Inside The Black Box The Simple Truth About Quantitative Trading Rishi K Narang Praise for Inside the Black Box "In Inside the Black Box: The Simple Truth About Quantitative Trading , Rishi Narang demystifies quantitative trading. His explanation and classification of alpha will enlighten even a seasoned veteran." Blair Hull, Founder, Hull Trading & Matlock Trading "Rishi provides a comprehensive overview of quantitative investing that should prove useful both to those allocating money to quant strategies and those interested in becoming quants themselves. Rishi′s experience as a well–respected quant fund of funds manager and his solid relationships with many practitioners provide ample useful material for his work." Peter Muller, Head of Process Driven Trading, Morgan Stanley "A very readable book bringing much needed insight into a subject matter that is not often covered. Provides a framework and guidance that should be valuable to both existing investors and those looking to invest in this area for the first time. Many quants should also benefit from reading this book." Steve Evans, Managing Director of Quantitative Trading, Tudor Investment Corporation "Without complex formulae, Narang, himself a leading practitioner, provides an insightful taxonomy of systematic trading strategies in liquid instruments and a framework for considering quantitative strategies within a portfolio. This guide enables an investor to cut through the hype and pretense of secrecy surrounding quantitative strategies." Ross Garon, Managing Director, Quantitative Strategies, S.A.C. Capital Advisors, L.P. "Inside the Black Box is a comprehensive, yet easy read. Rishi Narang provides a simple framework for understanding quantitative money management and proves that it is not a black box but rather a glass box for those inside." Jean–Pierre Aguilar, former founder and CEO, Capital Fund Management "This book is great for anyone who wants to understand quant trading, without digging in to the equations. It explains the subject in intuitive, economic terms." Steven Drobny, founder, Drobny Global Asset Management, and author, Inside the House of Money "Rishi Narang does an excellent job demystifying how quants work, in an accessible and fun read. This book should occupy a key spot on anyone′s bookshelf who is interested in understanding how this ever increasing part of the investment universe actually operates." Matthew S. Rothman, PhD, Global Head of Quantitative Equity Strategies Barclays Capital "Inside the Black Box provides a comprehensive and intuitive introduction to "quant" strategies. It succinctly explains the building blocks of such strategies and how they fit together, while conveying the myriad possibilities and design details it takes to build a successful model driven investment strategy." Asriel Levin, PhD, Managing Member, Menta Capital, LLC
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Excellent new book . . . demystif[ies] the world of quant investing, and does so in a way that should be intelligible to any thoughtful investor. . . admirably thorough . . . and highly readable throughout. The book has a logical structure, which gradually builds an ever more complete picture of what it is that quants do, how they do it, and what the issues really are that surround quant trading. Much more than a simple "beginner′s guide" to quants, and it really gets interesting in the final third, where [the author] looks in some detail at the risks inherent in quant approaches and the criticisms of quant trading and how to evaluate them. To find out more about how to evaluate quants, read this book. AR Magazine In "Inside the Black Box," Rishi Narang makes the impossible seem possible: he takes the vastly misunderstood role of the quantitative trading strategy and makes it understandable to those with only the most tenuous working knowledge of global capital markets. How he does so is a sleight of hand no more complicated than patient, consistently eloquent writing, and easy–to–understand, basic examples." Markets Media Online "The book, Inside the Black Box: The Simple Truth About Quantitative Trading , by Rishi Narang, is hands down the best introductory book I′ve read on the topic. Narang does a brilliant job of explaining (in simple English), how and why quantitative trading works. If you are looking for a primer on Quantitative Trading I strongly endorse and recommend this book." TradingMarkets.com "In a new book on quantitative trading strategies, entitled "Inside the Black Box: The Simple Truth About Quantitative Trading," Rishi Narang, founding principal of Telesis Capital, seeks to explain with real–world examples and anecdotes what it is exactly that quants do The book focuses on a few major questions that Narang says are important to understanding the quant world. These include: what is a quant, what are the secrets of successful quant trading, what caused the disasters in quant trading, what role did quants play in the credit crisis, and what is the future of quant trading?" Advanced Trading "You may be skeptical that Rishi Narang will be able to deliver on the ambitious promise of his book, Inside the Black Box: the Simple Truth about Quantitative Trading (published by John Wiley & Sons, 2009). But he does deliver. He tells you, in language that can be understood by most educated people, what a quantitative trading system is and what a quant does." hedgefundsmarts.blogspot.com
From the Inside Flap
Quantitative trading strategies—known to many as “black boxes”—have gained a reputation of being difficult to explain and even harder to understand. While there is a certain level of complexity to this approach, with the right guidance, you can successfully overcome potential obstacles and begin to excel in this arena. That’s why expert fund manager Rishi Narang has created Inside the Black Box . In a straightforward, nontechnical style—supplemented by real–world examples and informative anecdotes—this reliable resource takes you on a detailed tour through the black box. It skillfully sheds light upon the work that “quants” do, lifting the veil of mystery around quantitative trading and allowing anyone interested in doing so to understand quants and their strategies. Divided into three comprehensive parts, Insider the Black Box opens with an accessible introduction to the discipline of quantitative trading and quickly moves on to demonstrate that what many call a black box is in fact transparent, intuitively sensible, and readily understandable. Along the way, it also explains how quant strategies can fit into your portfolio and why they are so important. Whether you’re an institutional investor or high–networth individual, the lessons learned here will help you gain an edge in today’s turbulent market. Some of the tough questions answered throughout these pages include: How do quants capture alpha? What is the difference between theory–driven systems and data–mining strategies? How do quants model risk? What can be learned about investing in general from quantitative trading? And much more. Given both the difficulty of the market environment over the past few years and the negativity surrounding hedge funds in general and quant funds in particular, there has never been a better time to become more familiar with what quantitative trading is really about. With the help of the framework found here, you can gain a firm understanding of quant strategies, discern which are more likely to succeed, and ascertain how to use specific strategies in a portfolio, to help improve the performance of your investment process.
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2 of 2 people found the following review helpful
By I. Ayodele
Format:Hardcover
I picked up this book because I was interested in finding out more about quant finance in a succinct and intelligible manner. As someone who's worked with Quants and Financial Engineers for years, I am aware that much of what is done is submerged in esoteric lingo, and complicated mathematical notations that could easily dampen the zest of anyone interested in getting a broad, but useful overview of the field.
Probably owing to my job as an Asset Analyst, I find structure and flow paramount to effectively communicating how things work, especially to audiences that are generally unfamiliar with investment products or the nuances of trading. On that basis alone, I rate Rishi's book quite highly. He managed to come up with a framework that hung usually distinct areas of financial engineering together, and he took the time to explain each of them in reasonable detail, without over-working any area. That structured delivery is what most mathematics-heavy and very technical investment and trading books lack. The outcome is that only a few people glean anything meaningful from such materials. For those who want more technicality, Paul Wilmott and similar writers are clear alternatives.
My criticism though is twofold. Firstly, there were some editing issues in terms of correct grammar and missing words in some parts of the book. Secondly, certain sections were tediously long. Also as an aside, I did find the use of a feminine character in most, if not all of the examples, an over-kill of political correctness.
All of that said, I still do not think the book is bad in the slightest. It does what it says on the tin, and demystifies quite a number of seemingly complicated financial strategies. The greatest accomplishment is how alpha, risk, transaction cost, portfolio and execution models are conjoined in one material. I'd recommend it as a first step to anyone who aspires to work with quants and traders, or simply wants find out more about the field. And for the record, I never even knew Rishi existed until I picked up his book from a notable London bookshop.
Probably owing to my job as an Asset Analyst, I find structure and flow paramount to effectively communicating how things work, especially to audiences that are generally unfamiliar with investment products or the nuances of trading. On that basis alone, I rate Rishi's book quite highly. He managed to come up with a framework that hung usually distinct areas of financial engineering together, and he took the time to explain each of them in reasonable detail, without over-working any area. That structured delivery is what most mathematics-heavy and very technical investment and trading books lack. The outcome is that only a few people glean anything meaningful from such materials. For those who want more technicality, Paul Wilmott and similar writers are clear alternatives.
My criticism though is twofold. Firstly, there were some editing issues in terms of correct grammar and missing words in some parts of the book. Secondly, certain sections were tediously long. Also as an aside, I did find the use of a feminine character in most, if not all of the examples, an over-kill of political correctness.
All of that said, I still do not think the book is bad in the slightest. It does what it says on the tin, and demystifies quite a number of seemingly complicated financial strategies. The greatest accomplishment is how alpha, risk, transaction cost, portfolio and execution models are conjoined in one material. I'd recommend it as a first step to anyone who aspires to work with quants and traders, or simply wants find out more about the field. And for the record, I never even knew Rishi existed until I picked up his book from a notable London bookshop.
4 of 6 people found the following review helpful
By Maurice
Format:Kindle Edition
When I first started reading this book, I thought it was shallow and patronising. However, I quickly came to realise that in actual fact it was Rishi Narang's gift for explaining things in a clear and concise manner. Through this book he showed me that, broadly speaking, the range of strategies employed by quants is limited and easy to understand, lacking the complexity that I expected to be explained in great detail. For that, he deserves a great deal of credit. However, I have several issues with the book that prevent me from giving it a higher score:
* It's overpriced, especially for the Kindle edition. At this price, for example, the number of typos is inexcusable.
* Despite its aim of clarity of presentation, I would have preferred and expected more technical details, even if they were left in an appendix. A better publisher description could have avoided this expectation.
* For some unknown reason, throughout the book quants are referred to as the female gender - e.g. "When a quant intervenes with the execution of HER strategy, it is most commonly to mitigate problems caused by information that drives market behaviour but that cannot be processed by the model" (emphasis my own). A classic case of political correctness gone mad, I found it incredibly jarring given the male domination not only of the financial industry but quantitative sciences like mathematics and physics. Of course there are female quants and I know some myself, but the dissociation made many passages difficult to read.
* It's overpriced, especially for the Kindle edition. At this price, for example, the number of typos is inexcusable.
* Despite its aim of clarity of presentation, I would have preferred and expected more technical details, even if they were left in an appendix. A better publisher description could have avoided this expectation.
* For some unknown reason, throughout the book quants are referred to as the female gender - e.g. "When a quant intervenes with the execution of HER strategy, it is most commonly to mitigate problems caused by information that drives market behaviour but that cannot be processed by the model" (emphasis my own). A classic case of political correctness gone mad, I found it incredibly jarring given the male domination not only of the financial industry but quantitative sciences like mathematics and physics. Of course there are female quants and I know some myself, but the dissociation made many passages difficult to read.
1 of 3 people found the following review helpful
By antonio
Format:Hardcover
I thought the book describes more the technical side of Quantitative Trading at the book title seems to go at least demonstrate how the techniques and studies.
I am not an expert in quantitative trading, so I thought the book would tell you more about, for those interested in the subject, called by the title of the book, go to the languishing book brings the nuances of how to operate, create algorithms to trade system.
Thanks.
I am not an expert in quantitative trading, so I thought the book would tell you more about, for those interested in the subject, called by the title of the book, go to the languishing book brings the nuances of how to operate, create algorithms to trade system.
Thanks.
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