money jungle

Emmanuel Derman: There’s no competitive edge to being smart in equities

Posted in quotes by moneyjungle on April 4, 2010

“Stock trading was a simple, gutsy, risk-taking business that required little intellectual or technical capital. Bonds were more complex; they involved numbers, arithmetic, algebra, even calculus. As my trader friend said, there’s no competitive edge to being smart in equities.”

— Emmanuel Derman, “My Life as a Quant”