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Blink 3 of 8 - The 5 AM Club
by Robin Sharma
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My Life as a Quant summary
Emanuel Derman
Reflections on Physics and Finance
23 mins
Brief summary
My Life as a Quant provides a firsthand account of Emanuel Derman's journey from theoretical physics to quantitative finance, blending insightful personal experiences with reflections on the evolving nature of financial markets and the role of models.
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My Life as a Quant
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Seven long years at Columbia
When Emanuel Derman arrived in New York in 1966, he was expecting the dazzle of a movie scene – but what he got was something a lot grittier. Fresh off a flight from his home in Cape Town, South Africa, he found himself jet-lagged and alone in a gloomy Columbia University dorm called International House. The city felt cold and chaotic, the buildings grimy, and the accents unfamiliar. It wasn’t the warm welcome he’d hoped for, and the loneliness hit hard. Still, he had a plan: get a head start before beginning his PhD in physics at Columbia.
His early days in America were a cultural shock, no doubt, but they were also fueled by an intense ambition. Particle physics was riding high at the time, and Derman wanted to be part of it. He wasn’t just interested in science – he was after something bigger, something transcendent. Like many young physicists, he dreamed of being the next Einstein, cracking open the secrets of the universe.
But reality had other plans. The brilliance of Columbia’s physics department came with intimidation and pressure. His advisor pointed out his academic blind spots, and towering figures like professor Tsung-Dao Lee, a Nobel Prize-winner, made him question whether he’d ever measure up. Slowly, cracks began to appear in his faith in reductionism – the belief that everything can be broken down into fundamental truths. What once looked like the purest form of knowledge now seemed narrow. Messy, real-world complexity started to appeal more.
By the time he finished his PhD, the grand dream had deflated. The once-glamorous life of a physicist had turned into a long, lean grind. Seven years of relentless study, cryptic equations, and sleepless nights had left him wondering what it had all added up to. He began to realize that creating knowledge wasn’t just about brilliance – it was about endurance, timing, and sometimes, luck.
But amidst all that uncertainty, something solid did emerge. In the middle of those difficult years, Derman met Eva, a fellow student who brought a little light to the gray halls of Columbia. Their relationship grew quietly but steadily, and by the time he earned his doctorate in 1973, they were married. In a life driven by theory and abstraction, that human connection was something real – a grounding force that stayed with him long after he left academia behind.
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What is My Life as a Quant about?
My Life as a Quant (2004) tells the unique story of what happens when a theoretical physicist swaps particle accelerators for Wall Street trading floors. It takes you on a journey from the mysteries of the universe to the chaos of financial markets, blending personal memoir with deep insight. It’s a story about chasing truth, embracing uncertainty, and learning where math ends and human nature begins.
Who should read My Life as a Quant?
- Financial professionals and traders
- Students in financial engineering or economics
- Fans of memoirs about intellectual discovery
Categories with My Life as a Quant
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