Where Have All the Quants Gone?
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- เผยแพร่เมื่อ 29 พ.ค. 2024
- I commented on a LinkedIn post regarding the lack of intuition of financial markets by quants. I agree "quants" which has been too loosely defined, are no longer learning intuition, but not just on the finance side. The mix of skills and lack of rigor taught in most quant programs is not useful. Learning the intuition behind anything take a lot of intellectual struggle. You don't just read something or have it explained to you once. You need to convince yourself it works through logic (mathematics). These comments come in a time when people have the "check the box" mentality. Many people these days just want to know what to do and then they will do it. I've said it before and I'll say it again, quant isn't something you achieve. It is something you consistently do and work towards. It is a process NOT an event. Those who love to learn will always excel in the quant space however those checking boxes and requiring extensive amounts of hand holding will not.
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This is so important "some of you don't continue the learning process". Its not about the piece of paper, its about "actually solving problems". Love it, but Dimitri please don't blow a blood vessel!
Lifelong learner time
As a new grad and new hire, bro just roasted my soul lol. But even thought I may lack the intuition at the moment, I definitely resonated with the passion for math/stats. Thanks for the great video!
I was on the fence about diving deep into doing quant because I similarly don't care so much for the finance, but now that you've clearly explained that it's more application-based, this excites me.
How does bro make every video an absolute banger
Sold his soul to Satan. Only explanation
many thanks for sharing all info with us
Jaja, the "cartel taurino" you have on the wall behind you is from the time I was a youngster and still lived back there, Ponce y el Juli two legends!. Now we share state too, small world, love your channel and content, top notch quality, thank you, cheers!.
Thank you for the content you create.
Amazing video. I’m so glad you have this channel. Please do a video “pedigreed” quants vs the path non-traditional take to break into buy-side
Great topic for discussion! That's really what shall be looked beyond the grades and the certificates. The camera focus on the far back instead of Dimitri almost seems intentional to make a point.
Hi Dimitri, I'm attracted to this philosophy of passion for learning and understanding itself.
I come from modelling, simulation, probabilistic estimation, and love it.
My question to you is: what is exciting about quant finance to you?
If you are passionate about it and have a youtube channel, you are uniquely equipped to convert people to the cause. There are plenty of passionate people out there. But they follow stem and academia. That's a great place for passionate people.
My referece for passion is 3b1b. They were able to show the beauty of pure linear algebra to the masses (like me).
If you can't make a compelling argument, then nothing will change for the better for you.
From the outside it looks like there might be interesting maths, but it isnt clear how.
So I repeat my question. What's exciting about quant finance? Why should those people be quants?
And don't be intimidated with 3b1b's production quality haha half of that is enough
Edit: I'll take a look at your channel later and see if you have videos that might answer that
The problem is twofold tho, the hiring teams don't care or have time to figure out if a candidate has a passion for knowledge, they put out requirements that one needs to tick and if you don't check the boxes you won't be given a chance, the emphasis is on checking boxes so that's what you're going to get. It goes all the way to the top: managers and hiring teams have very little understanding of these technical positions and the results are for all to see.
Those boxes (requirements) are the bare minimums. You must have all of those plus the passion for the field. The problem is too many people think they have passion but haven't put in the work. This shows the passion isn't what the candidate thinks. Finding these candidates is extremely challenging.
I am 34 and from 12 years old I worked more than 15 different jobs food, telecommunication, engineering, finance, writing, etc. The difference between me and other people who worked in only one or two fields I have a strong ability to solve problems uniquely.
Yes, this job is hard but as Marcus Aurelius s says "If something is humanly possible, I can do" Without dedication, nothing gives satisfaction.
This is spot on I earned a masters in finance and shadowed (attended without credit) a masters in statistics and did the same in the math department - there is no halfway in this space -
Can you highlight extra curriculars vs academics (in undergrad) for future quants (buy side). And maybe discuss some open opportunities for students from tier 3 to come in front of recruiters.
you are bang on
6:00
…But I DID take a math class on stochastic calculus
This is so true 💯
I was recruited to be a Quant two years ago. I have a generalist science/math background with a professional focus on NLP and AI. I think that one of the things that has been growing in me as I move away from an instant results mindset characteristic of AI is a sense of awe and wonder at how fierce and complex and beautiful the market is. It actually has been starting to motivate me to read more and more. I hope that carries me forward.
You have no idea. I TA a graduate-level machine learning for finance class and half our students struggle with Python or recognizing why assets are correlated in a PCA.
I been thinking about doing physics as undergrad, to train my intuition/visualization skills and general problem solving abilities, while learning math and stats by my self. I don't see these disciplines as that much separated field, the way to learn them is similar, is all about memorization and application. I may be wrong, since i don't have experience. Is a realistic choice or i underestimating the difficulty of this?
Hey have you done a video with the text books? That'll be interesting.
I occasionally do textbook reviews which can be found here:
th-cam.com/play/PLBfqPS8Xvt2AcW5gWsxiATx0IGdZcPXZD.html&si=Xx53rd-7OR4N2HpK
The Math Sorcerer channel has a lot of textbook reviews.
Will be interesting if you do quant course for non quant for beginners in udemy, just suggestion.
Almost within anything. To be even proficient, you’d have to have the skill to put yourself in shoes of someone else to grasp a market in the macro/microscopic level. So yes intuition is slowly evaporating, bc simply “imagination” is becoming scarce. The generation after mine would be the “iPad” gen. Meaning, every child was born with a iPad shoved infront of their face. They were given state of the art imagination so in result it took less for themselves to have the need to imagine such things. Along w the whole “depressed/anxiety” stigma that me being a 90s baby never even heard of since now, it’s way harder for someone to try and understand someone’s feelings( which is another form of imagination)
I agree that diving deep into math and statistics aspect of the quant is very important. But, could you please give us example of the situation when this was important in making decisions ?
Should you segment data for modeling? There are many reasons why you would first segment the data and then build multiple models instead of one. An important reason has to do with considering probability theory. Do different segments behave the same? When segmented do we end up with stationary or ergodic samples? The correct answer to these questions can result in models that produce more robust and accurate results (different decisions). As a specific example, imagine building a model to determine who will and who won't get a loan. If a model is built on the wrong probability space you will accept and reject people who do not align to the business strategy. The real issue is the business will have no idea as they don't dig into probability theory and most model developers don't understand it well enough either. The business will eventually realize the model doesn't work but they won't know why.
No grad student is going to be an expert in a topic having studied it for a few months. A few years in a job doing the same thing is where you develop expertise.
Preach!
Whoo let the quants out?
You're looking for people who want to work but don't care about the money? This sounds like a you problem mate, sounds like you'd be better off in academia
Sometimes that's what it takes to be effective in the industry. If you dont have the passion maybe its not right for you.
to be fair there's a lot of us out there
dont worry, there are plenty of quants hanging around r/quant
Jeez if you have to know all that, maybe this is a great field for AI to disrupt. I mean, is it practical for many people to learn all those things on a deep level?
The truth is if companies focus on degrees and certifications to hire this is what you get. Using Model talk you hire people who overfit the test cases.
Disney's new movie "All Quants go to Heaven"
:D
Hold on Dimitri… it sounds like you’re a math guy. I’m looking to get in to computational finance but not for the sake of math. I think a lot of people could care less. I just want insight to make profit, nothing more nothing less. At the end of the day it’s about money. The way I see it if I wanted to spend my time using math on something I love to know more about like the universe I wouldn’t be able to make a living or give this kind of freedom to my children.
You can make more money doing other (easier) things…
@@m_nite8101haha
Are you always this arrogant, or are you just putting on a show for youtube?
It's one thing to develop this passion. It's another to get recruiters to see it ( ⚈̥̥̥̥̥́⌢⚈̥̥̥̥̥̀)