Quant?

Quote from panzerman:

Have a look at the following reference article.

http://finance-old.bi.no/~bernt/gcc_prog/recipes/recipes.pdf
In other words, learn to work and think like a pro, and not just some hobbyist sitting around at midnight in their underware hacking code.
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... now, I'm not going to say that knowing how to program isn't important. it is. you aren't a quant if you can't produce. but for the love this field be an analyst who knows compsci, not a programmer who knows some business. the first category is in much higher long term demand than the second.

all this call about c/c++/etc is silly. just learn one of them well. try c# - lots of shops using c# these days. it's a nice and pleasant language. ms even releases a free stripped down version.
 
Quote from Corey:

Programming is a useful tool, but without the math and econometrics, it won't get you much further than the real quants handing you a function to implement.
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Right, that's why I recommend that he concentrate on business and math courses during the school year, and only during the breaks to start to learn programming. Whatever development environment is used, (Visual Studio, Eclipse, Matlab, Mathmatica), it is important to start learning that environment sooner rather than later. I still recommend C++ , as learning the syntax of the language, the data structures etc. can be helpful while learning any other new language in the future.

The most impotant thing is to develop the logical and structured thinking that goes into computer programming. The particular language used is not nearly as important. I still also want to emphasize trying to pick up an internship, or possibly an undergraduate research position. Having industry and research experince is far more important than being a top tier programmer.

Don't waste time sacking groceries if you need money for school. Start looking now for entry-level positions that will get you experience and a few bucks.
 
Quote from jack hershey:

see attached.
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Let me quote a few sentences from his very long document, which I actually did manage to read:

-- "We do not use quant stuff because it deals with uncertainties and they, in turn, introduce risk into making money. "

-- "What I am saying is use nonprobailistic approaches to accumulate capital."

-- "we feel that C# is bast for the non probabilistic programming."

This Jack guy is fascinating. I actually went through his document several times trying to find something good to say about him along with my critiques of him because I felt - on first reading - that he's somewhat interesting and insightful. I failed. I found nothing. I found these little gems I cited above. This guys has either no fundamental knowledge, or is completely confused by, what probabilities are, what quants actually do, and how the Street actually works. Listen to his advice at your own risk.

Quants do talk about the many many many problems with the field after long hours in bars over drinks; There are philosophical issues that makes us question our worth as analysts; there are career concerns about the viability of our paths; we, in general, are rather humble about the horizon of our knowledge and abilities. Jack is talking pure, inexcusible, potentially misleading, and utterly worthless rubbish.
 
Quote from sjfan:

...Jack is talking pure, inexcusible, potentially misleading, and utterly worthless rubbish.
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It usually takes people three or four posts to figure that out. It took you one: not bad. Although, you paid a high price by affecting the stability of your neurons reading that entire document, more than once!!??? LMAO. :D

I have had the guy on ignore for several years. FWIW.

nitro
 
Quote from nitro:

Although, you paid a high price by affecting the stability of your neurons reading that entire document, more than once!!???
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I'm just thankful the day's done (yeh for early closing for no reason other than friday in my markets). I'm off to grab a few beers and forget all of that (people on the desk did get a few good laughs).
 
I wouldn't say econometrics or even finance knowledge is necessary. There are plenty of physics/math etc PhDs who entered as quants who have next to no experience in finance (generally they would read up on some guides for a general overview). There are plenty of places that DO NOT prefer finance experience as they like to teach what they found relevant themselves through in house classes or on the job mentorship.

The great thing is that you are in NYC. During the summers, internships become extremely tight and there is a lot of competition at the various banks and trading firms. Try working during the academic year and, if possible, tell them you will work for free. Even if you do grunt work, its something to put on your resume and will look good even for transferring schools.

Take courses with a quantitative bend, know how to program sufficiently, network and, most important, transfer to a recruited school and you will be in good shape.
 
Thanks for your comments sjfan and the humor too (after hours in bars ,etc).

We probably agree that nitro's comments (who he says has had had me on ignore for years..so he only sees the references to me) are worthwhile too. He picked my print off immediately as a fabrication from some software he mentioned. Now it is called photo shopping. That was years ago as he says.

For sure, I do not know a lot about anything in your specific world as you point out. I feel that you do have me completely sized up from your point of view. That is good for everyone to know.

Luckily, I have had a lot of time to look the waterfront over though.

My view is that stocks are position traded between 80 to 100 cycles a year and a daily take is of 2.5% is about half of what is possible. 10% is less than common for a turn of all streams of capital being in all the time.

I mentioned in the attachment trading the ES at capacity where 10.5 points were pulled in a little over a hour in a 4 to 6 point H-L am range on a Friday. I also mentioned pulling 80 points on 27FEB07 on 20 contracts. I am in all of the time and on the right side of the market all of the time. Some days the market offers more than others. This is my view of trading commodities.

What we do is known to Nitro; he used to be in the chat room a lot of the time. I was following him and his comments in December before he left for a while. There was no way he could accept any input. He stood his ground all the way. Now he doesn't trade; he has a new job somewhere around the Loop.

It is a very good idea for you to help out the OP. I enjoyed putting in my 2 cents. It is easy to see he passed on my comments. Good for him. Thanks for reading and rereading my post. I hope it helped you become more confident of your viewpoints.

I only do the OPM thing according to NFA 208 part 1. a. My best single day for one family was 1.7 million. It is not much to be able to let under 15 people coattail me but it does make it possible for others to contribute time and a little money to things where they can help out. Each time the SeC has cited me for insider trading they have rescinded their mistakes. My one year record for citations is 5. You probably get cited a lot more frequently than I did. they have learned to knock it off and fix their monitoring of large multiple accounts on POA's.


For a minute I imagined the OP doing some work study. I hope he does some with you; pay him in shares of profits. Use the 50% rule; your money and his brains.
 
Thank you all very much so far. Each comment adds to my knowledge of what exactly to do. And jack I did read your comments. I am not ignoring anyone. Just like in philosophy you do have to look at the both side everywhere. Sjfan/mahras does provide me with valuable insides as well. Of course I am NOT undermining everyone else who had contributed to my understanding of this inquiry. Thank you all again.

Dont really have to read the top part it is justsummary of my appreciation to everyone contributing.PS sorry for answering so late it is my studying for Accounting that is keeping me back have a Midterm on Monday.


Alright so I am switching believes from learning C++ to C#. (panzerman/rosy/syswizard and others) Although both will be probably better. Contrary to Jacks recommendations, I still think that math/stats are essential for my understanding not of just derivatives but other methods. I mean Hedge fund industry does use Monte Carlo and VaR in their analyses to see what is better for their future investments. (Hedge funds probably pay the most according to my review of the industry). According to Corey IT's should know all of the languages but he states that math should come first in learning process, Sjfan/mogul have stated that as well. I think it is the better choice to go with math. Mahras did mention of overloading myself during the year. Will do.:) I hope that will not go against me in grades.

As always keep the comments coming, everything helps. Thank you.

PS...jack doesnt knowing the risk of the trade helps out, I mean you dont use quants b/c you dont want to know the risk did I get that right.
 
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