The Quants cover art

The Quants

How a New Breed of Math Whizzes Conquered Wall Street and Nearly Destroyed It

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The Quants

By: Scott Patterson
Narrated by: Mike Chamberlain
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About this listen

In March 2006, the world’s richest men sipped champagne in an opulent New York hotel. They were preparing to compete in a poker tournament with ­million-dollar stakes. At the card table that night was Peter Muller, who managed a fabulously successful hedge fund called PDT. With him was Ken Griffin, who was the tough-as-nails head of Citadel Investment Group. There, too, were Cliff Asness, the sharp-tongued, mercurial founder of the hedge fund AQR Capital Management, and Boaz Weinstein, chess “life master” and king of the credit-default swap.

Muller, Griffin, Asness, and Weinstein were among the best and brightest of a new breed, the quants. Over the past 20 years, this species of math whiz had usurped the testosterone-fueled, kill-or-be-killed risk takers who’d long been the alpha males of the world’s largest casino. The quants believed that a cocktail of differential calculus, quantum physics, and advanced geometry held the key to reaping riches from the financial markets. And they helped create a digitized money-trading machine that could shift ­billions around the globe with the click of a mouse. Few realized that night, though, that in creating this extraordinary system, men like Muller, Griffin, Asness, and Weinstein had sown the seeds for history’s greatest financial disaster.

©2010 Scott Patterson (P)2010 Random House
Economics Investing & Trading
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Critic reviews

"Scott Patterson has the ability to see things you and I don't notice. He does an admirable job of debunking the myths of black box traders and provides a very entertaining narrative in the process." (Nassim Nicholas Taleb, New York Times bestselling author of Fooled By Randomness and The Black Swan)

What listeners say about The Quants

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The men who blew up the workd

Would you recommend this book to a friend? Why or why not?

Read this to understand how a collection of semi professional gamblers and cash hungry, over achieving maths graduates built the financial H bombs that nuked the global economy.

What will your next listen be?

Emotional Intelligence

Which scene did you most enjoy?

The description of the challenge poker session between the Quant analysts just before the whole system almost collapsed.

Do you think The Quants needs a follow-up book? Why or why not?

Nope, not until the next catastrophe at any rare.

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  • Overall
    5 out of 5 stars
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    5 out of 5 stars

Fell in love with every aspect of this book.

This book motivates me on degree amazing!!! Good accounts of what happens and dramatisation of the process.

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    4 out of 5 stars
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    5 out of 5 stars

Excellent narrative of the rise of quant trading

Good characters and gives a broad overview of the major players. Lacks some detail understandably because the players are secretive by nature

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  • Overall
    2 out of 5 stars
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Reads like a novel

Too much drama (sometimes made up), too little facts. Lots of hyperbole. Interesting subject and wide coverage.

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    1 out of 5 stars
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    1 out of 5 stars

Rubbish, goes around the same topics, same people

The book has no depth. It continues in a cycle of the same people, the same storys and never moves past some important questions that it asks but never answers.

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3 people found this helpful