The Money Formula - Dodgy Finance, Pseudo Science, and How Mathematicians Took Over the Markets


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Table of Contents

Acknowledgements ix

About the Authors xi

Introduction xiii

Chapter 1 Early Models 1

Chapter 2 Going Random 15

Chapter 3 Risk Management 35

Chapter 4 Market Makers 61

Chapter 5 Deriving Derivatives 83

Chapter 6 What Quants Do 109

Chapter 7 The Rewrite 135

Chapter 8 No Laws, Only Toys 149

Chapter 9 How to Abuse the System 169

Chapter 10 Systemic Threat 189

Epilogue: Keep it Simple 207

Bibliography 227

Index 237

About the Author

PAUL WILMOTT is a researcher, best-selling author, and consultant in most things quantitative, and has been a fund manager and academic. He is author of numerous books, including Paul Wilmott on Quantitative Finance and Frequently Asked Questions in Quantitative Finance.

DAVID ORRELL is an applied mathematician, best-selling author and founder of Systems Forecasting, a scientific consultancy. He is the author of many books, including The Future of Everything and Economyths.


"Anyone interested in investment theory (and that should be everyone working in financial services) would find it worth reading."  (International Investment, June 2017)

"Irrevent and fun, it is at the same time very rigorous in explaining how soem fairly basic mathematics has hijacked the world of finance."  (Marketing Moving, June 2017)

“a great description of what has happened, a thorough explanation of what is currently going on, and a solid argument for what should be done in the future.” (Significance, April 2018)

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