Foreword by Ted Aronson
Part 1 – Wired Markets
Chapter 1: An Illustrated History of Wired Markets
Chapter 2: Greatest Hits of Computation in Finance
Chapter 3: Algorithm Wars
Part 2 – 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 3 – 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 4 – 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
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- Chapter 04 – Where Does Alpha Come From? (Where Does Stock Alpha and Alpha Return Come From?
"Life Is Alpha. The Rest Is Details." — Popular T-shirt at hedge fund manager events
There was a time not too long ago when, if you posed the question “Where does alpha come from?” to a roomful of academic financial economists, most of them would complain: “It’s a [...])
- Chapter 07 – A Little Artificial Intelligence Goes a Long Way on Wall Street (A Little AI Goes a Long Way on Wall Street: Artificial Intelligence and Securities Trading
“If you give someone a program, you will frustrate them for a day; if you teach them how to program, you will frustrate them for a lifetime.”
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- About (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 [...])
- Forward by Ted Aronson (Nerds on Wall Street Forward by Ted Aronson
Quantitative finance is not a topic usually associated with laughter. That is about to change with the publication of Nerds on Wall Street.
I was first exposed to Dave Leinweber’s wit when he delivered a speech entitled “Nerds on Wall Street.” I believe the event happened 20 or 25 [...])
- Introduction to Nerds on Wall Street (Introduction to "Nerds on Wall Street"
I hope people think of this book as sort of a Hitchhiker’s Guide to Wired Markets. There are no robots parking cars for six million years, but there are robots trading millions of shares in six milliseconds, so maybe that’s close enough.
In 2006, I got a call from another nerd [...])
- Part 1 – Wired Markets ( Financial Markets - Electronic Markets
Not too long ago, going to a stock market meant you would meet lots of new people who were energetically shouting, running around, and making a mess with great quantities of paper. No more. Visiting a financial market now is more like visiting a telephone exchange. Computers and network gear [...])
- Part 3 – Artificial Intelligence and Intelligence Amplification (Artificial Intelligence and Intelligence Amplification in Financial Markets
Securities Markets are Machinery Now.
This raises the question of how to best participate in the world’s new wired markets. People who use information technology most effectively will be rewarded.
Artificial intelligence (AI) as an academic discipline began at the famous 1955 Dartmouth conference organized by John McCarthy from Stanford [...])
- Chapter 09 – The Text Frontier – AI, IA, and the New Research (Hunting Investment Alpha and Trading Alpha from Online News, Social Media, and Rumors
Alpha hunters are always looking for new territory. When a strategy becomes known and used by too many players, the collective market impact of getting in and getting out will squeeze out all the profit juice, and only the lowest-cost transactors (large sell-side [...])
- More Praise for “Nerds on Wall Street” ("New technologies are exploited first by "alpha geeks," folks with the skills to push the envelope. This is as true on Wall Street as it was on the web. Leinweber was one of those alpha geeks, but is also the first to chronicle the innovation process from early adopter to mainstream acceptance."
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- Part 4 – Nerds Gone Wild – Wired Markets in Distress (Financial Nerds Gone Wild - Global Markets in Distress
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