The Impact of Technology on Wall Street and Investing
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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 [...])
- 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 [...])
- Chapter 11 – 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 [...])
- 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 [...])
- 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 [...])
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- 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 [...])
- Overview of “Nerds on Wall Street” (Technology has transformed global markets, but this is nothing new. Markets have been shaped by machinery for hundreds of years, and this continues at a rapid pace today.
Author David Leinweber—a computer scientist who accidentally stumbled upon Wall Street and became an innovator in the application of modern information technology in trading and investing—is a well-qualified [...])
- 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 [...])
- Part 4 – 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 [...])
