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Emanuel Derman

“Fair value and change are therefore two sides of the same coin; the more ways in which a security can lose value from a future market move, the less it should rationally be worth today, and hence the mantra: more risk, more return. This difference between the quant’s view of value as an average versus the trader’s need to worry about any change makes this kind of professional cross-communication difficult. Tour”

Emanuel Derman, My Life as a Quant: Reflections on Physics and Finance
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My Life as a Quant: Reflections on Physics and Finance My Life as a Quant: Reflections on Physics and Finance by Emanuel Derman
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