Quants vs Congress
Big hearings in Congress today about how evil derivatives and the quants who build them are. They are a threat to government as we know it. Don't tell anyone but the "intermediation of political risk" was one of the greatest invention of the 1980s. Combine same with strong crypto and you almost have to feel sorry for the public employees in our midst. Watch out for a little downsizing. To show that I'm a charitable guy, I have some free advice to anyone reading this who is involved in "taking the King's shilling": I understand that there is a bright future in computer maintenance technology. A word to the wise.... DCF "Buddy can you spare an EXPTIME-complete encryption system?" g' 5O--- WinQwk 2.0b#1165g' 5O
-----BEGIN PGP SIGNED MESSAGE-----
Big hearings in Congress today about how evil derivatives and the quants who build them are. They are a threat to government as we know it. Don't tell anyone but the "intermediation of political risk" was one of the greatest invention of the 1980s. Combine same with strong crypto and you almost have to feel sorry for the public employees in our midst. Watch out for a little downsizing.
Aw c'mon Duncan. Derivative of what? What's a quant? Where was the term ``intermediation of political risk'' used? I love your postings when I can make sense of them. This one is so well encrypted I can't.
To show that I'm a charitable guy, I have some free advice to anyone reading this who is involved in "taking the King's shilling":
Do you really think that such people deserve charity? John E. Kreznar | Relations among people to be by jkreznar@ininx.com | mutual consent, or not at all. -----BEGIN PGP SIGNATURE----- Version: 2.3a iQCVAgUBLayny8Dhz44ugybJAQFnxwQA3ds9LuJq5S5DSoyh1YUC4C1I5osjcbbY 7CWVwE4NWG0vVuUuhiWuY758MhAfTUq0cvaVGI+fuMV6vyY8gG+muWR8QcDQZPpY bHoPSHgg/zzK1pfzJEM7LguIQsszzWAdJ6OllOsB0OfqwiaAiAphzF1HC/od+iqb R7hAJ5Kx1CU= =hqdA -----END PGP SIGNATURE-----
John E. Kreznar says:
Big hearings in Congress today about how evil derivatives and the quants who build them are. They are a threat to government as we know it. Don't tell anyone but the "intermediation of political risk" was one of the greatest invention of the 1980s. Combine same with strong crypto and you almost have to feel sorry for the public employees in our midst. Watch out for a little downsizing.
Aw c'mon Duncan. Derivative of what?
Derivative securites. Usually "derived" from some base securities, commodities, or other derivatives. Options, futures, swaps, and other synthetic trading instruments of varying degrees of liquidity and fungibility are all derivative instruments.
What's a quant?
Someone who does valuation of fixed income or derivative securities based on mathematical models. Its a bit of a fuzzy term.
Where was the term ``intermediation of political risk'' used?
Well, presumably hedging, futures and insurance markets can be used to offset political risks.
I love your postings when I can make sense of them. This one is so well encrypted I can't.
Everyone should know a bit about the securities markets -- an educated individual owes it to themselves to understand them. Perry
John Krexnar writes: (Duncan Frissell's section elided)
Aw c'mon Duncan. Derivative of what? What's a quant? Where was the term ``intermediation of political risk'' used?
I love your postings when I can make sense of them. This one is so well encrypted I can't.
"Derivatives" mean secondary financial instruments, based on ("derived from") things like stocks, bonds, and real estate. Things like futures markets, "baskets" of other instruments, etc. These started, it may be argued, in the trading pits of Chicago, but have now spread around the world. I think I recall reading (in "Time"'s cover story last week on derivatives and quants, ironically enough--the Wall Street nerd with the "messy room" has replaced the hacker as the Number One Threat to Civilization) that $ 4 Trillion in derivatives trades _daily_. "Quants," closely related to "rocket scientists," are those who use math and statistics for investment purposes. Short for "quantitative." I urge all Cypherpunks who can afford to do so to subscribe to "The Economist." It's filled with good, incisive articles, including the best treatments of breaking science and technology stories in any general magazine. Shoot your t.v., maybe, but don't let your subsription lapse. Available also on newstands, whence information on subscribing may be found (read the mag long enough, and you too will speak in terms of "whence"). --Tim May -- .......................................................................... Timothy C. May | Crypto Anarchy: encryption, digital money, tcmay@netcom.com | anonymous networks, digital pseudonyms, zero 408-688-5409 | knowledge, reputations, information markets, W.A.S.T.E.: Aptos, CA | black markets, collapse of governments. Higher Power: 2^859433 | Public Key: PGP and MailSafe available. "National borders are just speed bumps on the information superhighway."
participants (4)
-
Duncan Frissell -
jkreznar＠ininx.com -
Perry E. Metzger -
tcmay＠netcom.com