Nerds on Wall Street: Math, Machines and Wired MarketsISBN: 978-0-471-36946-2
Hardcover
400 pages
June 2009
This is a Print-on-Demand title. It will be printed specifically to fill your order. Please allow an additional 10-15 days delivery time. The book is not returnable.
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"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
"Slicing and dicing data to predict the future can get dicey.
The Super Bowl market indicator holds that stocks will do well
after a team from the old National Football League wins the Super
Bowl. . . The "Sell in May and go away" rule advises investors to
get out of the market after April and get back in after October. .
. hundreds -- of Web sites hawk "proprietary trading tools" and
analytical "models" . . . There is no end to such rules. But there
isn't much sense to most of them either. An entertaining new book,
"Nerds on Wall Street," by the veteran quantitative money manager
David Leinweber, dissects the shoddy thinking that underlies most
of these techniques."
— Jason Zweig, The Wall Street Journal
"One of the best reads that I have picked up in some time. It
stimulated me about things in the market that I didn't know.... A
wonderful book"
—Vince Rowe Radium, Biz Radio
"Where technology will take investing and trading in the future
is anyone's guess. Yet, David J. Leinweber in his newly published
book, "Nerds on Wall Street: Math, Machines and Wired Markets,"
provides a glimpse of the direction. In his lively —
alternately raucous and reverent, deriding and respectful —
Mr. Leinweber recounts the history of how technology has
transformed investing and trading through the people that developed
ideas and pioneered applications, most famously in indexing,
optimization and quantitative investing. . . The book makes one of
the best reads of the summer — suitable for the beach as well
as for a serious reader in suit and tie at the office."
—Pensions & Investments
“Explains complex financial instruments in relatively
simple terms, and the same goes for complex trading techniques. . .
The average reader will learn a lot here. I recommend the book to
those that want to dig into how the equity markets became more
computerized.
— Seeking Alpha
"Most new technologies are exploited first by "alpha geeks," the
folks with the skills to push the envelope. This is as true on Wall
Street as it was on the web. David Leinweber was one of those alpha
geeks, but is also the first to chronicle the innovation process
from early adopter to mainstream acceptance."
—Tim O'Reilly, Founder & CEO O'Reilly Media
"Nerds on Wall Street is a thoughtful, funny, and
comprehensive history of the overlooked role geeks have played in
our financial markets from the earliest days of telegraph, to risk
management systems in the current credit crisis. The book is an
irreverent "I Was There" chronicle of how our financial markets
were formed from silicon, savvy and software. Highly
recommended."
—Paul Kedrosky, Infectious Greed, Ten Asset Management
and Kauffman Foundation
"For decades Dave has not only understood more investment
technology than anyone, but with patience and a great sense of
humor, he has made the effort to explain it to his less tech savvy
friends. Nerds on Wall Street is a home run for us
all."
—Richard Rosenblatt, CEO, Rosenblatt Securities
"Nerds on Wall Street is a wild, funny ride though
the technological changes that underpin modern financial markets.
You will find yourself laughing out loud at what could otherwise be
a dry subject. And, if you’re not careful, you might even
learn something!"
—Richard R. Lindsey, Chairman, International
Association of Financial Engineers; Principal, Callcott Group
LLC
"If you're interested in what computers are doing with your
money, then this book is for you."
—Richard Peterson, MD, Managing Director MarketPsy
Capital LLC; Author, Inside the Investor's Brain
"In David’s words, the stock market is a "victim not a
cause" of the great mess of 2008. It’s refreshing to read a
book with such insight during these difficult times. I applaud
David Leinweber for this timely masterpiece."
—Bill Aronin, Co-founder Quantitative Analytics, Inc;
Sr. Manager, Thomson Reuters
"Clear, light language and wry humor mask David
Leinweber’s exhaustive compendium of technological
innovations for and impacts on asset trading. Leinweber brings an
entrepreneur’s experience and an academic’s perspective
to financial technology; and has produced the definitive work, as
up-to-date as it is encyclopedic."
—David K. Whitcomb, Founder and Chairman Emeritus,
Automated Trading Desk and Professor of Finance Emeritus, Rutgers
University
"Dr. Leinweber continues to be a patron saint of any nerd who
stumbles onto Wall Street. Many of his most insightful ideas are
here in this book, the utility of which are only matched by the
humor of their presentation. As the markets have changed in 2008,
the need to collect, process, and understand novel information
sources has never been greater."
—Jacob Sisk, Infoshock, Yahoo
"Thoughtful insights covering trading, investment practice and
system design encased in humor by an expert in all four: a good and
practical read."
—Evan Schulman, Founder, Tykhe, LLC.
"David is one of the top practitioners in the fields of textual
analysis and sentiment and its application to trading. Leveraging
"smart" machines to parse and extract signal from massive
quantities of textual data is hard, and David’s work has put
him at the vanguard of the next wave of alpha generation."
—Roger Ehrenberg, Information Arbitrage, and IA
Capital Partners