Talking Tuesdays with Fancy Quant: Recent Episodes
Dimitri
The Talking Tuesdays Podcast is all about quantitative topics but mainly focused around quantitative finance, data science, machine learning, career development, and technical topics. Join me for some insight from a risk management professional on how the industry works and how to break in!
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What happens when a former Bank of America quantitative engineer combines deep expertise in finance with cutting-edge AI? In this episode of Talking Tuesday, I sit down with Katelyn Schoenberger, founder of MarginLens, to discuss how she built an AI-powered margin intelligence platform from the ground up.
We dive into her journey from computer science student to quant developer at JP Morgan and Bank of America, and ultimately to becoming a solo founder building a fintech startup. Along the way, we explore AI-assisted software development, startup life, quantitative finance careers, and why understanding margin is far more important than most people realize.
Whether you're interested in quantitative finance, AI engineering, fintech startups, or breaking into Wall Street, this conversation is packed with practical insights and career advice.
In this episode:
Building an AI-powered margin platform as a solo founder
Life as a quantitative engineer at Bank of America
Margin explained: what it is and why it matters
How AI is changing financial infrastructure
Startup lessons from building a production-ready fintech product
Claude Code, AI-assisted software engineering, and modern development workflows
Breaking into quantitative finance without attending a target school
JP Morgan vs. Bank of America career experiences
Software engineering vs. quantitative finance careers
Why documentation, architecture, and explainability still matter in the AI era
Career advice for students and aspiring quants
Women in STEM and navigating technical careers
The importance of creativity, hobbies, and lifelong learning
If you're considering a career in quantitative finance, software engineering, machine learning, or fintech, this interview offers an honest look at what it takes to succeedβand how AI is reshaping the industry.
π If you enjoyed this interview, please Like, Subscribe, and leave a comment with your thoughts or questions for a future episode.
#QuantFinance #ArtificialIntelligence #Fintech #MachineLearning #SoftwareEngineering #BankOfAmerica #JPMorgan #ClaudeCode #Startup #WallStreet #RiskManagement #Trading #DataScience #CareerAdvice #FancyQuant
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A long form discussion on the history of programming for quants at the banks from SAS to Python and the rise of machine learning. While the hype of machine learning changed some of the banking modeling practices the industry kept their head straight as regulators closely watched. Now in 2026 with the AI hype wave and regulators being less strict, the banks seem lost as many are calling to replace SR 11-7 with general frameworks to reduce risk management and drive more efficiency. While this sounds good from a profit perspective, it is throwing out common definitions of models in a chase for non-sense.
Balancing the hype and trends also has been hard with the YouTube channel. It is much easier to sell snake oil as everyone wants a magical cure to profit, high salaries, minimal work, programming, math, and stats without putting in any work. I have done fairly well at sticking to creating real quant educational materials and industry perspectives even when passing up easy growth opportunities. Ten years later and we passed 100k subscribers without selling out.
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Didier Lopes studied control systems and electrical engineering in Europe before moving to the United States to build OpenBB, a next-generation financial research workspace.
Frustrated by how fragmented data, analysis, and decision-making tools were across finance and other industries, Didier set out to create a professional-grade platform where teams can bring their data, analytics, and AI into one unified environment.
Before founding OpenBB, he worked on cutting-edge technologies ranging from self-driving cars to wearable fitness devices, following a deep curiosity for complex systems and real-world impact.
In this episode, we talk about building in the age of AI, navigating life as a founder in the U.S., and the nuances of time-series modeling in financial markets.
OpenBB Examples:
https://openbb.co/solutions
OpenBB Product:
https://pro.openbb.co/
LinkedIn:
https://www.linkedin.com/in/didier-lopes/
High Growth Handbook (book recommendation - affiliate link):
https://amzn.to/4aAvbfS
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Jeffrey Rosenberg, CFA, Managing Director is a senior portfolio manager within BlackRock Systematic. He leads active and factor investments for mutual funds, institutional portfolios and ETFs within BlackRockβs Systematic Fixed Income (βSFIβ) portfolio management team. In this role he serves as a member of the SFI Investment and Executive Committees and as a senior portfolio manager for several investment products including the BlackRock Systematic Multi-Strategy Fund (BIMBX), the iShares Systematic Alternatives Active ETF (IALT) and the iShares Managed Futures Active ETF (ISMF).
We talked about systematic portfolio managers compared to discretionary portfolio managers, his career and education from finance and math into computational finance at Carnegie Mellon, the changes in the market from banks to hedge funds being driven by the global financial crisis, and some book recommendations.
BlackRock Systematic Investing: https://www.blackrock.com/us/individual/investment-ideas/systematic-investing
BlackRockβs Q1 Fixed Income Outlook:
https://www.blackrock.com/us/financial-professionals/literature/market-commentary/fixed-income-market-outlook.pdf
Jeffrey Roseberg:
https://www.blackrock.com/us/individual/biographies/jeffrey-rosenberg
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Michael Jordan Pilgreen was a poetry and art major but as covid hit and the commercial art industry changed he looked for a new path. He considered financial planning but ended up learning finance and technology to become an engineer on Wall Street in the fixed income market. Now he is a co-founder of Enduring Markets which is a capital markets publication covering a range of interesting topics.
I got the privilege to advise Michael about 5 years ago during his journey on what quant finance was. Today I got to learn more in depth about fixed income from him.
Michael Jordan Pilgreen
https://www.linkedin.com/in/michael-jordan-pilgreen-7a3099108/details/experience/
Enduring Markets
https://www.enduringmarkets.org
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Interested in what quantum computing is? Ramis Movassagh explains the basics of quantum, some applications to finance, why it is a hard problem to solve, and ways to learn more about it.
Ramis is an applied mathematician and a theoretical physicist who researches quantum computation and information theory, and quantum cryptography and complexity. He does an amazing job at laying out some of the basic ideas of quantum mechanics.
Ramis' Links:
LinkedIn:
https://www.linkedin.com/in/ramis-movassagh-33465717/
Website and Blog:
https://ramismovassagh.wordpress.com/
https://ramismovassagh.wordpress.com/blog
X handle:
@Ramis_Movassagh
Quantum supremacy paper:
https://www.nature.com/articles/s41567-023-02131-2
PDF for those behind the paywall:
https://www.nature.com/articles/s41567-023-02131-2.epdf?sharing_token=oYgyql7M-nUPNwLJ4F2Q_tRgN0jAjWel9jnR3ZoTv0M5gli-apQIlZ1xThgS5KRp3t28rkad24bSeQ-gRMhmOaNP232U_FZZQjPrseDCTdXIRryTWL339snJllwZAjuD5PMkLKij96GMA_OniVnTz5JjaARH0qW5OV-AKwZr4VI%3D
Press coverage:
https://phys.org/news/2023-09-difficulty-simulating-random-quantum-circuits.html
https://communities.springernature.com/posts/the-quest-for-quantum-primacy
Quantum Merkle Trees:
https://quantum-journal.org/papers/q-2024-06-18-1380/
IBM's "Basics of Quantum Information":
https://quantum.cloud.ibm.com/learning/en/courses/basics-of-quantum-information
John Preskill from CalTech:
https://www.preskill.caltech.edu/
MIT "Quantum Computing":
https://ocw.mit.edu/courses/18-435j-quantum-computation-fall-2003/
Join the quant community in Dallas, Texas April 10th at SMU!
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Diving into pure math, quantitative finance, and solving business problems with AI and LLMs. Cheikh Fall is a co-founder of Sabr Research and an MIT grad who is looking to solve many business problems with the advancements in AI. We discuss potential issues with AI, what hedge funds look for in quant researchers, and how to prepare as a student for AI.
Cheik Fall
https://www.linkedin.com/in/fallcheik/
Sabr Research
https://www.linkedin.com/company/sabr-research/
Dimitri Bianco
https://www.linkedin.com/in/dimitri-bianco/
My favorite coffee which supports the creation of these podcasts
https://volcanicacoffee.pxf.io/yq6Qj3
Join the quant community in Dallas, Texas April 10th at SMU!
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I had a blast taking to Michael Watson who is the founder and CEO of Hedgineer.
"AI is the future. But not everyone is prepared for it. To effectively integrate AI into a company, it needs an organized, thorough, and secure inventory of data. Without one, every AI implementation remains incomplete because it only has access to a subset of the relevant information it needs.
Most hedge funds are built on disjointed networks of research portals, order management systems, and datasets. The ones that don't consolidate them will run the risk of falling behind the AI curve."
Michael's LinkedIn:
https://www.linkedin.com/in/michaeldavidwatson/
Hedgineer:
https://www.hedgineer.io/
https://www.youtube.com/@hedgineer
https://podcasts.apple.com/us/podcast/the-hedgineer-podcast/id1674929284
https://open.spotify.com/show/0Aq6pxdUONA4aJPntsvqf2
https://www.linkedin.com/company/hedgineer-io/
Video Version:
https://youtu.be/2hyfMMl1pGg
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Learn about financial AI expert, Igor Halperin's journey from the Soviet Union to physics and finally quantitative finance in the US. A great discussion on why many physists choose to go into quantitative finance, the positive and negative impacts of LLMs, and some perspectives on careers.
Igor Halperin:
https://www.linkedin.com/in/igor-halperin-092175a/
YouTube Version:
https://youtu.be/J7O6Scnc5NA
Igor's Textbook:
https://amzn.to/42IGAGh
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Jeff Ryan is an alpha engineer with an unconventional background. He is also the co-founder of QUANTkiosk and loves solving problems. Some great discussion on programming languages, structuring data, the quant community, and why R programming is so useful.
YouTube Version:
https://youtu.be/U0qf-sRzQZk
QUANTkiosk
http://www.quantkiosk.com
Jeff Ryan
https://www.linkedin.com/in/jeffreyaryan/
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AI has many use cases and is a very broad area. AI has been used in finance since the rise of computers and the internet through automated systems. From trading to originating loans, AI is not new to finance. As LLMs have become the main focus over the last few years, there are a lot of wild predictions and fear of missing out. While LLMs and great at simple tasks and those with low risk, they are not actually thinking and need a lot of engineering around them to make them useful. They are also great at taking unstructured text data and images and turning them into structured data for more traditional methods such as math, logic, programming, statistics, and machine learning. I see there being a big lift in automating common tasks however the core of a business and where it has a competitive edge will continue to be done through non-AI methods. Don't get me wrong, implementing AI as a cost saving approach to common tasks can be an edge but it shouldn't be the main focus of your business.
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Roman Bansal is the founder of NanoConda. We discuss growing up in Russia, the joy of reading books, and how NanoConda can help you set up software, API, hardware, and colocation for HFT (high frequency trading) for smaller firms. We also discuss why Dallas, Texas is growing in the quant space as many firms are locating here.
NanoConda
https://nanoconda.com/
Roman Bansal
https://www.linkedin.com/in/romanbansal/
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Tribhuvan Bisen is a co-founder of Quant Insider. We learn about his journey from his education to working at Deutsche and then starting Quant Insider. We also discuss the quant job and education market in India and what it takes to be a quant.
Quant Insider:
https://quantinsider.io/
https://www.linkedin.com/company/quant-insider/
Tribhuvan Bisen:
https://www.linkedin.com/in/tribhuvan-bisen/
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Fred Viole is the founder of OVVO Labs and has been putting together a complete statistical framework using partial moments and nonlinear and nonparametric statistics (NNS). He also has an R package which is free called, NNS. The application of NNS to finance is proprietary and what OVVO Labs uses to sell macroeconomic forecasts, a utility based portfolio optimization tool, and an option pricing tool.
From the horse race tracks to trading and to the chase of an entrepreneurial journey, Fred Viole is changing Wall Street and the finance world as we know it.
OVVO Labs
https://www.ovvolabs.com/
Presentation, "Partial Moments in Quantitative Finance"
https://www.ovvolabs.com/media/
R NNS Package:
https://cran.r-project.org/web/packages/NNS/index.html
Video version:
https://youtu.be/DYDTD3_76VA
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Project Phoenix is me re-organizing my life. I got an offer to be a CRO and instead of taking it, I quit my job, sold my honeybees, and decided to run a half marathon. I started my own business called, "Fancy Quant LLC" where I will consult in quant research, risk management, career development, and academic program consulting and advisory services.
For opportunities contact me on LinkedIn:
https://www.linkedin.com/in/dimitri-bianco/
OVVO Labs is a proud sponsor of Talking Tuesday with Fancy Quant!
www.OVVOLabs.com
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Raphael Douady is a French mathematician who works in both academia as well as quantitative finance. His specialization is in chaos theory and financial mathematics. In this interview he shares how he got into mathematics and why he left for quantitative finance. We also briefly discuss AI in the finance space as he has a paid seminar on July 31st called, "Opportunities and Challenges in Leveraging AI for Financial Markets." The conversation is a fun discussion of the challenges of working in the finance world from a math and quant perspective.
Opportunities and Challenges in Leveraging AI for Financial Markets:
https://wallstreetscholars.com/seminar/b2310304-b22a-4622-8a47-1698b136b00f?rc=fq
Raphael Douady:
https://www.linkedin.com/in/raphael-douady/
Polymodels Textbook:
https://amzn.to/3IVuEJV
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I sit down with Data Bento's CEO, Christina Qi to discuss how she started Data Bento and why their product of providing data is the best. It turns out there are a lot of features that firms want such as how data is structured, cleaned, and transferred which make a big difference especially in the finance and investing space. Learn more in this episode about Data Bento's focus on driving innovation instead of producing a low quality knock-off product.
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Welcome to Season 8 of Talking Tuesdays with Fancy Quant! This season I will bring in more guest speakers from the quantitative finance community to talk about data, business, math, stats, and their journey's through life.
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This is the presentation I gave at the Quaint Quant Conference 2025. The goal of the conference is to bring together more people to share ideas and collaborate. I touch on some of the main groups of people in the quantitative finance community and what each group can do to build a better community. The four groups are outsiders, academics, students, and practitioners.
Website:
https://www.FancyQuantNation.com
Discord:
https://discord.gg/8822pYKNrn
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As there has been some discussion around H1Bs and immigration, and a subscriber asked me to talk about it, here is my perspective.
A few high points:
- Immigration is a key part of America.
- Great people should be allowed to immigrate and not just whoever decides they want to come.
- The H1B system needs to match the number of people coming as well as a clear and simpler path to a green card.
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I brought Patrick Zoro from Lehigh University on the channel to discuss jobs, hiring, program rankings, networking, and just to catch up with him on a personal note.
Some interesting takeaways include how programs gather and report graduate income. For example, the data is self reported by the students and then self reported by the universities. Some universities have third partis that do the work to reduce over stating salaries while others directly report. Another interesting piece is that many students take internships or research work at the universities as a way to stay in the US while they find a full time quant job. Should we include these as employment in the reporting for rankings?
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There is a lot of confusion on how admissions is done at quant finance masters programs in the US. Every program will do it differently however today I got the opportunity to learn about the admissions process from one of the top programs (Carnegie Mellon University). Emily Wertz is the director of Admissions and Recruiting at CMU's Masters of Science in Computational Finance program and has worked there for over eight years. We cover:
1) Academic Readiness
2) Career Readiness
3) Interpersonal Skills
Emily provides tips and some insight into how the applications are reviewed.
For more information on CMU's program:
https://www.cmu.edu/mscf/
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An interview with valuations expert, David Shimko to discuss what he has been up to. He's teaching a quantitative focused financial valuations core course at NYU Tandon and he has been working on a new company called, Wall Street Scholars. Wall Street Scholars is a consulting, research and publishing organization, whose scholars are renowned for their expertise in applied finance and economics. Our distinguished panel of scholars and practitioners offers tailored solutions for complex financial problems, ranging from strategic planning to regulatory compliance. Wall Street Scholars provides a comprehensive array of services including consulting, research coaching, seminars, sponsored research initiatives, and educational programs, all aimed at advancing financial knowledge and empowering professionals with innovative solutions and insights.
Wall Street Scholars:
https://wallstreetscholars.com/
A Structural Model for Capital Asset Prices
https://wallstreetscholars.com/paper/06004fb5-5449-454d-8bb9-359aa3c8257e
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I had another great conversation with Agus Sudjianto around machine learning models, LLMs, risk management, model validation, and building culture. Agus recently retired from Wells Fargo and is now enjoying a variety of side projects including working at H2O.ai, teaching model validation at UNC, and I believe a few other projects which may come to light within the next year.
Website:
https://www.FancyQuantNation.com
Support the channel:
https://ko-fi.com/fancyquant
Quant t-shirts, mugs, and hoodies:
https://www.teespring.com/stores/fancy-quant
Connect with me:
https://www.linkedin.com/in/dimitri-bianco
https://twitter.com/DimitriBianco
The Multiverse Employee Handbook
βThe Multiverse Employee Handbook,β curated and produced by Robb Corrigan, is a...
Listen on: Apple Podcasts Spotify
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Zach Creighton is a quantitative finance recruiter and founder of Hemans. Hemans is a premier staffing and search agency with specialization in the Financial Services Corporate Governance sector. Zach talks about his journey into the career of recruiting, misconceptions about recruiters, sourcing talent, and tips for those looking for jobs in the quantitative finance space.
Zach's LinkedIn:
https://www.linkedin.com/in/zachary-creighton-14b080a0/
Hemans:
https://www.hemanstalent.com/
The Multiverse Employee Handbook
βThe Multiverse Employee Handbook,β curated and produced by Robb Corrigan, is a...
Listen on: Apple Podcasts Spotify
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I had a great time talking with Stan Uryasev and learning about his journey to quantitative finance. Stan is one of the authors of the original paper on Conditional Value at Risk (CVaR). CVaR is taught in almost every finance program and has had a large impact on the finance community. Stan is also a professor and endowed chair of Stony Brook's Quantitative Finance program which includes a Masters program and a PhD program. We will also discuss some mathematical art from his wife Oxana Uryasev about the Gabriel Horn.
Stan's Website:
http://uryasev.ams.stonybrook.edu/
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From 2020 until today (7/21/24), the economy has really come into the main conversation especially with inflation as bad as it has been. I bring on economist and personal friend C.R. Olschwang to discuss what is currently happening as well as some general economics around labor, supply, demand, consumption, and business.
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A fun interview with Alexander Unterrainer on KDB and building careers in quantitative finance in London. I have heard a little about KDB over the years but have never used it. Today I sit down with Alexander to learn a bit more about it and how he has built a career on it. He has also been blogging for over a year on how to program in KDB+ which is also known as KDB or q.
KDB Learning Blog:
DefconQ
https://www.defconq.tech/blog/Go-To%20KDB/Q%20Learning%20Resources
Connect with Alexander on LinkedIn:
https://www.linkedin.com/in/alexanderunterrainer/
Book recommendation (affiliate link):
"q for Mortals"
https://amzn.to/3VsE8PD
Episode also found on YouTube:
https://youtu.be/cQmKQaJFZFg
Podcasting For Brands // bring your guest we do the rest
Video episodes. Social clips. Live producer. Virtual studio. Coaching.
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Jonathon Emerick is an energy trader and quant who also has a YouTube channel (QuantPy). We discuss his journey coming from chemical engineering to quantitative finance which included a Masters of Financial Mathematics. Topics covered in our discussion range from energy markets to risk management to YouTube and day trading.
Jonathon Emerick:
https://www.linkedin.com/in/jonathon-emerick-407224119/
https://www.youtube.com/@QuantPy
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Since I just turned 35 years old, I figured I would a podcast episode on the journey and the lessons I learned. It was a mixed bag of great years, some struggles, and now coming out the other side. Quantitative finance is a wild ride and never the same for any two professionals.
Reflecting on 30 Years: The Journey to Becoming a Quant
https://youtu.be/rGdfR66Dl4c?si=4A4hWtK8uP3KJQSB
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As many of you know I work in a high paying field and rub shoulders with many wealthy people. That being said, I didn't grow up around Wall Street or any other high powered field. I was an average American who took an interest in quantitative finance and ended up falling in love with statistics and economics. I tend to understand people from a variety of backgrounds because I wasn't sheltered in one group. This perspective has allowed me to understand some of the biggest issues America faces however it is very frustrating sitting in the middle. No one wants to be in the middle anymore as the rise of the internet has made it so easy to segregate people based off of race, religion, social status, wealth, politics, and many other random groups.
We need to come together as a nation and embrace what makes America unique. The values of capitalism, family, freedom, and hard work seem to have become taboo as the new "acceptance of everyone" mentality continues. There is right and there is wrong but there is also a need for deeper discussions and debates on topics.
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Should you have friends at work?
Of course! You need a network around you. You need people to talk to who can relate to you. It makes work easier as you understand your colleagues better, it helps find work in the future, and it makes it enjoyable to go to work.
That being said, I rarely ever hang out with my colleagues outside of work. However I do grab lunch with past colleagues and my Santander friends did all text and call congratulating me on my new daughter.
Website:
https://www.FancyQuantNation.com
Support:
https://ko-fi.com/fancyquant
Quant t-shirts, mugs, and hoodies:
https://www.teespring.com/stores/fancy-quant
Connect with me:
https://www.linkedin.com/in/dimitri-bianco
https://twitter.com/DimitriBianco
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A subscriber asked how I paid for my masters degree as they are very expensive. The short answer on how I paid for it was working part-time and taking out government loans. For my undergrad my parent's paid the first 1.5 years and then I got married and was poor so the school covered my tuition. I also worked two part-time jobs during my undergrad to pay for rent, books, food, and other necessities. I would recommend students really focus on their school work when possible however if you can't afford school, you need to work.
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A subscriber asked how I manage my family, working as a quant, two YouTube channels, and a fair amount of hobbies including my homestead. There are really four tips that allow me to manage my schedule. It is also important to realize I do not succeed at everything. Social media makes it look like everything is running smooth with minimal stress however my life can be very stressful however I find the rewards from juggling so many thing worth the effort. So here are me four tips:
1) Repetition
2) Paper Planner
3) Advanced Prioritization
4) Perspective
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An industry professional asked me why is it so hard to get changes made within a company. They had made some suggestions for improving model validation however they were told there were resource constraints. Resource constraints are very real however this often includes company politics. For example, even if your team can make changes that will improve efficiency, save money, and great better outcomes it will disrupt other teams. As a manager or department head you now have to convince other departs to make the changes which will cost them and money. This impacts company and team performance in the short-run which impacts their bonuses. It is also important to realize that many projects and changes will fail. Failures cost more time and money which is also a consideration.
As advice, ask yourself, am I willing to lose my job over this change? If the answer is yes, then push for the change really hard. If the change is needed but not critical you might consider just waiting and asking later down the road. Resources could change or people could move jobs making the request easier.
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In quantitative finance I hear a lot of students say, "I love money" implying that will make them good at quant finance. It is a very shallow statement and one that shows the student hasn't thought much about that statement. The students that do truly love money for the sake of money are shallow people that won't make it in quant finance. Now that being said, I think many students making the statement either find economics interesting which covers how money transfers value, stores value, and how people create value. And or they love what money can do for them. Money can buy you things such as experiences, assets, or even provide financial freedom which is why people save or invest for retirement.
So before you tell someone you love money, think twice. Communicating why you would be a good fit for finance or quant finance has nothing to do with loving money. Those that excel at quant finance do so because they love stats, math, and understanding how the world works.
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The biggest lie in quant finance is that you can do everything required at the highest level of a model. This includes data engineering, model development (quant research), implementation (quant dev), and be the end user (often a trader or operations team). This full stack quant does exist however they are never the best at everything and they often work in a very specific niche. Examples of a niche could be, auto loans, equity HFT, commodities, securitization, or etc. The systems, languages, math, stats, financial theory, and business uses are all different.
I would encourage people to focus on one main area (data engineer, quant, quant dev, or business user) and dig as deep as possible. There are a lot of topics inside of each of these and it is easier to jump around business types than to try and cover too many areas with non-overlapping skills.
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For this Thanksgiving season I would like to express my gratitude for my dad. My dad was a traveling salesman and the reason my mom was able to be a stay at home mom. The one skill that I am most grateful for is my work ethic. I learned to work along side my dad as a kid growing up. The example my dad set helped engrain in my the need and desire to work. I spent a lot of my childhood working on our house, cleaning cars, or traveling across the country for my dad's job.
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As Thanksgiving is this week I wanted to reflect on my gratitude for my mom. My mom was a stay at home mom and was lucky enough to be able to stay home and spend a lot of time with me as a child. Many of the life lessons around manners, religion, and domestic skills such as cooking and cleaning all came from my mom. My mom's attitude towards education is also what kept me somewhat engaged as a child with school even though I did not like attending when I was a kid. Having kids of my own has also helped me realize the amount of time, effort, and pain it takes to raise kids. For these reasons I am very grateful for my mom and the effort she put into me.
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Understanding performance reviews is challenging especially if you have not worked at a variety of firms. There will always be a human judgement portion which is not a hard science. That being said, reviews should be very specific to each position. When I moved from an individual contributor to a manager role, I was not happen that my annual review was average. Over the last 5 years I had always performed above average. What I didn't understand was that I was now being judged and reviewed as a manager. Did I build better models or conduct better validations than most of the team? Yes. Was I more productive? Yes! Did my employees improve on their performance? No. It was my job to perform individual contributor work well however it was now also my job to get my employees to increase their performance. As a team were were average. Managers are judged by team performance just as much as individual performance.
My best advice is to really look inward and figure out what you need to work on. This is always hard as we view ourselves differently than managers but this will help you become a better employee and person.
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Many things make legends who they are. It seems the commonality is the ability to perform at a very high level over an extended period of time. Looking at Fischer Black, Peter Carr, Rick Rubin, George Box, Gilbert Strang, and John Nash it is interesting to see so many difference between them yet they have all had significant contributions to their area of expertise. Soft skills seem to play some part of this title of being a legend. There are many people who made one contribution but seem to have faded and forgotten.
For quants it seems one must contribute academic ideas as well as have some sort of unique difference that helps others. Peter Carr's legacy seems to be amplified by his generosity of time and ability to teach. I would argue the success of making money contributes very little to being a quant. Investors and traders are very different than quants.
Rick Rubin Interview (Joe Rogan):
https://open.spotify.com/episode/5oDyN0CFjEwClqjZxJQf9O
Gilbert Strang Interview (Lex Fridman):
https://youtu.be/lEZPfmGCEk0?si=G5K6HpS4LkftujCh
MIT Course - Gilbert Strang:
https://youtu.be/ZK3O402wf1c?si=m8QWrXTeVWVi086G
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As grad school programs and undergrad programs are starting up it is important to get the most out of the time you are there. School seems like it goes slow however by the time you graduate and have been working a few years it seems like long ago.
1) Network with a wide range of students.
2)Β Do informational interviews with alumni and industry practitioners to learn what specialty you want to work in after graduation.
3) Lean In! It is very challenging to balance the social aspects of grad school with the educational aspects. Focus more on learning and networking instead of optimizing your grades. Realize you will be graduating soon and will not have the same amount of time to really focus on your education.Β
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As a book review I give "Operation Paperclip" 5/5 stars! I'm not typically a big fan of popular paperback books (non textbooks).
The dilemma in the books shows a brief insight into some of the horrible killings and crimes as well as the potential or perceived need for the science to end WWII with Japan as well as fend of Russia (cold war). Determining who was of value was challenging and many of the crimes were swept under the rug. As someone who practices science it is understandable that we need break throughs especially when war is involved. However on the other hand the true Nazis needed to be held accountable.
Science funding fell off in the US and it seems to be negatively impacting progress in both the public and private sectors.
I meant Eric Weinstein not Bret Weinstein however they both have a similar stance. Eric states more of the details of the lack of funding historically.
My Life as a Quant:
https://amzn.to/3Kn3h9R (my affiliate link)
Eric Weinstein:
https://open.spotify.com/episode/7MDxyrrhD7gC7XMRwB0ulv
Bret Weinstein:
https://youtu.be/pRCzZp1J0v0
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https://www.FancyQuantNation.com
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https://ko-fi.com/fancyquant
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https://www.teespring.com/stores/fancy-quant
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https://www.linkedin.com/in/dimitri-bianco
https://twitter.com/DimitriBianco
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I met Christina Qi virtually at the Princeton Quant Conference in 2023. I was really impressed with her presentation on hedge funds, data, and career advice. I connected with her on LinkedIn and found her posts insightful as she explains a lot about what she is doing career-wise even when it isn't the trendy thing to do. I invited her as a guest on the podcast to learn more about her and her career. One of the best points she makes in this interview is the importance of work-life balance.
If you want a more complete picture of her background, check out her LinkedIn profile.
Christina's LinkedIn
https://www.linkedin.com/in/christinaqi/
Data Bento:
https://databento.com/
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The finance industry seems to be following the social movement of adding bias and personal opinions instead of allowing the invisible hand of capitalism to properly assign and balance resources and outcomes.
Consulting firms are now coming up with politically driven definitions of bias instead of using the mathematical definition and customers can choose their definitions. From a logical standpoint, choosing a definition is the opposite of non-bias. This approach of choosing your definition means models will be biased in the direction a firm wants even when the true data does not support it. This will have negative impacts in finance (fair lending practices), marketing campaigns (firms trying to push their narrative), and I'm sure other areas I can't think of.
The new mortgage proposal to redistribute wealth from financial responsible people to irresponsible people is another example of the push towards socialism and away from capitalism. This new rule reminds me of the 2007/2008 mortgage crisis in the sense that people are trying to get those not financially stable to buy houses they can't afford. I remember the logic that if the requirement to have a down payment on a house was removed, we would get the "historically unable to purchase a home" into houses. The not surprising result was that people who couldn't afford homes bought homes and then defaulted. This new rule will have similar results. You can't fake financial stability.
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This past podcast season was a lot of fun and I got more interaction and ideas from listeners than ever before. The next season will be in the fall however I have not started planning yet. Let me know what your ideas are for an episode or season and I will try to work them into the next season.
If you have found these episodes helpful, please share them on Linked or Twitter. Or if you are on the podcast, write a review on one of the podcasting sites such as Apple Podcasts.
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So I had a previous video many months ago answering a subscriber's question regarding conflict at work. They were concerned with a list of issues that were ethical in nature and how to handling it. They were a junior employee and wanted advice on what to do. My advice was to just look for a new job. A comment on that video stated that it was good to know finding a new job was the correct solution as there always seems to be a more complex solution that could be better.
I didn't mean for the video to come off as a black and white decision. So in this podcast I will discuss more on why conflict at work in complex (politics) and how standing for what you believe is another good approach however often you will have to roll over and deal with continued conflict for your decision to stand and fight. Many times in my career I have stood and fought for an issue. I won some but many ended up becoming complicated and I had to back down so as not to lose my job or create an undesirable workplace.
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As this channel focuses on quantitative finance and risk management, I tend to focus on financial topics specific to the industry and not personal finance. Due to many requests over the years I will explain how I manage my personal finances.
I use a waterfall approach. I have a value selected for the maximum amount I need in my checking account. That amount is enough to cover my daily expenses such as rent, food, utilities, clothing, and typical splurges. You can determine this from a 12 month average of your spending. You need a positive cash flow to live life. Part of creating a positive cash flow is reducing unnecessary expenses such as streaming services, buying junk you only use once, and other luxury items that aren't needed to live. You can also invest (spend) money and time on improving your skills for your day job or career that you are working towards.
After you have some positive cash flow (extra cash beyond your daily living), I divide it into three accounts.
1) Retirement (401k, IRA, and other financial investments)
2) High Yield Savings Accounts
3) Paying Down Debt (extra payments towards principle)
I tend to put about a third in each however you can weight them however you want. The retirement investments are for your long-term well being. The high yield savings account is for your short-term well being. It can be used to pay for unexpected expenses, vacations, interesting investment opportunities, and MOST importantly it should be there as a safety net! Try to grow your high yield account as large as possible as it will generate income for you. Don't forget that if it gets near $250k, you should open another account at another institution so that all of your savings is protected by the FDIC. The final "account" is paying off your debt faster. Get out of debt! Debt is a risk in the sense you always have to make a payment regardless of your employment status. You also pay extra in interest to use debt. By paying off your debt early you'll also increase your cash flow and financial stability.
*THIS IS NOT FINANCIAL ADVICE*
This is just how I manage my financials.
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I had an absolute blast at the Princeton Quant Conference! The campus was amazing and my first time visiting, the students from schools all over the north east were interesting and excited in quant finance, and the other speakers and organizers were engaging. It was a great opportunity to meet new people and hear new ideas. If you have a chance to attend as a student, I highly recommend it.
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As an educator (content creator), holder of two degrees, and industry practitioner I see the struggle of providing quality education to the right people at the right price. The false narrative that everyone needs a college degree needs to stop. The majority of jobs do not need a college degree. Many jobs need training and universities are not qualified to provide all types of education. Education in the US is very expensive and this is due to many reasons. Some of those reasons are poor spending on sports stadiums, new unnecessary buildings, and over bloated administration offices however there is also the cost of hiring good teachers. One reason I chose not to go into academia was the low monetary compensation. Industry practitioners in specialized fields can make ore money working for a company than a university. Overall, these specialized teachers should make more however that raises the cost of education.
On the flip side of all these costs is the question, who should pay for the education. I've spent a lot of time thinking about if the student should pay for it, the general public (taxes however it only benefits a select few), or companies who need the talent. I've thought hard about how companies can help lower cost for students however due to the advantages of capitalism, it makes the most sense for the student to pay for the education themselves. With the ability of employees to jump between companies, a company would loose significant amount of time and money by paying for the education. Institutions should be providing some sort of on the job training however for specialized jobs it isn't feasible to expect the company to find people who can teach which is a very different skill that actually being able to do the work.
What do you think? Who should pay for the education and how do we reduce the overall cost of education?
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This episode is more of a podcast and YouTube update. I have a lot of great ideas for videos however I have been struggling to make content lately. Many of the ideas need a series of videos with structure and organization. They would also be amazing with coding example and beautiful charts however I have been so overwhelmed the last 6-12 months that I have not been making any of these sort of videos.
As a more recent update, I have been focusing on using my digital pad more. This has resulted in the Wiener Process video and the OPM video. I will try to make more of these style of videos. I am ignoring the fact that they could have code and charts to make it better. Perfection should not be considered when time is important.
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Building a quant team, a data science team, or just an analytics team is challenging. Online there are many stories of why data science teams fail however all roles that build models or predict values using data run into similar issues. Getting a full pipeline from data to results requires a lot of pieces including data quality, training, hiring, external education, and process support. It takes more than a rockstar quant to get everything put together and running. Many teams fail because of the pieces is missing or not developed which could be due to a lack of resources or just not knowing they need it.
The Brave Marketer
Marketers are getting creative - theyβre embracing being asked to do more with less
Listen on: Apple Podcasts Β Spotify
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I left banking about a year ago and many people have asked me why I left. The reason I left is the same reason we're seeing many banks fail. Banks have abandoned meritocracy in favor of political agendas. These agendas have resulted in not hiring or promoting the best candidates but in looking at ways to make the world look how they want it. This issue is across all departments at the banks however the quantitative finance departments (risk management and model development) are seeing the consequences. It is really hard to hire and train quants. Everyone struggles to find motivated, self-driven, ethical, and friendly people. These are just the basic skills of a good worker. Then add on top of that the skills of finance and add the final layer of technical skills which cover three fields of studies (math, statistics, and CS). The banks have been focusing more on reducing costs and increasing diversity which has resulted in increased risks to the firms. The failure of SVB and Credit Suisse are driven by poor risk management practices and risk management is a complex area requiring quantitative knowledge as well as finance and banking knowledge.
Government, universities, and consulting firms are driving a lot of the DEI (diversity, equity, and inclusion) and the ESG (environmental, social, governance) topics without consideration for risk management or actual fairness. I recently heard a top consulting firm tout how they measured bias with 30 different metrics. The only way to get 30 different metrics is to add your personal opinions and beliefs into the picture. Bias is nothing more that a statistical measure with the understanding of causality and inference. Overall I couldn't handle the discrimination that is going on. I believe you hire and promote the best regardless of race, religion, political affiliation, or other personal characteristics that don't effect your work.
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I had a blast chatting with David Shimko. We discussed a range of topics from his new book that he is working on that covers a more modern approach to valuation to education and training of new quants. Some interesting topics covered are around the CAPM and options pricing.
Simpler Option Pricing (David Shimko):
https://youtu.be/uYnYWucILBc
Dan Stefanica's Primer on Linear Algebra (affiliate link):
https://amzn.to/3JIL9pD
Website:
https://www.FancyQuantNation.com
Support:
https://ko-fi.com/fancyquant
Quant t-shirts, mugs, and hoodies:
https://www.teespring.com/stores/fancy-quant
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https://www.linkedin.com/in/dimitri-bianco
https://twitter.com/DimitriBianco
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As the release of ChatGPT has become a popular topic there is a lot of discussion and speculation on what it can do and what it will do in the future. While the ML, AI, and tech industry is head over heals for a model it seems many other groups are also being swept up in the over excitement including finance (Bloomberg GPT). While GPT is ground breaking with the chat interface it can't do everything, it will never be able to do everything, and it shouldn't do everything. There seems to be a lack of discussion around the morals, ethics, and how people work (physically, emotionally, and behaviorally). AI and other tools should assist humans to increase efficiency not try to replace them.
Some topics I cover in this episode is why do humans write, how do humans find value and meaning, what does GPT do, dangers of common thing, governmental impacts, freedoms, the disconnect from the common man, and of course how this will impact quantitative finance.
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As I am building a risk management department I am also building the smaller teams within which include model development, model validation, enterprise risk management, and governance. Two of the most critical people are those who lead model development and model validation. Finding technically competent quants is hard enough but requiring they can be a leader, mentor, and teacher is nearly impossible. From my personal work I have found one such person who would have done amazing at either development or validation. They are an industry expert in credit risk and modeling, can do all the work on their own when required, and are great at teaching (they have taught me much of what I know in credit risk). After months of discussions and waiting for the bonus season to come at the big banks, they finally got a long over due promotion. They will make more money than I can pay them, do not have to learn any new languages (python), and have great job stability. While I was sad I couldn't get them to work for me I completely understand their decision and would have made the same one. We are still great friends and stay in touch regardless of this decision.
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Life is hard and not enough people admit that. Finding people who will support you unconditionally is very challenging as this small group of people is often called your "tribe." It is easy to get swept away on social media and think you have a large tribe. The pressure to fit into groups that you find interesting as well also erodes your uniqueness. DON'T BE AFRAID TO BE UNIQUE! I often find that I do not fit into the group molds for "quant finance", "finance", "an academic", "a motocross racer", "a gardener", or even "a dad." But over the years I have stuck to who I am and ignored the constantly moving crowds. I have been left with true gold in the people that make up my tribe. They have been there in times of need and I have been there for them. Don't forget who your true tribe is and don't change just to fit into some group.
Video Version:
https://youtu.be/EhfY4rNK_Vs
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Jared Broad from QuantConnect is our guest today. We discuss why QuantConnect is open source along with many of the struggles with getting, cleaning, and managing data. QuantConnect helps you get quality data for model and strategy development and then helps you get that strategy implemented onto the exchanges with minimal effort. One of the coolest things about QuantConnect is the wide range of data available especially some of their more unique alternative data sources.
Video Version:
https://youtu.be/6Me3dfwqilA
QuantConnect Job:
https://www.getonbrd.com/jobs/programming/quantitative-developer-internship-quantconnect-remote
QuantConnect:
https://www.quantconnect.com/
Website:
https://www.FancyQuantNation.com
Support:
https://ko-fi.com/fancyquant
Quant t-shirts, mugs, and hoodies:
https://www.teespring.com/stores/fancy-quant
Connect with me:
https://www.linkedin.com/in/dimitri-bianco
https://twitter.com/DimitriBianco
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After interviewing Josh Starmer from StateQuest I thought a lot more about his channel and his style. Often I get bogged down in the quantitative finance method of trying to be formal and overly complex. Josh's style of teaching is much more straight forward and simplified. He doesn't cover a wide range of tangents and uses which are interesting but sticks to the core topic of the video. This year I will try and create a few more educational videos on YouTube that are simplified. I really enjoy Josh's work and feel learning to simplify my own work might be a bit more helpful for the channel.
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Being a manager has pros and cons jus like every job. For most quants the worst part of a management job is planning and organizing employee work. You have to work with other departments which includes setting deadlines and arguing about non-quant topics. On top of that you have to assign work and deal with employee complaints. All of this is what business students get excited about however for most quants this is just tedious and boring.
The highs of a manager though really come through your employees. When you get to train and watch employees grow over time, it is very rewarding to see them succeed. The most fun I have had in my career is learning and teaching. I love statistics, math, and science and when I find people who share that passion it makes the job worth all the effort. My best memories are those that have involved white boards whether it be me teaching another employee or arguing with a manager about how something is done mathematically.
You don't become a quant for the money, you become a quant for the love of education.
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As a quant you constantly get told you don't communicate well. The real issue is that the fun frilly books written by business professionals or psychologists are too optimistic and too simple. People don't just fit into a few main groups. If people did, communication would be simple. We wouldn't have new books published every year on how to improve communication.
The main areas I see for defining communication are technical, social and cultural, and personality. Within each one of these groups there are many differences which cannot be simplified down into simple groups. Viewing people as individuals is a good start but more importantly, realize no one communicates well with everyone. It takes practice especially as you meet new people in areas outside of your comfort zone.
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At the beginning of 2022 I left banking and took a five month career break. I was approached during this time with a variety of offers in banking, technology, and fintech. I made a previous episode on why I went into fintech but didn't mention very much about the firm or the final decision. So today I will discuss a bit more about why I accepted the fintech offer and will briefly review again why I think fintech was a good decision for me as well as why I didn't go into tech.
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Josh Starmer is the founder and creator of StatQuest which is a YouTube channel designed to help people learn statistics and machine learning. I have been following his channel for 5+ years now and have learned a lot from him.
In our chat we learn about his background (including some biology), why he started the YouTube channel, his passion for music, and most importantly where the "BAM!" came from.
I highly recommend his new book and I will eventually do a book review. If you are interested in purchasing it, you can buy it at my affiliate link below.
"The StatQuest Illustrated Guide to Machine Learning!!!"
https://amzn.to/3zbnwkW
The StatQuest channel:
https://www.youtube.com/c/joshstarmer/about
Video Version of Podcast:
https://youtu.be/N9O_oI5MwKU
Dev Interrupted
What the smartest minds in engineering are thinking about, working on and investing in.
Listen on: Apple Podcasts Β Spotify
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What is "quiet quitting" and why is everyone talking about it?
There are really two differently defined perspectives on this issue. One side is saying, "hey, employees need a good work-life balance so quiet quitting is just doing what you are asked." While others are seeing it as "doing the bare minimum meaning just enough not to get fired."
Both sides have merits and I think it is important to recognize there are good companies and bad companies. Some companies understand a work-lifer balance and provide good benefits while others are bad in the sense that they try and maximize every last hour out of their employees. Besides taking this issue at face value I think many are realizing they are unhappy with their careers in general. They might not enjoy the type of work, their colleagues, or the career lifestyle. It is important for people to really figure out if they need a simple company change or an entire career change. Some careers do require more hours than others and are more competitive. There is nothing wrong with finding a slow moving career. Now that being said, those that quietly quit should not expect good promotions and pay raises compared to other employees who are going above and beyond.
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To wrap up season 5 I figured I would talk about the importance of loving your career. I've had many highs and lows over the years and I know for a fact that if I didn't love what I do, I would have left the industry years ago.
Building any career requires work but working on a career you don't love will end up being twice the work. The lows will be lower and the highs just mediocre.
Find what you love as well as a career that can the afford your desired lifestyle! There isn't much that is more rewarding than looking back on a career and realizing you have accomplished your goals plus some.
Video Version:
https://youtu.be/G2YXtYiP_o8
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Future proofing your career especially in STEM fields is very important. New trendy fields and jobs pop up every few years and often the advice give is to run towards the new thing. This is usually one of the worst ideas as you get a shallow education as the field is new and you risk that field not being popular moving forward.
My advice is focus on the core skills or first principles. People think this means taking just a quick undergrad course or MOOC however this is far from what I mean. There are a lot of math, stats, and CS courses that focus on the fundamentals of areas you have never heard of. Really focusing in on the core skills will help you pick up new trendy topics much quicker. This whole idea is called "maturity."
Take a look at Thomas Garrity discussing mathematical maturity.
https://youtu.be/zHU1xH6Ogs4
Video version:
https://youtu.be/WTNM0yHF6vc
Website:
https://www.FancyQuantNation.com
Quant t-shirts, mugs, and hoodies:
https://www.teespring.com/stores/fancy-quant
Connect with me:
https://www.linkedin.com/in/dimitri-bianco
https://twitter.com/DimitriBianco
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I recently made a video discussing the SEC's proposal to have all publicly traded firms calculate their environmental impact. At a first glance it sounds very reasonable and who doesn't want to help the planet? Well it turns out that the environmental experts struggle to model human impacts in the planet. Having a bunch of firms with no environmental impact would make even more useless predictions. I respond to a few arguments made by a subscriber such as the focus on how humans will survive and why is it bad to penalize and demonize firms who contribute to global warming and other environmental issues.
Original video:
https://youtu.be/LGc5l8wJB9Q
Why Nuclear is Better than Solar and Wind:
https://youtu.be/N-yALPEpV4w
Natural Disaster Deaths (real historic data...not crazy predictions):
https://ourworldindata.org/natural-disasters
Dev Interrupted
Behind every successful tech company is an engineering org. We tell their story.
Listen on: Apple Podcasts Β Spotify
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Why does automating model validations fail?
Goals/Plan:
1) Specify the model
2) Runs the development model for a replication check
3) Output of all possible analysis for that model type is produced including challenger models
Reasons it Failed:
1) Data and their processes vary from department to department and change across time without warning.
2) Too much output is generated that needs to be manually reviewed.
3) When issues are found, manual output is still required.
4) Anyone proficient in programming can conduct a full validation faster than the automated system.
5) Manually built models by true experts are still beating automated challenger models or development built models.
Video version:
https://youtu.be/H6kQ7e8whhE
Website:
https://www.FancyQuantNation.com
Quant t-shirts, mugs, and hoodies:
https://www.teespring.com/stores/fancy-quant
Connect with me:
https://www.linkedin.com/in/dimitri-bianco
https://twitter.com/DimitriBianco
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Should you get a quant masters degree during a recession? As the market has started to fall many students are wondering whether or not they should go to the masters programs that they have been accepted to. For quants it can be very challenging to find work during an economic recession because money isn't flowing which means many firms are not hiring. In this episode I break down some of the big areas within quantitative finance (buy side, sell side, crypto and de-fi, and fintech) and discuss which ones are safer bets meaning they will still be hiring and which ones are risky meaning less jobs and the possibility of being let go.
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Last week's episode was on lessons I learned from good managers and today we discuss lessons from bad managers. Many of the key issues here really come down to being an honest and transparent person (lessons we learned in the episode about building a personal brand). Not doing work and calling people out during meetings is simply bad behavior especially when you are the manager.
Video version available on YouTube:
https://youtu.be/lhM2cDsFHJs
Website:
https://www.FancyQuantNation.com
Quant t-shirts, mugs, and hoodies:
https://www.teespring.com/stores/fancy-quant
Connect with me:
https://www.linkedin.com/in/dimitri-bianco
https://twitter.com/DimitriBianco
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Over the years of working I have worked for a few managers and have witnessed a lot of managers of a variety of teams. In today's podcast episode I am discussing the lessons I have learned from good managers. Some of the main lessons are about taking time to make big decisions (time has value) and take a real interest in your team members.
Next week's episode will be me discussing lessons I have learned from bad managers.
Website:
https://www.FancyQuantNation.com
Quant t-shirts, mugs, and hoodies:
https://www.teespring.com/stores/fancy-quant
Connect with me:
https://www.linkedin.com/in/dimitri-bianco
https://twitter.com/DimitriBianco
AppForce1: news and info for iOS app developers
Weekly podcast about the latest updates, tools and events relevant to iOS app developers.
Listen on: Apple Podcasts Β Spotify
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I often see gimmicky posts or videos about building a personal brand. It is usually about generating a lot of easy worthless content and adding professional headshots and being active in groups on LinkedIn. LinkedIn is a great place to start however your brand really starts with who you are as a person. Being honest and fair at your day job will bring back much more value in promotions and job opportunities than re-posting how to do something or patting everyone on the back. Now LinkedIn is a great place to help build your brand but I would focus on quality content, questions, and comments over quantity.Β
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Hiring for any job is extremely challenging. Getting hired as an employee is also extremely challenging. Today I cover the biggest issue on why firms can't find the right candidates as well as why individuals who are fully qualified can't find good jobs.
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After 8 years in the banking I quit my job. I quit my job as a quant in the risk management area. I have built, validated, audited, and implemented model across a range of financial products at a range of different banks. I have felt burnt out for a few years but wasn't sure what to do. After Covid hit the world and a bad work experience I decided to just leave and take some time to think (thanks to the encouragement of my wife). Luckily for me, my network is large enough that a few fintech firms, a global bank, and a FAANG firm all reached out wanting to see if I would bring my talent to their firm. I talked to many people over the last few months and finally made a decision. In this episode I discuss the process and why I chose to leave banking for now.
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I quit (resigned) my job for a variety of reasons with one being an ultimatum to comply and leave. After leaving, the stress went away and I could see more clearly the rate race I was struck in beforehand. As I read articles online about the great resignation months before it seemed like people were quitting for more money and nicer teams. There was a casual sprinkling of different benefits like working from home. The real answer to this is that employees want more flexibility! Working from home has been great for many people. If you have kids you also understand the stress of trying to work and watching kids but as the country opens back up, working from home with kids at school or with a sitter seems much more practical. I can multi-task when times are slow and work more hours when times are busy. I can save hours of commuting by just signing up and jumping right into my work. Not to mention if you work in a big city, you can avoid the stressful driving with so many crazy people.
With so many people resigning, companies are also competing much harder for talent. Many of them are offering working from home, flexible hours, and better team culture. Those that are resigning need a break from the nose to the grind mentality and many are finding better opportunities with companies who care.
Pew Research:
https://www.pewresearch.org/fact-tank/2022/03/09/majority-of-workers-who-quit-a-job-in-2021-cite-low-pay-no-opportunities-for-advancement-feeling-disrespected/
Harvard Business Review:
https://hbr.org/2021/09/who-is-driving-the-great-resignation
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Milind Sharma is the QuantZ / QMIT CEO with a deep background in quantamental investing. His experience started with a solid education from Carnegie Mellon with the Milind Sharma is the QuantZ / QMIT CEO with a deep background in quantamental investing. His experience started with a solid education from Carnegie Mellon with the MS in Computational Finance program back in 1995 when the program was just starting. On top of that he build a great career around quantitative finance running trading teams at some of the largest global banks. Today we discuss his background, quantamental finance, and QWAFAxNew.
Milind Sharma:
https://www.linkedin.com/in/milind-s-0879b4/
QuantZ:
http://www.quantzcap.com/index.htm
QWAFAxNew:
https://qwafaxnew.org/
YouTube Version:
https://youtu.be/5_sulCeAv2s
Website:
https://www.FancyQuantNation.com
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"Careers in Motion" is the fifth season of the podcast, "Talking Tuesdays with Fancy Quant." In this season I will talk a lot about career development as well as some issues going on in the finance industry. I will have a guest or two as usual and we'll talk about their careers and career advice.
The career advice will specifically be on quant finance however it is typically applicable to other careers such as data science, tech, and finance.
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As my journey unfolds I am at a cross road of firms in tech, fintech, and banking (risk quant). All of the opportunities have their pros and cons however making this decision is really challenging. Should I leave banking for another industry? Will the other industries have the rigor of banking? Maybe I can bring an academic rigor that would would really help these firms grow? Or maybe I am delusional and these firms just want to make models over and over again.
Tech is very free and exploration is encouraged. Working remote full time is a real option and the name of a FAANG might really boost my resume. The skills in both tech and fintech are similar enough to quant finance that I could make a great contribution while learning new skills or enhancing ones I don't get to use as often as a quant. The fintech offer is local and it would be nice to meet real people face to face. Free lunches and snacks would be a great perk as well as working with nice and motivated people.
I am still trying to figure out what would really make me happy. I know that sounds clichΓ© however why spend your life working on something that you don't find meaningful.
Future updates will be released as they unfold.
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How do you build a quant culture?
Quants have very different needs from business professionals (specifically finance professionals at a bank). Quants operate on a high level of science and art all at the same time. Access to high quality academic and professional resources are needed to build and validate models properly. Mentors (senior quants) are needed to teach junior quants technical skills, business information, and how to operate in the firm (managing corporate politics). Time needs to be flexible as there is a good portion of the job that requires creative thought to solve problems and review work. Having a flat structure that promotes communication across all levels is also important to develop an open team mentality.
There is no perfect quant culture however time should be spent by organizations to create a positive environment where their quants can learn and grow.
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Peter Carr was a quantitative finance legend. His impact on the industry will not be forgotten through both his research and his personal mentorship to many people including myself.
His departure was shocking and unexpected. The short time that I knew Peter was insightful, comforting, and inspirational. Peter took an interest in those around him by giving of his time and expertise. He was a true leader and mentor.
I am very grateful to have been able to interview him twice and interact with him through other events and email communication. He will be missed by the industry and especially myself as he was one of the biggest supporters of my YouTube channel.
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I released a quantitative finance masters ranking for 2022 and found the process very challenging. The goal is to provide transparency to students so they can see how the programs are structured, where they are placing students in the industry, and a view of program rigor. While I have a good grasp on what the industry is looking for and what it is like being a student is one of these programs, I wanted to get some feedback from a program director who understands both the academic side and the industry side.
There is no better guest prepared to discuss these topics with than Peter Carr. He has been the head of quant research at Bloomberg, the global head of market modeling at Morgan Stanley, and is currently the department chair of NYU Tandon's Finance and Risk Engineering. He has also had a good impact on the quant industry with his long list of academic papers and contributions to textbooks.
Peter Carr:
https://engineering.nyu.edu/faculty/peter-carr
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After conflict at the new job I have decided to take a break from the banking industry. I will be spending more time on generating content around quant finance and data science. The R video series will get new videos and I will try and add some more traditional finance videos around topics like options, stocks, and bonds. I also feel like no one really understands risk management so I might take that on as well. I need to get this channel off the ground financially so there may be some paid courses coming as well.
Silencing your employees especially when they add value is not a good idea. When the next financial crisis occurs it will be no surprise when the quants say, "I have been warning the business but no one was listening."
I also have some great guests coming to the podcast. Peter Carr has an episode on quant finance master rankings. I also have two other guests lined up who are from different areas of the industry.
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The question on what I think of De-Fi (decentralized finance) has come up often over the last year or two. I have avoided the topics as I don't view myself as a de-fi expert however after watching a presentation on the topic I figured I needed to speak up. While De-Fi's goal is to eliminate a centralized system I predict we will end up in the same system we currently have just a few new players will get added. To be clear today's financial system is not very centralized. Banks all operate in a capitalist system (at least in the US) where they are competing for business. Even exchanges differ in rules and regulations between countries/unions/regions (the US has a different system than Europe for example).
Two main goals of De-Fi is to reduce transaction time and increase access to financial services. While these are good goals and De-Fi seems like the way to go (automation with very little costs) once regulations are added that protect consumers, the costs and transaction times will go up. I think the majority of De-Fi participants have good intentions however a lack of understanding around regulations seems to be the key driver of why their costs will be low. You can't ignore regulations as this is what makes the current financial system slow and costly. Many of these regulations prevent fraud, terrorism funding, money laundering, and identity theft. It costs banks millions per bank just to keep up with the regulations. Individuals using traditional financial systems also benefit from these regulations however it isn't noticeable as these models and systems are doing their job.
Now De-Fi could be a great way to get your foot in the door on finance as banks have already been hiring people to keep up with current technology and some De-Fi firms will survive in the long-run. For investors it might also provide an arbitrage opportunity as De-Fi has a cost advantage as regulators catch up.
De-Fi presentation I'm responding to:
https://youtu.be/48C-uhX7txk
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Oddly enough I get asked a fair amount about marriage on my quantitative finance channel. It typically comes from young men who are trying to plan their lives and want to know when they should start looking for a spouse. I have also been asked to talk about marriage because I was married fairly young at the age of 20. I do believe marriage plays an important role in developing a career but more importantly a fulfilling life. In this episode I will also briefly discuss having kids. I am fairly new to the who idea of kids as I just had a daughter last year.
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"What does a quant career look like?" The simple answer...they are all different. The long answer has to do with understanding goals and deciding whether or not you want to stay an individual contributor or become a manager. The higher up the corporate ladder you go, the less quant work you'll do. I'm trying to do both but at times I feel like I am being torn in half.
Not to mention quants have been going into new areas like data science, crypto currency, and defi. Careers for quants aren't a simple steps 1-10.
In this video I give you some points to think about and how I wish the industry would change.
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As Christmas is just around the corner and we passed Thanksgiving a few weeks ago, I figured I would talk about my struggle with gratitude. For me gratitude is a very hard thing. I want to be more grateful as it would make me a better person and I would be much happier however it is hard. I have really been thinking and working on being more grateful especially since my grandma passed away last year. She was always very grateful and was also a very big fan of Christmas. I think one reason I think a lot about my grandma during the holiday season comes down to the fact that she was always so grateful even when life wasn't easy.
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Academics and industry professionals alikeΒ seem to think their field of study is correct while others are outdated or wrong. I completely get where the frustration comes from as there has been a lot of hype in many fields which is being pushed by people who aren't really apart of any field. Kaggle and towards data science come to mind however there are a long list of textbooks as well. The frustrating part though is the lack of understanding in what unifies all of us which is the scientific method. The scientific method is designed to challenge ideas and come up with better ones while adhering to a rigorous set of logic and testing.
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"What does a quant career look like?" The simple answer...they are all different. The long answer has to do with understanding goals and deciding whether or not you want to stay an individual contributor or become a manager. The higher up the corporate ladder you go, the less quant work you'll do. I'm trying to do both but at times I feel like I am being torn in half.
Not to mention quants have been going into new areas like data science, crypto currency, and defi. Careers for quants aren't a simple steps 1-10.
In this video I give you some points to think about and how I wish the industry would change.
Quant t-shirts, mugs, and hoodies:
teespring.com/stores/fancy-quant
Connect with me:
https://www.linkedin.com/in/dimitri-bianco
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Often we focus on models so much that we forget they aren't perfect. There is a strong need for a validation team to check the work of model development. However this leads to disagreements between teams. There are many factors that play into this which include technical limitations, limitations of employee education and experience, usage limitations, and ego. Quants make their money based on their intelligence. It is hard to admit you either made a mistake or do have the knowledge required to model a specific problem. Add on the requirement to do additional work and potential negative impacts to your promotions and bonuses and we end up in a hostile environment. These limitations are risks in themselves and should be viewed as part of model risk management's analysis.
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I'm excited to have a long-time subscriber and friend, Andres Rossi on the podcast! I have watched him mature and grow from an undergrad student into starting his first job as an actuary after his masters degree in quant finance and actuarial sciences. In our discussion we talk about actuaries vs quants, actuaries in Italy, education, quant finance, data science, and risk management.
I was very impressed with Andres' English as he took a few classes in school but really taught himself by watch videos on YouTube. This is also the first time I have ever had a conversation with him and his first English conversation. We have been in contact over the years through messaging apps but it was great catching up with him on video.
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Quantitative finance has a marketing problem in almost all areas. The academic institutions have spent very little time and money and defining what they truly offer students. To be honest I don't think many of them know what they are offering besides a piece of paper saying you graduated. Programs should be designed for a specific type of incoming student and train them for a specific job afterward graduation.
This problem is also seen in the industry. Companies either don't care about their quants or they have no idea how to create a positive quant culture. When we think about the "dream" companies to work at as a quant I often hear the big hedge fund names. When you dig a bit deeper online though many of those names have bad reputations for long hours and hostile work environments. Banking wise most quants don't know risk management at a bank exists and those who have do not know what bank is better than others. And the sad truth is that it really depends on who you manager or team head is more than the company. Once these people jump firm to firm which is fairly common, the positive quant culture goes with them.
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I quit my job at Santander working in model risk management. It was 6 fun years where I learned a lot however due to some corporate restructuring and a better opportunity where I would have more responsibility, I am moving on.
In this episode I talk about interviewing at other firms as well as how to view different offers. How much money you are being paid is usually a main driver but don't forget to think about responsibilities. Building a resume with new skills can help you later down the road.
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Time is ticking and when you turn 30 years old it seems life changes. More realistically, sometime around the age of 30 as we are all unique. The biological clock is ticking away for having kids and finding a spouse. This life change can have a large impact on one's career, especially in quantitative finance. I am currently struggling with this as I am very career driven and am the personality type that needs to be busy and productive constantly. About a year ago I had a daughter and she turned my world upside down. A younger me always though you had kids and there were a few adjustments but that my career would stay on track. To my surprise learning to juggle a family and a career as well as my previous life has been very challenging. I now want to be a great father and spend a lot of time with my wife and daughter however I also need to be putting in extra time at work if I want a career and not just a job.
This life change impacts both men and women. Finding a spouse has a clock ticking on it as well because many people find mates by 30. This means the number of people you can marry gets smaller every year if you want to marry someone around your age who doesn't have kids. Marriage is also time consuming as you now have to share your time with someone else. Having someone there to support you can also help propel your career however the focus from career to family seems to naturally shift around 30 years old. There is no right decision here. I'm not saying you need to be married or have kids however if these are things you do want in life, there is a biological clock ticking and you need to make a decision. Having a career (not just a job) and balancing a family is challenging and not very likely for most.
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The decision to work in the industry vs academia is a hard one to make. Years into a career in the quant finance industry and I still wonder if I should go back to academia. My passion for education, training, and research is still strong and often the industry seems to be against these three ideas. Making money and focusing on the business takes precedence over education and learning even when the long-term profits would be lower. Making money in this very moment seems to consume businesses and especially banks.
So is the grass really greener on the academic side? In this episode I discuss the pros and cons of academia in contrast to the industry.
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Back to office non-sense in banking has been sad. Many industries are also struggling with this however without using actual logic, you won't get employees to back your efforts and decisions. The banks on average have been looking at flex working where we will work in the office a few days a week and then work from home (wfh) a few days a week. Many of them behind closed doors are having department or team specific decisions though which are pushing for more days in the office than is being publicized. The backlash seen with Morgan Stanley is one reason banks aren't being super honest.
The goal of many banks is to enhance teamwork by being together in person. I see where they are coming from however they then implement rules such as masks for all and 6 feet spacing while in team settings. For quants communication due to international accents makes this more difficult and not being able to eat lunch and coffee together does not increase team work. If the banks are concerned with Covid (which they should be) then they should just have everyone work from home. It isn't increasing team work with having everyone come in and then creating rules that make it less effective to do team activities.
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Welcome to Season 4 of Talking Tuesdays with Fancy Quant!
I'm really excited to be back here on the podcast and back on YouTube. While I was taking a mental break from content creation I ended up finding an amazing job offer with some unique risks. I ended up not taking the offer due to legal risks however when valuing a new job there are a lot of different angles to consider from the dollar value of salary and bonus to the equity options and benefits (healthcare, PTO, working from home, and other freedoms). Quantitative finance has been a very interesting career as the industry is growing into the cryptocurrency world. Where does finance end and decentralized finance (defi) start?
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I wish managers took the time to really get to know me and other employees. This is a reflection as an employee and as a manager. People have relationships that go unleveraged. It is often easier to use relationships to help develop better connections across a business and make working together much easier. Another issue is that managers often don't get a full view of your skills. They hired you to do one job however they fail to realize the wide range of skills employees have and how to leverage them to create better solutions. This has been a big frustration with data science. People who jump up and down and all excited publicly about new topics like data science often get assigned to do the work while your most qualified employees typically aren't extroverts at least in technical fields. It is your responsibility as a manager to get to know people at a deeper level.
Other personal skills and characteristics are often missed. Management skills are judged based on your personal view of what management is. Managing at a bank is much different than managing at a small firm and especially in a blue collar environment. Age seems to be the biggest hurdle I face. It is really hard for people to grasp my experience due to my age. Realistically most people have not had 8 years of work experience in another industry as an expert by the age of 24. To top it all off, I started a whole separate career in quantitative finance. The ability to start over and jump fields has been a really big challenge and this multidimension perspective could really help companies manage a variety of relationships and projects.
Video Version:
https://youtu.be/v9wMm7wViYM
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The whole third season of the podcast has been about working at a startup. I have seen the highs and I have seen the lows over an eight year period with sideline views for a few years after. In this episode I share four pieces of advice I wish I would have known before or during my time with this startup.
If you enjoyed this episode check out the other episodes where I discuss dealing with failure, the joys of a startup, as well as many of my experiences in manufacturing.
Video Version:
https://youtu.be/KxzJuARx3Zg
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Coping with failure is hard however coping with the failure of a business is even more challenging. Your life from money to time to ego all get slowly drained over time with a failing business however the final bankruptcy is the hardest part. It is the final nail in the coffin meaning there is no hope left.
There is a lot of self reflection and doubt in failing. What if I would have done things differently? What if I would have had more help? What if I would have fixed a very specific problem? It is important to learn from the failure however there are many things that you will never know.
Lessons I learned from this failure is how to manage employees, when to cut your losses, how to run a successful marketing campaign, how to program, the basics of analytics, the real world isn't fair, why managers want you to go above and beyond without direction, and a very long list of other lessons. While it is hard to let go and cost my family a lot of their time and money, we all learned more than we ever expected!
Video version:
https://youtu.be/pllfCErqwqA
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While working with family has a lot of issues, there are some benefits of working with family for me. My dad worked a lot of hours and still does. An 80-100 hour week is considered a normal week for my dad. This work ethic and passion for business was a bonding activity where we had hours of just driving across the country and talking. I never once thought about my dad being gone on the road as a negative as it was his job. I knew that if I wanted to spend time with him we could do it either working his sales job or working around the house. Some of my best memories are of us washing cars, laying pavers, or doing yard work. This unique relationship translated into an open conversation as colleagues when we worked together. I have told my dad many times he is being stupid and he has told me that I don't know what I am talking about endless times. We don't take it personal though as we know we both want the business to succeed. In the corporate world there are very few people who are open and honest with those around them. The PC culture makes it challenging to bring up tough decisions and corporate politics lead businesses to make stupid decisions.
I also learned a lot of crazy skills at a very young age as well. How many people have you met that were managing 45+ year old employees at the age of 19? I was managing a wide range of employees and had to take on a lot of responsibility due to necessity. I became an expert in accounting, corporate finance, and marketing by working at this start-up.
A start-up also gives you the opportunity to make a large impact and to see how it effects the end customer. Being able to control the entire process is a blessing and a curse. If you are good you will be very happy however when things fail, it's all on you!
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Data and the analytics needed to extract useful insights is really lagging in most if not all industries. I know many people watching and listening will disagree however there is no solid metric where we can see that things are working well versus slightly working better than no analytics. It isn't until you witness a great quant or analyst that you realize there is a lot of room for improvement in all areas of analytics including quant finance, data science, and business analytics.
A hard lesson for smaller firms is that it is better to pay more for a quality quant or analyst than it is to hire multiple analysts. It's like saying if you have 10 clueless people trying to do surgery on you, you'll end up with the same results as hiring a top 10 surgeon. More isn't better! A quality analyst can work faster and generate better results that an average or below average analyst would never be able to think of.
YouTube Version:
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When working at a start-up everyone comes out of the woodwork to tell you how to run your business. It is very challenging to figure out good and bad advice especially when you end up in really unique situations. There is no quick Google search for the right answer or there are a million opinions and no clear answer.
Over the years of my career in manufacturing and in banking I've come to the conclusion that most consultants aren't worth much and their charge way more than they add value. Most are young kids with no experience or senior managers who have been consultants all their lives. You can't provide very good advice unless you have been in many of the situations that start-ups or large companies will face. Don't get me wrong, I have seen a few good consultants but there aren't many of them.
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The challenges of management are no joke, and no an MBA won't cut it! Getting real world experience especially at a small firm will allow you to really see how people think and behave. You can't be the fun laid back manager and you can't be so strict that everyone undermines you behind your back. Setting a strict system of how you operate while being reasonable and understanding will go a long way. Balancing these two halves is very challenging though and often at large firms you have little or no control over the system such as how promotions or other benefits work.
It is also just as important to learn how to manage up, meaning to manage you manager as it is to be a manager of employees. One key tip I have found is that it is better to give your managers ideas slowly and let them take it as their own over time. They are far more invested in the idea as they think it is theirs than fighting you on why "your idea" isn't perfect. You will not get credit for the idea however you will come off as a great employee and a real team player.
Video Version:
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Precast concrete is a dead industry due to inefficiencies, a lack of understanding on how to set up operations and manufacturing, and there has been minimal innovation in decades. The industry needs to be revitalized. It needs fresh blood from those who are experts in manufacturing. Learning to optimize the process will make the job more enjoyable for employees and more profitable for companies. For precast concrete to attract good talent, they need to change their culture as well. The ruff and tough mentality is good for guys on the floor doing the actual production however to get top talent to manage the business, you need to more refined culture that encourages innovation.
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The startup struggles range from the expected such as not being able to pay bills to lawsuits from investors and competitors. One thing that business school does a terrible job at is describing what it is really like to be an entrepreneur. You can have the worlds best finance guy lay out budgets, the best CEO lay out the business plan, and the best employees on staff helping however at the end of the day almost none of your plan will go as expected and you will be forced to adapt or die.Β
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Marketing at a startup. As a startup company we didn't have resources to hire anyone to do the marketing. I got involved by building a website to start and the later on we did some print marketing. Understanding your customer base is the most important part. Flashy marketing works for specific demographics however we sold to government agencies. The web browsers were super dated and the majority of customers were older. Creating user friendly web pages and marketing materials is very important.
I discuss a bit about the rise of smart phones and driving the value of keywords for competitors. The biggest accomplishment out of my marketing was watching the biggest competitor change their website layout to look like ours.
The YouTube version:
https://youtu.be/tLLZrA1rlBY
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Today's episode is all about the pricing and bidding system used in the precast concrete restroom industry. Since I come from a quantitative finance background I also cover open vs closed auctions where I briefly discuss the stock exchange in comparison to dark pools. The precast concrete restroom industry is closest to dark pools however there are only bids placed with no ask. You end up with one customer requesting bids based on product and project specifications.
Most small manufactures and specifically precast companies use cost plus. Cost plus is the easiest way to price however it is very inefficient. It's just the product cost to manufacture plus a margin and there is typically a set margin. The high freight costs in precast prevent competition however in the restroom business they have been able to add enough value to the product to make it feasible to ship all over the country including Hawaii.
While I was working in the restroom business we set up automation to get the base costs more quickly and efficiently and then went above and beyond by building models for supply and demand using wins and losses from past bids.
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Who is the King of Crap and how did it all start? In the first episode of Season 3: Down to Business I talk about getting into the precast concrete restroom industry. I discuss who the real king of the industry is and how they shaped me. This will give you a good understanding of the industry before I dive into more specific topics on management, the joys of a startup, the failure of working at a startup, marketing, and a few other business topics.
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https://youtu.be/enFsjLgd7ws
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Machine learning, deep learning, and AI aren't as new to finance as many people think. I have a great conversation with Agus about his career and journey into quant finance. He provides some great insight on career advice as well as some of the issues he sees with using machine learning especially in finance.
Some of the important takeaways from this conversation are:
- Be nice to everyone you meet.
- ML is a localized method.
- Technical skills such as statistics can be applied to many different careers.
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I interview Ali Masoumnia all about running a successful quantitative finance club at a university, how to approach professionals, the advantages of target schools, and are standards important in quant finance as well as life.Β
Video Version:
https://youtu.be/S09aiwz3dbY
Ali's currently reading: The Wind-Up Bird Chronicle (my affiliate link)
https://amzn.to/3pyeIxY
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I sit down with Morgan Maxey to discuss a variety of topics from his background of becoming a lawyer to social programs and the broken legal system. The theme that seemed to come up over and over was person agency and personal awareness. The US was built to be a system that favored the individual over the group. And part of that American structure was meant to allow individuals the freedom to pursue happiness which means both success and failure. Learning to own one's decisions without looking for others to blame is hard to do. It seems in modern times that many people are looking to blame others for not having what they want and worst yet is the desire to have the government provide their desires at the expense of others. I make an argument for a flat tax and the preference of use taxes over income tax. It does seem there will continue to be a need for government programs however the real questions are "what programs are needed" and "how do we limit them?"
All information in this podcast is for discussion purposes only. This is not financial or legal advice.
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I am excited to have Daniel Lackland from Ai4 come and chat with me about the AI community. Ai4 provides conferences that bring together some of the biggest names in the AI community from a variety of industries including tech, finance, healthcare, and a variety of others. They have been expanding what they do to include education which includes both paid courses as well as free YouTube videos. I was a panelist and host of a AI for finance and banking event which was a lot of fun. Below is a link to the event.
Externally Facing: Customer Engagement, Marketing, Lending
https://youtu.be/UfHwn-e3qoE
Ai4:
https://ai4.io/
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I'm excited to have Dr. Peter Carr as a guest on the podcast. We sit down and discuss his career coming from academia to transitioning into the new field of quantitative finance and how he ended back in academia. We discuss the competition for quant talent as well as how MBA programs are in a bad situation with application numbers plummeting and how finance has split into two parts. We also discuss the question that many students have which is, "what goes into the application review process?"
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Racing motocross is brutal! The hardest part of the sport is not what you see at the races or on TV. It's all the work behind the scenes. From working multiple jobs to pay bills and keep the bike going to coping with constant failures to injuries and bike failures; it really makes the sport a grueling one. To those not familiar with motocross (or supercross) it's not just sitting on a bike and driving around. The amount of physical strength and endurance is actually one of the most challenging according to kinesiology research. But this episode is not mean to talk about racing. It's all about building character!
For me I have build character through many struggles as a kid and as an adult however motocross has been one of the hardest for me. It really taught me a lot as you have to work so hard just to fail. Building character is not an easy task. It's not like you open a book and read a few chapters on it to learn how to do it better. To really build character you need to be put into tough situations. Do you give up early, do you try to cheat, do you blame others, are you honest with yourself, or do you complain a lot? All of these can only been seen in truly trying times. The only way to build character is to go through tough times and push through like a champion!
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In this episode of Talking Tuesday with Fancy Quant we discuss what are corporate politics, how to be aware of the political setting, and how to play corporate politics correctly. It's never fun when you get screwed by some political situation. One of the biggest pieces of advice on the political scene at a company is being aware of teams and biases. To be an ALL-STAR at the political game it is crucial to build trust with as many people as possible by being honest and telling the truth. Of course you will offend people or rub them the wrong way however by being honest you'll create stronger bonds with the majority of people. As we learned in "Build Social Capital" episode, building a reputation will go a long way. Also avoid being on any specific team, just focus on doing what is right. Now I know this sounds like easy advice however a lot of times you can get swept up in the craziness of the corporate world and down seems up and up seems down. Know yourself and keep you bearings straight!
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As someone who works in quantitative finance and runs one of the largest YouTube channels dedicated to quant finance, everyone wants me to talk about trading. First off, I'm not a trader and don't work for an investing firm. But the main reason is that everyone has an opinion on trading that they think is a fact. You really have two different camps and both are non-sense.
The first camp are the business people in traditional finance. They worship Warren Buffet and think you can simply look at cash flows to determine an assets value. They also like to create fairy tale futures about companies and why they will be worth a lot or nothing...even if it contradicts their simple cash flow theory.
The second camp are the quants or nerds. They bring in massive amounts of data and apply models blindly to everything. Once they get a number they are determined it must be a fact. They also want to tell you all about how smart they are because they do math.
The problem with quantitative finance is that we're modeling people and guess what...people aren't easily understood. Finance, economics, politics, and quant finance are all soft sciences that are based on people making decisions. I enjoy discussing the businesses in detail but realizing you need data and statistical theory to also support your ideas. I work in risk management so I need to try and find every reason why my idea is wrong. That's right! Look for what's wrong, don't look for why you're right/ Confirmation bias is one of the biggest flaws the human race has. So in summary...I just don't like talking with people who are over confident and lack enough real world experience to have an educated discussion about trading and investing. But who knows, maybe I'll add a few more videos on the topic.
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America's university system is falling apart at the seams! Tuition costs continue to rise, the quality of education is falling, accreditation from the university system has become worthless, and standardized testing has lost its mind. In this episode I invited Louis a great friend of mine and ex-colleague to discuss these topics and provide some possible solutions. Both of us work in an industry that requires a master's degree at minimum and is highly technical (quantitative finance). I have started to wonder if a college degree is even worth it for the majority of people. I guess the real question is who is a college degree best for, what sort of degrees are worth it, and where should you go to avoid over paying?
Louis went to college for his undergrad at McGill University in Canada where he saved a ton of money. He then went on for an MBA at Baruch College where he again saved money by not going to a highly priced school. On the other hand I went to a cheap state university by going to Washington State University but decided I needed an advanced degree with a big name and decided to pay a ton of money to go to the University of Michigan. The decision of where to go and how much to spend can have a huge impact on your career opportunities. Other important lessons such as knowing yourself will be discussed as a college degree is not right for everyone.
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A common question I get a lot is, what does a career path in quant finance look like? People assume doing math and stats doesn't change. We'll the process doesn't look much different than any other job. You start on small projects that have low impact and then get moved up to high profile, billion dollar projects where everyone is watching. You will then progress into management roles and a few lucky and skilled people will end up executives.
I also discuss my personal goals in this episode which tie back into the career progression mentioned earlier. For example, how do I improve my soft skills? How do you retain technical skills when you become a manager? I also talk about other personal goals and projects such as wanting to write a book, run a half marathon, and shoot some short films as a better way for me to describe the emotions behind being a quant.
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The year 2020 has been crazy all on its own without talking about the economy or financial markets. There have been a lot of warning signs above and beyond the common sense. What's common sense about an economic crisis coming? Well think about the definition of GDP...which is Gross Domestic Production. That's the amount of output from people work. If a larger portion of society is unemployed due to Covid then GDP will naturally fall. One of the issues is that data including GDP takes time to be reported. There is also the domino effect where a small group of people are unemployed which leads to less consumption which leads to more people being laid off to less consumption and the cycle continues until we can some how stabilize the process. Sometime jobs come back from a potential solution to Covid or at least a way to slow it down like wearing masks. Either way we'll see a drop in GRP which also effects other economic factors like unemployment, the stock market, and interest rates.
Now banks are issuing extensions to customers who can't make their mortgage, credit card, or auto payment which is a really nice thing to do. However the issue is the banks need to get paid to remain stable themselves. They can float the debt over short term shocks however from the length of time that Covid has hit the world this looks like it will have long-term effects. Banks need to be tightening credit which means making less loans to risky people.
A few market indicators are that used car values are increasing as less people are buying new cars and are instead buying a cheaper version (used) and gold and silver prices have jumped a lot. I'm not a big fan of following the crowd however Ray Dalio and Warren Buffet have also been making moves to hedge for a market crisis such as selling bank stocks and buying precious metal (gold and silver stocks).
It's a good idea for people to increase their savings as a way to prepare for bad times.
WARNING:
I am not a financial advisor and nothing in this podcast should be taken as financial advise. This is simply a discussion of what is going on from my perspective, meaning these are my opinions!
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Have you ever wondered how some people's lives just seem to progress so easily where as others seem like they are grinding with no results? One of the biggest differences comes down to social capital. I've seen many employees get their work done and be generally good people however to get that promotion you really need to build social capital. In this episode I'll chat about the definition of social capital, how to build social capital, and a few real word examples and their results.
Building social capital is more than being friends with people, you need to do what's write and build a reputation as your reputation will follow you the rest of your life!
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Have you ever thought about your perfect team? Who would be on that team? What characteristics would the team and the people on the team have?
I discuss what a dream team is, the existence of a dream team, the individuals I would want on my dream team, and how to find new team mates. The idea seems far fetched as anyone who has hired or managed people knows how hard it is to find good people. On top of that, you still have to work within a company and alongside other teams. One of the big advantages of a dream team is the ability to create a space where everyone can be who they are without fear of HR or other career issues. It also makes your job a lot more enjoyable and productive. Now don't get me wrong, there will still be disagreements, arguments, and other personal hurdles to overcome. But being able to have professional conversations in a team that has strong relationships will help to select the best solutions to work problems.
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Risk management seems to have lost its meaning. After the 2008 financial crisis banks have started labeling every department as risk management in some way. While it would be great if every department understood the risks they create or manage to any company, the over use seems to have diminished its actual value and meaning. The skills required to work in "risk management" vary greatly depending on what area you want to work in. Someone who might work in model governance or a first line of defense risk manager might require a business degree and experience using Excel. Other jobs such as model developer or model validator might require a Masters or PhD along with experience in statistics, mathematics, and computer science. The easiest way to figure out where in risk management you might fit would be to look at job postings and see what skills are required.
To make matters more confusing, the investing side views risk as VaR and ES. Don't get me wrong, there are some advanced firms out there with well developed risk departments and processes however there are a lot of firms with over simplified understanding of risk management as a big picture concept that should be applied to an entire firm.
YOUTUBE Version:
https://youtu.be/BVmUnn2gX08
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One aspect of life is all the emotions we have as individuals. One of the hardest pieces for me is managing my ego and I don't mean that in a one sided view of having a large ego. Being able to balance your ego is crucial for success in life as having more ego helps boost your confidence and allows you to take risk. Not having enough ego can prevent you from personal and career growth. For example, imagine you want to get married and have a family. If you are looking for a spouse you need to have some confidence in asking people out and managing a relationship where your needs are met. From a career perspective it impact promotions as you might not ask for one or you might not take on the big projects which would allow you to get promoted.
On the other hand, having a big ego makes you a large risk to yourself and in my career of finance, it can ruin entire companies. Being overconfident or worse, delusional, means you'll take on projects that you will clearly fail. As much as some ego helps you build relationships, the lack of an ego will make you intolerable to others. No one wants to hear how great and wonderful you are all the time and also no one wants to be bullied.
Being able to balance your ego to the point where you take calculated risks in life while remaining humble is very challenging. The amount of ego you have will vary over time and being able to get the right amount will always be a challenge. In this podcast I talk a bit about my struggle with my ego and some of the external factors that made it too large at times and too small at other times.
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As someone who has worked from home off and on before the Covid-19 event, I figured I would cover some basic working from home ideas as well as some pointers for managers and some realizations about office versus home productivity. I even share a way to handle micro managers who don't fully embrace working from home.
I originally thought after the pandemic people would go back to the usual office environment however from talking to a variety of managers, it seems like more companies will embrace it due to an increase in productivity. I will also cover some ways to avoid burnout when working from home. Often we lose control of work hours which causes excessive stress due to unrealistic expectations.
1) Set up a schedule
2) Find a quiet place to work
3) Learning to socialize digitally
VIDEO VERSION:
https://youtu.be/E84CxbhsPAI
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Today's Talking Tuesday with Fancy Quant is all about his adventure to New York City. I'll discuss why I moved there, what it was like on Wall Street, and why I left. At the end I will highlight some fun experiences of living the Wall Street lifestyle. There are aspects such as the cleanliness that I didn't like but overall I loved living and working in NYC. The vast amounts of culture, the busy and exciting vibe of the city, and the amount of family, friends, and students that I could visit with were all amazing.
I ended up living in Long Island City (LIC - Queens), Upper East Side, and Weehawken NJ. I worked in LIC, Wall Street, and Mid Town.
Talking Tuesday with Fancy Quant (Podcast):
http://fancyquant.buzzsprout.com/
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Being a Quant in the finance world is not all brains and riches as many think. Being able to talk openly about the industry hasn't been an easy task as I don't want to burn bridges and offend people, yet I feel it is important for those wanting to work in quantitative finance to really understand what you will face. This was originally a video I recorded a year ago however I felt like I highlighted too many negative aspects without a full picture of why they existed or how they impacted me personally. The idea of trying to express many of my frustrations with the industry is an undertone of my YouTube channel where the focus is to improve the industry through education. In this podcast I lay out a few realities:
1) The industry is full of average people
2) Conflict and burnout are common
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Have you ever wondered how to get ahead and develop a better career? Today Fancy Quant discusses starting a job, building relationship networks to help career advancement, and finally how and why to quit. This cycle of starting a new job, maintaining a current job, and ending the job will change frequency depending on career fit and career length. The higher you climb in a career the less positions are available meaning it is usually more advantageous to find a good company and try to work your way through the levels instead of jumping from company to company. Job hopping is usually beneficial in the beginning of a career and should be a time of self exploration to figure out where you fit best. Often people jump too many jobs and burn bridges which results in not many future opportunities. On the other hand some people will job hop often but not learn anything from each job.
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What does a corporate financial analyst do? I asked myself this question as I was going to school for my BBA in Finance however I never found an honest response. I thought it would be a boring job as many people seemed to be talking all about investment banking or IB as they liked to call it. I decided in undergrad that I would try and work on the trading side or the investment banking side as it required more driven people.
To my surprise I was actually doing corporate finance and I didn't really realize it. I had been working at a start-up manufacturing company for a few years and I slowly transitioned into helping with the finances and accounting as well as many other jobs. The job was so busy all the time I just viewed myself as someone doing business. Looking back on the experience, one of my main jobs was to do corporate finance. I was involved on gathering data, analyzing the data, and making presentations about the results. This in a nutshell is what corporate financial analysts do. They provide a financial perspective to the business problems.
Many of the skills needed to be a financial analyst were taught in my finance undergrad. Discounted cash flow models (DCF), debt pricing (bonds), and ROI were common tasks. Some of my projects including financial reporting, profitability of custom projects, developing pricing models, reviewing supply and demand of markets, creating and presenting PowerPoint presentations to investors and customers, conducting cash flow analysis, and providing information on decision making for manufacturing costs including raw materials and labor.
The career is slower than other areas of finance however the job is much more stable. The environment is fairly cyclical with reporting while allowing some creativity in ad hoc projects. People are usually friendly and you get the opportunity to work with a variety of departments as finance effects every part of a business. Many of these jobs have a relaxed dress code or casual Fridays. You might work a 50-60 hour week when deadlines arise however most of the time you will work around 40 hours and be able to have a life outside of work.
CFI Financial Analyst Skills:
https://corporatefinanceinstitute.com/resources/careers/jobs/what-does-a-financial-analyst-do-day-in-the-life/
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Getting your first job after college (or graduate school) or always very hard. It seems like most students apply for hundreds of jobs and get very little feedback from employers. In this episode I discuss my failed attempts at getting a job after undergrad and then my continued failure as well as my short sprint of success. I learned a lot about resume writing and interviewing all from my bad experiences. Now as an industry professional I realize the lessons I learned were correct however no one talks about them. I don't think it is a secret, I just think people including those hiring really understand what is going on in their minds.
A few tips:
Companies don't ant experienced hires when they are hiring students.
Companies want an easy fit....
Listen and subscribe for more tips and enjoy my story of failure to success.
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Being an introvert can be a challenge when you are surrounded by extroverts. Labels such as shy, anti-social, and narcissistic get thrown around as if you are a bad person. I read Susan Cain's "Quiet: The Power of Introverts in a World That Can't Stop Talking" many years ago however the main message has stuck with me. In Western societies, communication and extroverted personalities are desired as they are deemed to be well rounded. This is evident when you look at the number of business degrees in the US compared to STEM degrees. Being someone who wants to deeply analyze problems is viewed as a negative attribute and it show in many highly technical industries that are predominately foreign. The phrase, "I'm just bad at math" is a common statement by Americans and is embraced as a positive statement that it is uncommon and unattractive to be good at math. As someone who works in quantitative finance (math, statistics and computer science) it is clear that Western values have lead to an education gap when it comes to technical topics. As a culture we need to look more seriously at the advantages of introverts and how to better leverage their skills while closing the education gap.
Quiet: The Power of Introverts in a World That Can't Stop Talking (affiliate link):
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My journey to becoming a quant (someone with math, stats, and computer science skills) was non-traditional. Most people are also shocked to find out that I hated secondary school and wasn't even sure I wanted to go to college. I wasn't the biggest fan of primary school either but looking back, I do miss the experience of primary school. College is where I really shined and re-found my curiosity for education and more traditional learning which lead me into statistics, financial engineering, and applied economics. I eventually graduated with a Masters of Applied Economics and went on to a fairly successful career in quantitative risk management (with a lot more ahead of me).
You DON'T need to be a genius to be successful at life!
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Quantitative finance is an industry that is mainly comprised of non-US workers. Many of them get graduate degrees in the US and become citizens in the long run though. Today I am discussing some of the cultural differences I have noticed over the years. These cultural differences are not good or bad, they are just differences. Learning to be accepting is important in all jobs but especially in those where differences might not be realized.
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In many technical industries there is a shortage of qualified talent. This can be simply called, "the education gap." In many industries there is a clear divide between those that excel and the rest. The education gap can also be seen from the miss match in messages between the industries who state, "there is an employee shortage" and the job seekers such as those on LinkedIn who have data driven degrees yet remain unemployed. How do we solve this problem? I don't have a simple solution but educators and employers need to take a hard look at the problem instead of ignoring it.
The second topic covered in this podcast is the new hybrid/STEM MBA programs. For many this looks like a step in the right direction for the education gap however this is far from a solution and is more hurtful in most situations. Business programs end up tacking on a few analytics courses and then get a STEM designation. This helps increase MBA programs' application numbers which have been falling due to the shift towards data driven skills. This also help international students stay in the US longer to look for a job. The real problem arises when you look at what companies are needing in employees, more technical skills. Many of the graduates with technical degrees such as Masters and PhDs in statistics, mathematics, and computer science end up unemployed or under-employed in the sense that they might end up in a non-technical job. Companies are wanting very specific skills which might not be taught at a deep enough level to make those graduates useful without heavy investment in training (which I feel is one way to help address the problem). Now you take business students who have a little bit of business education and a little bit of more technical education and where do they fit in this picture? The pure business roles want pure business students and perhaps someone specialized in an area like finance, accounting, or marketing. The technical companies want students with very deep understanding of technical matter which they are struggling to find in pure STEM degrees. This leaves these hybrid students in a position where they have no-where to go. Maybe the degrees are useful however companies haven't created the perfect role for them yet. But in general these hybrid degrees don't look to be a god idea...at least for the students and companies.
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Managing your health as a quant can be challenging both physically and mentally. In this episode I will discuss some challenges I am facing and how I help solve them along with a few other solutions.
Weight gain and pains from bad posture plague almost all office workers as we sit at our desks for the majority of our time.
Anxiety, depression, and impostor syndrome are common mental challenges for quants. From work-life balance, to keeping up with every new analytical model and trend, to getting a graduate degree there are always mental issues to resolve. Finding what makes you happy and building a network of support are just a few crucial components to staying mentally healthy.
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The YouTube channel, Fancy Quant, ran by Dimitri Bianco started a new segment called, Talking Tuesdays which is now becoming a podcast as well. The episodes will be a personal perspective on the finance and banking industry from the eyes of an insider on the quantitative side.
Today's episode will cover in more details what Talking Tuesdays are, review the YouTube channel's success and some interesting stats, and will wrap up with a discussion on what Fancy Quant really represents.
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