Talking Tuesdays with Fancy Quant

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.comDiscord:https://discord.gg/8822pYKNrnDigital Disruption with Geoff Nielson Discover how technology is reshaping our lives and livelihoods.Listen on: Apple Podcasts SpotifySupport the show

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.Support the show

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?Support the show

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 Readiness2) Career Readiness3) Interpersonal SkillsEmily provides tips and some insight into how the applications are reviewed.For more information on CMU's program:https://www.cmu.edu/mscf/Support the show

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 Priceshttps://wallstreetscholars.com/paper/06004fb5-5449-454d-8bb9-359aa3c8257eSupport the show

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.comSupport the channel:https://ko-fi.com/fancyquantQuant t-shirts, mugs, and hoodies:https://www.teespring.com/stores/fancy-quantConnect with me:https://www.linkedin.com/in/dimitri-biancohttps://twitter.com/DimitriBiancoTiny Expeditions - A Podcast about Genetics, DNA and InheritanceExplore the exciting world of genetics in an easy-to-understand way with Tiny Expeditions.Listen on: Apple Podcasts SpotifySupport the show

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”The Multiverse Employee Handbook,” curated and produced by Robb Corrigan, is a...Listen on: Apple Podcasts SpotifySupport the Show.

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/Support the Show.

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.Support the Show.

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:DefconQhttps://www.defconq.tech/blog/Go-To%20KDB/Q%20Learning%20ResourcesConnect with Alexander on LinkedIn:https://www.linkedin.com/in/alexanderunterrainer/Book recommendation (affiliate link):"q for Mortals"https://amzn.to/3VsE8PDEpisode also found on YouTube:https://youtu.be/cQmKQaJFZFgPodcasting For Brands // bring your guest we do the restVideo episodes. Social clips. Live producer. Virtual studio. Coaching.Support the Show.

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/@QuantPySupport the show

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 Quanthttps://youtu.be/rGdfR66Dl4c?si=4A4hWtK8uP3KJQSBTHE ADMISSIONS GAME - SATIRE EDITIONYour satirical guide to elite college admissions by the fictional counselor to the...Listen on: Apple Podcasts SpotifySupport the show

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.THE ADMISSIONS GAME - SATIRE EDITIONYour satirical guide to elite college admissions by the fictional counselor to the...Listen on: Apple Podcasts SpotifySupport the show

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.comSupport:https://ko-fi.com/fancyquantQuant t-shirts, mugs, and hoodies:https://www.teespring.com/stores/fancy-quantConnect with me:https://www.linkedin.com/in/dimitri-biancohttps://twitter.com/DimitriBiancoSupport the show

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.Support the show

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) Repetition2) Paper Planner3) Advanced Prioritization4) PerspectiveSupport the show

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.Support the show

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.Support the show

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. Support the show

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.Support the show

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.Support the show

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.Support the show

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/5oDyN0CFjEwClqjZxJQf9OGilbert Strang Interview (Lex Fridman):https://youtu.be/lEZPfmGCEk0?si=G5K6HpS4LkftujChMIT Course - Gilbert Strang:https://youtu.be/ZK3O402wf1c?si=m8QWrXTeVWVi086GSecurity UnfilteredCyber Security can be a difficult field to not only understand but to also navigate....Listen on: Apple Podcasts SpotifySupport the show

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)  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. Support the show

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/7MDxyrrhD7gC7XMRwB0ulvBret Weinstein:https://youtu.be/pRCzZp1J0v0Website:https://www.FancyQuantNation.comSupport:https://ko-fi.com/fancyquantQuant t-shirts, mugs, and hoodies:https://www.teespring.com/stores/fancy-quantConnect with me:https://www.linkedin.com/in/dimitri-biancohttps://twitter.com/DimitriBiancoSupport the show

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 LinkedInhttps://www.linkedin.com/in/christinaqi/Data Bento:https://databento.com/Support the show

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.The Imposter Syndrome Network PodcastThe Imposter Syndrome Network (ISN) is a community of technology professionals who...Listen on: Apple Podcasts SpotifySupport the show

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.uKkoRNRYLVitlZSBbwFSSupport the show

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.Support the show

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 Accounts3) 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.Support the show

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.Support the show

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?Support the show

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.Support the show

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.Support the show

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.Support the show

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/uYnYWucILBcDan Stefanica's Primer on Linear Algebra (affiliate link):https://amzn.to/3JIL9pDWebsite:https://www.FancyQuantNation.comSupport:https://ko-fi.com/fancyquantQuant t-shirts, mugs, and hoodies:https://www.teespring.com/stores/fancy-quantConnect with me:https://www.linkedin.com/in/dimitri-biancohttps://twitter.com/DimitriBiancoSupport the show

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.Support the show

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.Support the show

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_VsSupport the show

A friend of mine, C.R. Olschwang recently wrote a book, "Mainline Business Cycle Theory." I don't often get the chance to discuss economics with economists as there are not very many in banks or fintech. In this chat we discuss economics schools of thought, what is mainline vs mainstream economics, ESG, economic models, utility functions, and issues with economic data. This conversation could have went for many hours as the number of interesting economic topics is quite large. Maybe we'll get back together to discuss wages, monetary vs fiscal economics, and what money is in the perspective of de-fi.Mainline Business Cycle Theory (affiliate link):https://amzn.to/3FiGc5hConnect with C.R. Olschwang:https://www.linkedin.com/in/cody-olschwang/Support the show

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/6Me3dfwqilAQuantConnect Job:https://www.getonbrd.com/jobs/programming/quantitative-developer-internship-quantconnect-remoteQuantConnect:https://www.quantconnect.com/Website:https://www.FancyQuantNation.comSupport:https://ko-fi.com/fancyquantQuant t-shirts, mugs, and hoodies:https://www.teespring.com/stores/fancy-quantConnect with me:https://www.linkedin.com/in/dimitri-biancohttps://twitter.com/DimitriBiancoSupport the show

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.Support the show

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.Support the show

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.Support the show

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.Support the show

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/3zbnwkWThe StatQuest channel:https://www.youtube.com/c/joshstarmer/aboutVideo Version of Podcast:https://youtu.be/N9O_oI5MwKUDev InterruptedWhat the smartest minds in engineering are thinking about, working on and investing in.Listen on: Apple Podcasts SpotifySupport the show

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.Support the show

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_o8Support the show

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/zHU1xH6Ogs4Video version:https://youtu.be/WTNM0yHF6vcWebsite:https://www.FancyQuantNation.comQuant t-shirts, mugs, and hoodies:https://www.teespring.com/stores/fancy-quantConnect with me:https://www.linkedin.com/in/dimitri-biancohttps://twitter.com/DimitriBiancoSupport the show

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/LGc5l8wJB9QWhy Nuclear is Better than Solar and Wind:https://youtu.be/N-yALPEpV4wNatural Disaster Deaths (real historic data...not crazy predictions):https://ourworldindata.org/natural-disastersDev InterruptedBehind every successful tech company is an engineering org. We tell their story.Listen on: Apple Podcasts SpotifySupport the show

Why does automating model validations fail?Goals/Plan:1) Specify the model2) Runs the development model for a replication check3) Output of all possible analysis for that model type is produced including challenger modelsReasons 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/H6kQ7e8whhEWebsite:https://www.FancyQuantNation.comQuant t-shirts, mugs, and hoodies:https://www.teespring.com/stores/fancy-quantConnect with me:https://www.linkedin.com/in/dimitri-biancohttps://twitter.com/DimitriBiancoSupport the show