Nerds on Wall Street: Math, Machines, and Wired Markets

Overview

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 ...

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Overview

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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What People Are Saying


Additional Praise for Nerds on Wall Street

"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 aredoing 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

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Product Details

  • ISBN-13: 9780471369462
  • Publisher: Wiley, John & Sons, Incorporated
  • Publication date: 6/9/2009
  • Edition number: 1
  • Pages: 353
  • Sales rank: 1,063,823
  • Product dimensions: 6.30 (w) x 9.10 (h) x 1.40 (d)

Meet the Author

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.

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Table of Contents

Foreword by Ted Aronson.

Acknowledgments.

Introduction.

Part One 1: Wired Markets.

Chapter 1: An Illustrated History of Wired Markets.

Chapter 2: Greatest Hits of Computation in Finance.

Chapter 3: Algorithm Wars.

Part Two: Alpha as Life.

Chapter 4: Where Does Alpha Come From?

Chapter 5: A Gentle Introduction to Computerized Investing.

Chapter 6: Stupid Data Miner Tricks.

Part Three: Artificial Intelligence and Intelligence Amplification.

Chapter 7: A Little AI Goes a Long Way on Wall Street.

Chapter 8: Perils and Promise of Evolutionary Computation on Wall Street.

Chapter 9: The Text Frontier: AI, IA, and the New Research.

Chapter 10: Collective Intelligence, Social Media, and Web Market Monitors.

Chapter 11: Three Hundred Years of Stock Market Manipulations: From the Coffeehouse to the World Wide Web.

Part Four:  Nerds Gone Wild: Wired Markets in Distress.

Chapter 12: Shooting the Moon: Stupid Financial Technology Tricks.

Chapter 13: Structural Ideas for the Economic Rescue: Fractional Homes and New Banks.

Chapter 14: Nerds Gone Green: Nerds on Wall Street, off Wall Street.

Index.

About the Web Site.

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