[youtube]http://www.youtube.com/watch?v=GEAGdwHXfLQ[/youtube] A documentary along the lines of the book Flash Boys by Michael Lewis
I found another good documentary on Quants. Quants are a great example of someone that is smart/dumb. Smart enough to know high level mathematics, but dumb enough not to know it's limitation in the real world. They struggle with the concept of "garbage in, garbage out" Also here is an updated link to the video you posted.
Good vids @leo25. Thanks for posting. I'd seen these in the suggested column on Youtube but never clicked through. In the Quants vid, the gent makes an interesting comment at around 27 mins and I paraphrase "The quant shows the trader the risk profile (for a product) derived from the algorithm and does not like the size of the risk profile and tells the quant to make the risk profile smaller" ie go away change the algorithm and give me the result I want etc.....I dare say the same thinking applies to environmental science where certain climatologists use a model with multiple inputs to predict the future of the earth's temperature...."Nah, need a bigger increase so lets play with the inputs and calculations to get a result that we want".
Yep it's mainly BS today. That's why i don't take any study seriously anymore without seeing the raw data so i can see how they got to their outcome. Way to much data fudging happening in all areas; economics, pharmaceutical, physics (massive amount in cosmology) etc...
