具体描述
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
作者简介
里什•纳兰
华尔街顶级数量金融投资专家、资深对冲基金经理
作者纳兰1996年进入对冲基金行业，一直关注量化交易策略。现为特勒西斯资本有限责任公司（Telesis Capital LLC）的主要合伙人，这家公司主要采用量化交易策略进行投资。此前，他是圣巴巴拉阿尔法策略投资公司的基金经理。纳兰还曾与他人合作创立了Tradeworx 公司并担任总裁，这家公司在1999～2002年管理着数只量化对冲基金。
目录信息
1 why does quant trading matter
the benefit of deep thought
the measurement and mis-measurement of risk
disciplined implementation
2 an introduction to quant trading
what is a quant
what is the typical structure of quantitative trading system
part two - inside the black box
3 alpha models - how quants make money
types of alpha models: theory driven and data driven
theory-driven alpha models
data-driven alpha models
implementing the strategies
blending alpha models
4 risk models 风险模型
5 transaction construction models 交易构建模型
6 portfolio construction models 投资组合构建模型
7 execution
8 data
9 research
part three - a practical guide for investors in quantitive strategies
10 risk inherent to quant strategies
model risk
regime change risk
exogenous shock risk
contagion, or common investor, risk
how quants monitor risk
11 criticism of quant trading - setting the record straight
trading is an art, not a science
quants cause more market volatility by underestimating risk
quants cannot handle unusual events or rapid changes in market conditions
quants are all the same
only a few large quants can thrive in the long run
quants are guilty of data mining
12 evaluating quants and quant strategies
13 looking to the future of quant-trading
· · · · · · (收起)
读后感
《打开量化投资的黑箱》内容简介：量化交易策略被投资大众称为“黑箱”，以难以理解并且难以描述而得名。尽管这种投资方法具有一定的复杂度，但如果得到很好的指导，您同样可以顺利进入这个领域，领略到其中的奥妙。 《打开量化投资的黑箱》作者里什•纳兰是一位专业基金经理...
大凡关于交易的经典书籍都反复告诉我们人性的弱点，而现在行为科学在金融学上的应用更是将心理上的过失展露无遗，以至于现在二流写手也开始大谈心理问题，而不再是简单的将图表复制黏贴。 美国研究对冲基金的知名专家罗闻全就认为行为金融学只是各种异象的集合（见...
用户评价
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这部作品简直是思想的迷宫，让人在字里行间迷失方向，却又流连忘返。作者的叙事手法如同高超的魔术师，不断地在现实与虚幻的边缘游走，每一次翻页都像是一次深入未知的探险。我尤其欣赏他对人物内心世界的细腻刻画，那些复杂的情感纠葛，那些难以言说的挣扎，都被他用近乎残酷的诚实描摹出来，让人不得不深思我们自己隐藏在光鲜外表下的真实面貌。它不仅仅是在讲述一个故事，更像是在剖析现代社会中个体的异化与疏离感，那种无处不在的焦虑和对意义的追寻，都以一种近乎诗意的方式呈现出来。读完合上书的那一刻，我感觉自己的世界观似乎被轻轻地拨动了一下，一些原本笃定的信念开始出现裂痕，这正是一本优秀书籍的魅力所在——它挑战你既有的认知框架，迫使你用全新的视角去审视周遭的一切。
这本书的结构设计，无疑是其最令人称奇的部分。它采用了一种非线性的、碎片化的叙事方式，像打碎了一面镜子，需要读者耐心地将每一块碎片重新组合起来，才能窥见全貌。这种阅读过程本身，就构成了一种对“理解”的挑战和奖励。我喜欢作者在叙事中偶尔插入的那些看似无关紧要的旁注或引文，它们像精心埋下的伏笔，串联起不同章节的主题，将原本松散的叙事线索紧密地联系在一起，展现出极高的艺术完整性。整部作品的基调是沉郁的，但其内核却蕴含着对人类韧性的深刻肯定。它不是一本让人轻松消遣的书，它要求你全身心地投入，用你的智慧和情感去参与到这场文学建构之中，而最终的回报，是一种被深度洗礼的阅读满足感。
从文风来看，这本书展现出一种返璞归真的力量，它摒弃了华丽辞藻的堆砌，转而用一种近乎白描的手法，勾勒出人性的幽暗面与微光。叙述者像一个冷静的观察者，不动声色地记录着事件的发生，但正是这份冷静，让读者更能体会到事件本身的冲击力。书中对于环境的描写尤其出色，那些灰暗的街道、沉默的建筑，仿佛都成了角色情绪的延伸。我读到一些关于记忆与身份重构的片段时，深感共鸣，它触及了我们每个人都曾有过的“我是谁”的根本性疑问。它不提供廉价的慰藉，也不迎合主流观点，它只是安静地陈述，让残酷的事实自己说话。这本书的后劲很足，即便读完很久，某些画面和对话依然会时不时地浮现，像刻在脑海里的烙印。
读罢此书，我仿佛完成了一次漫长而艰辛的哲学徒步。文字的密度极高，几乎没有一处是多余的“水文”，每一个句子都像精心打磨的宝石，闪烁着深邃的光芒。作者对于逻辑推演的掌控能力令人叹为观止，他构建了一个严丝合缝的理论体系，但又巧妙地在关键节点设置了意想不到的转折，这种智力上的博弈让人欲罢不能。我常常需要停下来，反复琢磨某一段落的深层含义，仿佛在解开一个年代久远的密码。它探讨的主题宏大而深远，涉及了人类存在的本质、时间观念的相对性，以及知识的局限性等议题。坦率地说，这本书对读者的智力要求是相当高的，但它所提供的精神回报也是巨大的，它洗涤了我们对简单答案的依赖，教会我们在复杂性中寻找秩序。
第十二章是亮点
很系统的解释了很多东西 好书
讲的东西很多 入门了解一下还是可以的
讲的东西很多 入门了解一下还是可以的
also outside the black box
