Summary
Do not expect to find trading techniques or insights from this book. It is an interesting account of someone who has been working “on the other side of the fence” (a.k.a institution) as a quant. Not just any quant, but one of the famous quants who has his name as part of the Black-Derman-Toy model. It is also a good historical account of the changes going through the financial industry from 1980s to early 2000s. Good read in general for those who are interested in understanding how science transformed the financial markets from the point of view of a scientist.
Book Information
My Life as a Quant: Reflections on Physics and Finance
Written by Emanuel Derman
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Review
An account of Mr. Derman’s journey from his pursuit of his Ph.D to a life working in the financial industry interlaced with his observations, thoughts and reflections of the decisions he has made throughout the period.
If you are someone who experienced something similar, either in the academic world or in the financial world, you will be able to grasp what the author wrote quickly. His experience and thoughts will surely amuse you because you were there and can understand how it feels.
If you are looking for heads up from someone with experience in the field of physics or finance, you probably will be disappointed because that is not what the book is about.
Essentially it is an interesting memoir of someone who is highly intellectual, hence making the book very different from the ones written by traders or CEOs.
I only recommend this book to those of you coming from academia (specifically those “doing science”) or the field of quants.
