My Life as a Quant - Reflections on Physics and Finance

ys halfway down the stairs.
The new new thing in the derivatives world in 1990 was exotic options. My absorption in this world was triggered by the excitement at Goldman over what we all referred to as the “Kingdom of Denmark puts.”
On the last

In physics you’re playing against God, and He doesn’t change his laws very often. When you’ve checkmated Him, He’ll concede. In finance, you’re playing against God’s creatures, agents who value assets based on their ephemeral opinions.