbol for a thing, and not the thing itself). He also stresses the <u class="showmore_hide">importance of theories and how models are very different from theories.<br><br>As a dual major in Data Analytics and Applied Mathematics, the math in this book was easy to follow. There's little of it, and it's concentrated at the end of the book. If you're math-phobic it might be difficult to understand what Derman is demonstrating. Basically, he is showing that models build on the Efficient Market hypothesis (he calls it the Efficient Market Model) and the Capital Asset Pricing Model are based on false premises. This is easy to understand when you realize that Economics, despite its adherents claims to the contrary, isn't actually a science. It's a branch of the social sciences and often doesn't stand up to the rigor of actual science. Derman's discussion of Physics earlier in the book provide an interesting contrast to the models used on Wall Street which aren't build on theory, but are simply built on other models. <br><br>The markets are unpredictable because the markets are influenced by people. This isn't a matter of just too many variables: it's a fundamental problem of markets. People react to the markets, and the markets react to people. This means that predicting future performance (generally based on present value) isn't possible because you can't predict how people will act/react. This is the fundamental flaw of any model of financial markets. Derman steers clear of the morality of things like swaps and the subprime mortgage crisis. Instead, he demonstrates that our entire financial industry is essentially built on a house of cards. The traders are worshipping at the altar of mathematics, but the mathematics of economics in general, and financial markets in particular, are built of flimsy material.</u><span class="showmore_showlink">… (<a href="#" onclick="showMore('u_e8f0828d');">more</a>)</span></div class="" ><span id="rate-u_accada6e" title="4 Stars" aria-title="4 Stars" class="rating rating-style-306 " data-fn="ratingWidget_fromSettingsA" ><span class="rw"><input type="hidden" value="8" name="form_rating" id="form_rating"/></span><i data-rating_value="2" class="fas fa-star selected" ></i><i data-rating_value="4" class="fas fa-star selected" ></i><i data-rating_value="6" class="fas fa-star selected" ></i><i data-rating_value="7" class="fas fa-star selected" ></i><i data-rating_value="10" class=" fas fa-star empty" ></i></span></div><div id="rfd_249110631" class="reviewFlagDialogBox"></div><div class="commentFooter"><span class="reviewMods"><span class="reviewVoteInfo"><span class="reviewVoteCount" id="rvc_249110631"> </span> </span><span class="reviewFlags"><div id="reviewflags_given_249110631" class="reviewflags_given hideme">Flagged<span id="rfi1_249110631" class="hideme" > <i title="Flagged as not a review" class="fas fa-flag-alt reviewflags_notreview"></i></span><span id="rfi2_249110631" class="hideme" > <i title="Flagged as abuse" class="fas fa-flag-alt reviewflags_abuse"></i></span></span></div><span id="rfrf_249110631"> </span></span></span> <span class="controlItems ci3"><a href="/profile/dogboi" target="_top">dogboi</a> | <a href="/work/11637310/reviews" data-workid="11637310" data-title="Models-Behaving-Badly-Why-Confusing-Illusion-with-Reality-Can-Lead-to-Disaster-on-Wall-Street-and-in-Life" class="" >1 other review</a> | Sep 16, 2023 | <a href="/review/249110631"><i class="fas fa-link"></i></a></span> </div></div></div><div class="bookReview"><div class="bookReview_content"><div id="brtext_182173199" class="commentText brslop"><div class="brev_cover"><a href="/work/7687" data-workid="7687" data-title="My-life-as-a-quant-reflections-on-physics-and-finance" class="" ><img src="https://images-na.ssl-images-amazon.com/images/P/0471394203.01._SX100_SCLZZZZZZZ_.jpg" srcset="https://images-na.ssl-images-amazon.com/images/P/0471394203.01._SX200_SCLZZZZZZZ_.jpg 2x, https://images-na.ssl-images-amazon.com/images/P/0471394203.01._SX300_SCLZZZZZZZ_.jpg 3x" class="bookReview_cover cover" /></a></div><div class="commentHeader"><div class="postinfo"><a href="/work/7687" data-workid="7687" data-title="My-life-as-a-quant-reflections-on-physics-and-finance" class="" >My life as a quant : reflections on physics and…</a> by <a href="/author/dermanemanuel">Emanuel Derman</a></div></div><div class="showmore" id="u_2f4b231a" >Un quant es una persona, casi siempre con formación científica, que se dedica a crear y probar modelos matemáticos que ayuden a valorar o estudiar el comportamiento futuro de los productos financieros. Los quants son la intersección de la ciencia, la economía y la programación. Cada banco de inversión tiene los suyos, siempre como grupo de apoyo de los traders, que son los que están en el mercado, operando con productos financieros, tanto los que piden los clientes como los que <u class="showmore_hide">ellso se inventan, para generar un beneficio al banco. La palabra “quant” es la abreviatura del inglés para “cuantitativo”, que es la manera que tiene el mundo de las finanzas para referirse a todo aquello que tenga que ver con las matemáticas. Alguien con un perfil muy cuantitativo es alguien que ha estudiado una carrera técnica.<br><br>La vida de un quant puede ser muy interesante. Emanuel Derman [ED] pasó veinte años dedicándose a la física de partículas. Asistió a charlas de Feynman, colaboró con Freeman Dyson, estudió con Tsung-Dao Lee, Premio Nobel de física por su descubrimiento de la violación de la paridad en la física de partículas, escribió un par de artículos que estaban citados en el paper (artículo) que les dio el Nobel a Scwhinger y Tomonaga por la unificación de la fuerza electrodébil… Digamos que ED siguió todos los pasos necesarios en los EE.UU. para convertirse en un físico de carrera. Interminables becas, luego más becas tras el doctorado, estancias en el extranjero, luego intentar de alguna manera que le aceptaran como profesor ayudante en una universidad… Nada muy diferente de lo que tenemos hoy aquí.<br><br>Y, llegado un momento en el que su segundo hijo venía en camino, decidió cambiar. La física le había convertido en un nómada, y quería asentarse en algún sitio. Primero, con gran dolor de corazón, dejó el entorno universitario para ir a los laboratorios de la AT&T, una compañía de teléfonos que se dedicaba a muchas más cosas y que tenía a decenas de miles de personas en plantilla, entre ellos un inmenso grupo de I D. Y de ahí, saltó a Wall Street, unos años después.<br><br>ED cuenta cómo se encontró de golpe con un mundo radicalmente distinto al que conocía. En su primera semana de trabajo le pidieron revisar un modelo de precios y procedió según sabía, al estilo académico: se leyó todos los artículos que encontró relacionados con el tema, construyo un modelo más simple para ver en qué no coincidía con el original, y cuando comprendía a la perfección (o casi) el funcionamiento del asunto, se lanzó a modificar el modelo grande. Casi le cuesta el despido, porque su jefe creía que llevaba tres semanas tocándose las narices. Le dijo que la siguiente vez lo quería en dos días. “En Wall Street sólo necesitas sumar, restar, multiplicar y dividir. Y a veces puedes incluso prescindir de la división”. ED comenzó a aprender rápidamente por la vía dura.<br><br>Supongo que es bien sabido por muchos de ustedes, estimados lectores, pero yo no tenía clara la división. Hay bancos comerciales (de los que tienen sucursales y ganan dinero vendiendo hipotecas y cobrando un euro cada vez que tu cuenta corriente no supera un saldo medio de 1000€ al mes) y hay bancos de inversión, que ganan dinero sin “clientes de a pie”, sino invirtiendo en bolsa y ofertando productos a clientes que no son particulares sino fondos de inversión u otros bancos. Invertir en bolsa es un inmensa simplificación para lo que son las actividades de un banco de inversión. Muchos bancos tienen ambas secciones, de inversión y comercial, entre otras. Este libro enseña los entresijos de un banco de inversión, instruyéndonos sobre algunos conceptos matemáticos por el camino (sin ecuaciones, sólo con diagramas bastante sencillos y trabajados).<br><br>El libro es muy interesante. Para mi gusto se deja sin tratar asuntos muy interesantes que el autor vivió desde dentro, como la crisis del petróleo de los años 70, el crack de la bolsa de 1987 y el momento en el que Rusia decidió no pagar los bonos del estado que debía en 1998 .<br><br>Por el camino aprenderemos desde física de partículas hasta distribuciones de probabilidad, contado todo ello con gran simplicidad (por lo que se nota que hay mucho trabajo detrás para que siga siendo comprensible), además de intuir algo del ambiente que se vivió en Wall Street durante las décadas de los ochenta y noventa del siglo pasado*.<br><br>Mi nota: Muy entretenido e interesante.</u><span class="showmore_showlink">… (<a href="#" onclick="showMore('u_2f4b231a');">more</a>)</span></div class="" ><span id="rate-u_a853fec2" title="4 Stars" aria-title="4 Stars" class="rating rating-style-306 " data-fn="ratingWidget_fromSettingsA" ><span class="rw"><input type="hidden" value="8" name="form_rating" id="form_rating"/></span><i 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