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Home > Biography > Business > My Life as a Quant: Reflections on Physics and Finance
My Life as a Quant: Reflections on Physics and Finance
by Derman, Emanuel
 
 
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My Life as a Quant: Reflections on Physics and Finance
Emanuel Derman was one of the first physicists to move to Wall Street, and his career paralleled the growth of quantitative trading over the past twenty years. In My Life as a Quant, he traces his transformation from ambitious young scientist to managing director and head of the renowned Quantitative Strategies group at Goldman, Sachs & Co.

Derman’s tale recounts his adventures with quants, traders and other high fliers on Wall Street as he became the best-known quant in the business. He describes the struggles of research and his interactions with an assorted cast of famous scientists. He relates his impressions of some of the most creative minds on Wall Street, including Fischer Black, with whom he collaborated on the widely used Black-Derman-Toy model of interest rates. Throughout his story he reflects on the appropriate way to apply the refined methods of physics to the hurly-burly world of markets and the people that inhabit them.



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Title of ebook: My Life as a Quant: Reflections on Physics and Finance
ISBN: 9780471691570
parent-ISBN: 9780471394204
Publisher: John Wiley & Sons, Inc.
Internet download file size: 2004 kb
Published: 09-2004
Released online for download: 09-24-2004
Author of eBook: Derman, Emanuel
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My Life as a Quant

Reflections on Physics and Finance

Chapter One

Elective Affinities

* The attractions of science * The glory days of particle physics * Driven by ambitious dreams to Columbia * Legendary physicists and budding wunderkinder * Talent versus character, plans versus luck *

I expected New York to glitter. Instead, when I arrived on that hot August afternoon in 1966, the city was grimy and littered, disappointingly unmodern. I was jet-lagged and weary, and the sweaty cab ride from Kennedy airport to upper Manhattan tilted me towards depression. The cramped Formica-filled rooms in International House, a graduate student established by the Rockefeller Foundation on the far reaches of New York's Upper West Side, bore little resemblance to the spacious-looking illustrations in the brochure they had sent to me in South Africa. The sickly green-and-white walls in the corridors and the guards at the back entrance added to the prison sensibility. It took several months before habit obscured all of this ugliness. "I. House," as we all called it, was actually a very good place for foreigners.

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