Quants - The Alchemists of Wall Street (vpro backlight documentary) | Forex
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Quants are the math wizards and computer programmers in the engine room of our global financial system who designed the financial products that almost crashed Wall street. The credit crunch has shown how the global financial system has become increasingly dependent on mathematical models trying to quantify human (economic) behaviour. Now the quants are at the heart of yet another technological revolution in finance: trading at the speed of light. What are the risks of treating the economy and its markets as a complex machine? Will we be able to keep control of this model-based financial system, or have we created a monster? A story about greed, fear and randomness from the insides of Wall Street. Director: Marije Meerman VPRO Backlight February 2010 Our globalized world causes societies, economies and cultures to seek a new balance. VPRO Documentaries reflects on this with new features every week. We research subjects like politics, world economy, society and science with experts and try to grasp the essence of prominent trends and developments. So subscribe to our channel and we will be delighted to share our adventures with you! Visit additional youtube channels bij vpro broadcast: vpro Broadcast: https://www.youtube.com/channel/UC75PWWQrls0z6fh0loY5I4Q vpro Metropolis: https://www.youtube.com/channel/UCpnazGScKQfGauk7YNyI21w vpro Documentary: https://www.youtube.com/channel/UC9sXw4ZdPEIp6bYGvLW-_iA vpro World Stories: https://www.youtube.com/channel/UCqJ6GC0klkbFuQa-0ZePqkQ vpro Extra: https://www.youtube.com/channel/UCTLrhK07g6LP-JtT0VVE56A vpro VG (world music): https://www.youtube.com/channel/UC-KX3q7zIz7s2rjooBfl6Nw vpro 3voor12 (alternative music): https://www.youtube.com/channel/UC-p9faJQsBObRNiKY8QF2NQ vpro 3voor12 extra (music stories): https://www.youtube.com/channel/UCtgVYRLGraeL9rGMiM3rBHA
Comments
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How many millionaires have math background beyond school level?
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I can't believe that I only found this video yesterday.... 6 years later :-/
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Too drunk to truly appreciate this at the moment but I will watch it when I sober up
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35:21 i like this quote. Paul Wilmott is so awesome, this guy is something else
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I wish i can pursue this career but i really suck at math :(.
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When you go through the thoughts behind this, you understand what Karl Marx is talking about. The incentives of individuals creating value comes from money, that's what these problems all come from. But the success of communism has to be at the very end of the capitalism, when all the finance are died and people need to find a new way that value just allocated perfectly. it's not even gonna be called as communism, it's the same thing but it will be just the new form and the ultimate form of capitalism
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That is true... very sad... but the bright side is the quants or scientist leave the job very soon, now you see kid coming to a hedge fund and leave in less of year, the collect bonus, learn the markets and set up their own trading desk at home and go to pursue another field in science, and caring less for the money since they got a computer placing trade and making some steady income.
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God damn, they really make being a financial engineering student sound like a nightmare. Actually it's a whole lot easier than studying physics or pure math.
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Love the book. Now I just found this doc.
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35:27, :D 'serves them right' then sips on his tea. I love this guy
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What is the title of the book at 27:59?
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Anyone, know what book hes reading from at 27:31
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I live in New York too and had considered to attend that school. However, I don't have enough money to pay the school and I don't want to take debt. I decided to learn it autodidact, it's very difficult indeed, but after four years learning by myself, I can write profitable trading algos. I have proof to show, my algo is in top 30 among 800 algos entered in an international competition. Now, would those hedge funds will accept me as a quant without formal education?
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does anyone know the name of the British quant?
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But the 1,000 mortgages Willmott describes from 14:50 are real contractual commitments to pay those 'loans' by the people who have taken them out. How can you sell a future whose outcome is unknown? It's just another form of gambling! 18:23 Willmott explains it all perfectly!!! Then at 35:39 the truth! "It's actually the fees that we're trying to maximise!"
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Can someone explain where these algorithms are inputted. I understand that there are trading platforms, are they put into there?
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so in other words those quants devised a load of bullshit equations that had no real relation to the real world and were entirely motivated by greed and avarice. Which then set us upon the path of global economic destruction. Or have I missed something?
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Amazing. Uploaded on March 4th, 2010, and date of 2010 Flash Crash, May 6th.
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Aside from the stupid parts about that student making his academic life sound like hard labor, very informative and interesting production.
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Swindlers acting as if they were smartest scientists... The trick is they see your hands but you see nothing.