Nerds on Wall Street: Math, Machines and Wired Markets

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9780471369462: Nerds on Wall Street: Math, Machines and Wired Markets

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.

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From the Back Cover:

Praise for Nerds On Wall Street

"Leinweber leads his readers through a largely unexplored forest, turning over ordinary-looking rocks to reveal hidden colonies of peculiar creatures that feed on moldering mounds of numbers teeming with trailing zeroes. His book is absorbing, instructive, and very, very funny."
David Shaw, Founder, D. E. Shaw & Co.

"David Leinweber has been a pioneer in developing and applying advanced technologies in the capital markets. This book is a virtual tour de force survey of many of the key innovations over the past two decades, with key insights for the future. It is a highly engaging, insightful, and entertaining book for all investors who want to understand the increasingly important role of technology in the financial markets."
Blake Grossman, CEO, Barclays Global Investors

"Leinweber isn't half as crazy as people said! He foresaw the profound change that wired technology would bring to markets (robots trading millions of shares in six milliseconds). Now he nails the Stupid Financial Engineering Tricks that dumped the markets, and offers his patented, sound insights on how the nerds will help bring us back."
Jane Bryant Quinn, Financial columnist, Bloomberg.com and Newsweek

"Through the lenses of finance 'nerds,' Dave Leinweber recounts the quantitative and technological revolution in equity trading. The book is humorously written but it is serious and insightful. It makes an important contribution to our understanding of financial innovation and the evolution of the capital markets."
Andre F. Perold, George Gund Professor of Finance and Banking, Harvard Business School

"Finally, a book that rightly honors the pocket-protected, RPN-loving, object-oriented, C-compatible, self-similar Wall Street quant! This is a delightfully entertaining romp across the trading floors and through the research departments of major financial institutions, told by one of the early architects of automated trading and a self-made nerd."
Andrew W. Lo, Professor of Finance, MIT Sloan School of Management

"David Leinweber is one of the great financial innovators of our time. David possesses a unique combination of expertise in the fields of money management, artificial intelligence, and computer science."
Blair Hull, Founder, Hull Trading & Matlock Trading

"An important, accessible, and humorous guide to today's electronic markets. Like Capital Ideas mixed with Being Digital, as told by Steve Martin."
Frank Fabozzi, Yale School of Management, Editor, Journal of Portfolio Management

From the Inside Flap:

Technology has transformed global markets, but this is nothing new. Markets have been shaped by machinery for hundreds of years, and this continues at a rapid pace today.

Author David Leinweber-a computer scientist who accidentally stumbled upon Wall Street and became an innovator in the application of modern information technology in trading and investing-is a well-qualified guide to the nerds of greater Wall Street. And now, in this engaging and entertaining new book, he tells the tale of the ongoing technological transformation of the world's financial markets.

The impact of technology on investing is profound, and Leinweber provides an intriguing look at where technology on Wall Street has been, what it has meant, and how it will impact the markets of tomorrow, and its role in the multifaceted crises of today. In essence, the financial game has changed and will continue to change due entirely to technology. Throughout these pages, Leinweber takes a detailed look at the new "players," human or otherwise, that offer both unprecedented opportunities and debilitating dangers in this ever-evolving environment.

Divided into four parts, this lively exploration of markets and machines:

  • Illustrates the history of technology upheavals in markets and deals with electronic markets and algorithmic trading in Part One: Wired Markets
  • Explores the use of wired markets, and anything else you can find, to outperform market averages in Part Two: Alpha as Life
  • Examines how humans and machines can work together to extract useful information for investment and trading from textual sources in Part Three: Artificial Intelligence and Intelligence Amplification
  • Considers the roles of technology in contributing to the crisis of 2008, as well as its use to avoid future mishaps in Part Four (Epilogue): Nerds Gone Wild? Wired Markets in Distress

Being a successful investor-whether individual or institutional-involves more than stock picking, asset allocation, or market timing: it involves technology. And through this story, Leinweber helps you go beyond the numbers to see exactly how advanced technology has become a bigger part of modern markets.

It's getting harder every day to see the difference between financial markets and computer networks. Hopefully, after reading this book, you'll have a better sense of how technology shapes today's markets, and how to best participate in the future of electronic finance.

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Book Description John Wiley Sons Inc, United States, 2009. Hardback. Book Condition: New. Language: English . Brand New Book. 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. Bookseller Inventory # AAH9780471369462

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Book Description John Wiley and Sons Ltd, United States, 2009. Hardback. Book Condition: New. Language: English . Brand New Book. 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. Bookseller Inventory # AAH9780471369462

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