The author of the new book, The Quants, talks on Yahoo Finance about the quantitative machine-based trading that has fully taken over Wall Street.
Scott Patterson says that there has been a huge rise in the number of quant traders on Wall Street and they make it really hard for the individual to compete on a level playing field.
“[The individual trader] has no idea the forces that are arrayed against him,” says Patterson.
As he notes, Ren-Tec alone has 90 Ph.D’s figuring out market patterns. Good luck going against them.
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