Product Description

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.

Product Details

• Amazon Sales Rank: #121048 in Books
• Published on: 2007-12-21
• Original language: English
• Number of items: 1
• Binding: Paperback
• 292 pages

Review
"There are few "gentlemen bankers" left these days. Nor is there much room in the great financial houses for anything that smacks of the amateur spirit. That is why Emanuel Derman′s memoirs are so compelling…Derman′s wry humour and sense of irony are apparent throughout the book." – Financial Times

"That sense of being an intruder in outlaw territory lends an intriguing mood to Derman′s My Life As a Quant, a literate and entertaining memoir." –Business Week

"engaging" ––(CFO Europe, October 2005)

"Not only a delightful memoir, but one full of information, both about people and their enterprise. I never thought that I would be interested in quantitative financial analysis, but reading this book has been a fascinating education." –Jeremy Bernstein, author of Oppenheimer: Portrait of an Enigma

"This wonderful autobiography takes place in that special time when scientists discovered Wall Street and Wall Street discovered them. It is elegantly written by a gifted observer who was a pioneering member of the new profession of financial engineering, with an evident affection both for finance as a science and for the scientists who practice it. Derman’s portrait of how the academics brought their new financial science to the world of business and forever changed it and, especially, his descriptions of the late and extraordinary genius Fischer Black who became his mentor, reveal a surprising humanity where it might be least expected. Who should read this book? Anyone with a serious interest in finance and everyone who simply wants to enjoy a good read."–Stephen Ross, Franco Modigliani Professor of Finance and Economics, Sloan School, MIT

Review
“engaging” (CFO Europe, October 2005)

"...tells wonderful stories of trying to bring higher mathematics to the Goldman Sachs equity–derivatives trading desk." (Grant′s Interest Rate Observer, Dec. 17, 2004)

"compelling" (Financial Times, November 18, 2004)

"literate and entertaining memoir" (Business Week, November 15, 2004)

Business Week
"...a literate and entertaining memoir of his [Derman's] two-stage career -- in physics and then financial engineering."

Customer Reviews

Packed with Knowledge !
This excellent autobiography covers the emotional life of a thoughtful man. Emanuel Derman examines his conscience dispassionately and honestly, offering a sometimes poignant account of his descent from the world of pure science to the hustle of Wall Street. His memoir flows like a conversation, albeit with many tangents. You'll learn more than you want about personnel changes at his former firms, but you'll also gain rare insights into how Wall Street makes decisions, plus a few excellent points about the inadequacy of financial theory as science. Derman's descriptions of options theory and financial models sometimes approach clarity, but may be far beyond the lay reader's understanding. We recommend this book to avid students of Wall Street and to any academic contemplating a move there. General readers who would enjoy Derman's reminiscences, and who do not mind tackling some dense scientific and financial material, will find an in-depth life story with moving reflections on the disparity between youthful ideals and mature compromises.

A Good Read
I was attracted to buy this after hearing Derman speak at the Institute of Physics in London.

HAving followed a similar route to Derman (Physics into Quant) I found it particularly rewarding as he touched on many of the issues I had found.

Perhaps because of this or perhaps because of the style, reading his autobiog was like having a chat with a friend over a coffee. It was informal, honest and engaging.

I would recommend to anyone physicist turned quant or anyone thinking of the move to read it. It is interesting to contrast with the biog of Fisher Black.

Dull, dull, dull
I cannot recommend this book.

This is the autobiography of someone who is dull and uninteresting.

Suprisingly, for a book that details a career in Investment Banking, there is a complete lack of anything interesting or exciting happening. I guess I was expecting something more like Liar's Poker, with anecdotes about crazy traders making and losing large sums of money, office politics, dreadful treatment of clients, etc.

The brief synopsis is as follows: Went to university. Didn't socialize. Stayed in bedroom. Went to Goldman Sachs, worked hard, still no friends. Moved to another bank but no one liked me. Left and went back to Goldmans. Then I quit. Told a joke once about condoms. Wasn't funny. The end.