David J. Leinweber

Nerds on Wall Street (eBook, PDF)

Math, Machines and Wired Markets

• Format: PDF

Produktbeschreibung

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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Produktdetails

• Verlag: Jossey-Bass
• Seitenzahl: 400
• Erscheinungstermin: 14. Mai 2009
• Englisch
• ISBN-13: 9780470500538
• Artikelnr.: 38207825

Autorenporträt

DAVID LEINWEBER is a Haas Fellow in Finance at the Haas School of Business at UC Berkeley, and founding Director of the Center for Innovative Financial Technology at Berkeley. He is the founder of two pioneering financial technology firms and successfully managed multibillion-dollar institutional portfolios for many years. Dr. Leinweber has consulted, published, and lectured widely on the use of advanced technology, artificial intelligence, and intelligence amplification in finance--always in an easy and accessible way--and has earned the reputation as "class clown of the quantitative investing industry." He received BS degrees in physics and electrical engineering from the Massachusetts Institute of Technology and a PhD in applied mathematics from Harvard University.

Inhaltsangabe

Foreword by Ted Aronson xi Acknowledgments xiii Introduction xv Part One 1 Wired Markets Chapter 1: An Illustrated History of Wired Markets 5 Chapter 2: Greatest Hits of Computation in Finance 31 Financial Technology Stars
Hits and Misses
The Crackpot as Billionaire
Future Technological Stars
Mining the Deep Web
Language Technology
EDGAR
Greatest Hits, and the Mother of All Greatest Misses Chapter 3: Algorithm Wars 65 Early Algos
Algos for Alpha
Algos for the Buy Side
From Order Pad to Algos
A Scientifi c Approach
Job Insecurity for Traders
So Many Markets, So Little Time
Known Unknowns and Unknown Unknowns
Models Aren't Markets
Robots, RoboTraders, and Traders
Markets in 2015, Focus on Risk
Playing Well with Robots and Algorithms
Seeing the Big Picture in Markets
Agents for News and Pre-News
Algorithms at the Edge Part Two 89 Alpha as Life Chapter 4: Where Does Alpha Come From? 95 Alpha from Innovation
Alpha, the ARPANET, and the Internet
Summary Chapter 5: A Gentle Introduction to Computerized Investing 109 Indexing 101
Active Management
What Do Quantitative Managers Do?
Active Management on Steroids
Finding Information and Inefficiencies to Produce Alpha
All the Stocks, All the Time
Jumping the Trading Cost Hurdle
Putting the Pieces Together
Does This Really Work? Chapter 6: Stupid Data Miner Tricks 135 "Your Mama Is a Data Miner"
Strip Mining the S&P 500
Enough Regression Tricks
Is There Any Hope for Data Miners?
Summary (and Sermonette)
Counting the Kiddies Part Three 149 Artificial Intelligence and Intelligence Amplification Chapter 7: A Little AI Goes a Long Way on Wall Street 159 Prehistory of Artificial Intelligence on Wall Street
AI People Can Use
Where's the AI?
Real Charting
Virtual Charting
Descriptive Programming
Information Flows and Displays in MarketMind and QuantEx
Integration with Real-Time Feeds and Historical Databases
Composing Syntactically Bulletproof Programs
From Indications to Orders to Executions
Vapor No More
Future Plans for AI in Finance (in 1995) Chapter 8: Perils and Promise of Evolutionary Computation on Wall Street 181 The AI Spring?
Genetic Algorithms
Evolving Financial Models
An Early Lesson
Arbitrage and Predictive Strategies
Maximizing Predictability
Chromosomes for Forecasting Models
FitnessFunctions for Forecasting Models
Use of the GA for Coping with a Combinatoric Explosion of Models
Genetically Optimized Forecasting Models in Hindsight
Genetic Algorithm Warning Label Chapter 9: The Text Frontier: AI, IA, and the New Research 203 Ten Pounds of News in a Five-Pound Bag
Pre-News and Disintermediation
More Pre-News on the Internet Chapter 10: Collective Intelligence, Social Media, and Web Market Monitors 227 Investing with Crowds
Never Met a Data Vendor I Didn't Like
Santa Claus Is Coming to Town
Counting Messages
Whisper Numbers-Ruined by Success
Monitoring Web Activity
More Web, More Warnings Chapter 11: Three Hundred Years of Stock Market Manipulations: From the Coffeehouse to the World Wide Web 253 The Power of Manipulation
A Classic Market Manipulation
The Very Model of a Modern Market Manipulator
Bluffing
How Communication Changes Market Manipulation
Anatomy of a Successful Manipulation
The Internet Era
Cyber-Manipulations
It's Not Just Micro-Caps
Where Are We Headed? Part Four 273 Nerds Gone Wild: Wired Markets in Distress Chapter 12: Shooting the Moon: Stupid Financial Technology Tricks 279 To Protect and to Serve
Stupid Engineering Tricks
Stupid Financial Engineering Tricks
Take Them Out and Shoot Them
Tech Hall of Shame
Quants Who Saw It Coming Chapter 13: Structural Ideas for the Economic Rescue: Fractional Homes and New Banks 305 Chapter 14: Nerds Gone Green: Nerds on Wall Street, off Wall Street 327 Accelerating Innovation
From the Vault
Billions of Dollars and Millions of Tons of Carbon
Epilogue
Web Site Index 343 About the Web Site 353 NerdsonWallStreet.com