Contents of “Nerds on Wall Street”

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 10 – Collective Intelligence, Social Media, and Web Market Monitors (Web Market Monitors and the Impact of Social Media on Financial Markets "The words of the prophets are written on the subway walls." — Simon & Garfunkel, The Sound of Silence Opinions vary widely on the value of collective wisdom, with ample supporting evidence both for and against. The Internet has many positive examples: The collective ratings [...])
Chapter 01 – An Illustrated History of Wired Markets (An Illustrated History of Wired Capital Markets "Progress might have been all right once, but it has gone on too long." -- Ogden Nash This chapter is based on a number of ever-evolving dinner and lunch talks I have given over many years, all called “Nerds on Wall Street" irrespective of their actual subject. Many financial conference [...])
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Part 2 – Alpha as Life (Passive Investing - Active Investing - Alpha Returns Index funds are passive investments; their goal is to deliver a return that matches a benchmark index. The Old Testament of indexing is Burton Malkiel’s classic A Random Walk Down Wall Street, first published in 1973 by W.W. Norton and now in its ninth edition. For typical individual [...])
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 02 – Greatest Hits of Computation in Finance (Computational Finance, Stock Market Analysis, and Investment Trading "A computer does not substitute for judgment any more than a pencil substitutes for literacy. But writing without a pencil is no particular advantage." - Robert McNamara The Journal of Portfolio Management (JPM*) is one of the more upscale investment management publications around. For $500 a year, you get [...])
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.” This is a history and technical overview of one of the earliest artificial intelligence (AI) [...])
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." Tim O’Reilly Founder & CEO, [...])
Chapter 03 – Algorithm Wars (Algorithmic Trading Strategies and Automated Stock Trading “How about a nice game of chess?” — WOPR computer in "War Games" There used to be two market structures for U.S. equity traders to contend with: the NYSE (for listed stocks) and NASDAQ. Recent counts put the number at roughly 40. Many are sources of dark liquidity, which sounds [...])
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 [...])

Alpha as Life (Passive Investing - Active Investing - Alpha Returns Index funds are passive investments; their goal is to deliver a return that matches a benchmark index. The Old Testament of indexing is Burton Malkiel’s classic A Random Walk Down Wall Street, first published in 1973 by W.W. Norton and now in its ninth edition. For typical individual [...])
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. It can be a wild ride versus parking your cash in a few money market funds. Computers and network gear [...])
Nerds Gone Wild – Wired Markets in Distress (Financial Nerds Gone Wild - Global Markets in Distress The original plan for this book stopped after the three parts that you’ve just read. These parts are about how markets became machines, and about using more machines to pick stocks and trade them electronically, bringing in an assortment of nifty ideas from finance and computer science [...])
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.” This is a history and technical overview of one of the earliest artificial intelligence re (AI), and is a far cry from simple financial planning software [...])
Collective Intelligence, Social Media, and Web Market Monitors (Web Market Monitors and the Impact of Social Media on Financial Markets "The words of the prophets are written on the subway walls." — Simon & Garfunkel, The Sound of Silence Opinions vary widely on the value of collective wisdom, with ample supporting evidence both for and against. The Internet has many positive examples: The collective ratings [...])
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, and this is anything but personal finance software. 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 [...])
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 [...])
Stupid Data Miner Tricks (To Err Is Human. To Really Screw Up, You Need a Computer. — Popular Campus T-shirt, circa 1980 Stupid Data Miner Tricks in Quantitative Finance This chapter started out over 10 years ago as a set of joke slides showing silly, spurious correlations. Originally, my quantitative equity research group planned on deliberately abusing the genetic algorithm (see Chapter [...])
Greatest Hits of Computation in Finance (Computational Finance, Stock Market Analysis, and Investment Trading "A computer does not substitute for judgment any more than a pencil substitutes for literacy. But writing without a pencil is no particular advantage." - Robert McNamara The Journal of Portfolio Management (JPM*) is one of the more upscale investment management and financial articles publications around. For $500 a year, you get [...])
An Illustrated History of Wired Markets (An Illustrated History of Wired Capital Markets "Progress might have been all right once, but it has gone on too long." -- Ogden Nash This chapter is based on a number of ever-evolving dinner and lunch talks I have given over many years, all called “Nerds on Wall Street" irrespective of their actual subject. Many financial conference [...])
A Gentle Introduction to Computerized Investing (Computerized Investing, Index Funds, Quantitative Investing, and Active Management “Life would be so much easier if we only had the source code.” — Hacker proverb The beginning of index investing in the 1970s was the result of a convergence of events, one of those ripe apple moments. Institutional investors began to use firms like A.G. Becker to actually [...])
Three Hundred Years of Stock Market Manipulations (300 Years of Stock Market Manipulations - From the Coffeehouse to the World Wide Web's Stock Manipulations In previous chapters, we saw that many of the changes in securities markets brought about by information technology in general and the Internet in particular are positive, democratizing access to markets and information. We also saw that technology is [...])

by David Leinweber

Computational Finance

Contents of “Nerds on Wall Street”

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