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The financial parts, though, left me pretty lost. A glossary with some brief financial A memoir describing Derman's career. After postgraduate work in physics, he transitioned to finance, and spent seventeen years as a "quant" at Goldman Sachs. Emanuel Derman. In My Life as a Quant, Emanuel Derman relives his exciting journey as one of the first high-energy particle physicists to migrate to Wall Street. Page by page, Derman details his adventures in this field—analyzing the incompatible personas of traders and quants, and discussing the dissimilar nature of knowledge in physics and finance.
Throughout this tale, he also reflects on the appropriate way to apply the refined methods of physics to the hurly-burly world of markets. There is no logical path to these laws; only intuition, resting on sympathetic understanding of experience, can reach them. He is the author of numerous articles in elementary particle physics, computer science, and finance, and a coauthor of the widely used Black-Derman-Toy interest rate model and the Derman-Kani local volatility model.
He is currently the Director of the Program in Financial Engineering at Columbia University, a columnist for Risk magazine, and a risk advisor to an investment management company. He lives in New York City.
My Life as a Quant : Reflections on Physics and Finance
Derman got a particle theory Ph. He then went on to post-docs at Penn, Oxford and Rockefeller and a tenure track job at Boulder. In he went to work in the financial industry at Goldman Sachs, staying there until , interrupted by a one-year stint at Salomon. Each year we get more and better applicants, and they seem to do very well on the job market when they get out. The second half has a nice description of the mathematical problems involved in pricing options and mortgage-backed securities, as well as many comments on what it is like to work in the financial industry. He was one of the earliest particle theorists to do this, but many others have followed him there in recent years, some of whom are regular commenters here.
My Life as a Quant
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My Life as a Quant: Reflections on Physics and Finance
The financial parts, though, left me pretty lost. A glossary with some brief financial A memoir describing Derman's career. After postgraduate work in physics, he transitioned to finance, and spent seventeen years as a "quant" at Goldman Sachs. Emanuel Derman. In My Life as a Quant, Emanuel Derman relives his exciting journey as one of the first high-energy particle physicists to migrate to Wall Street.