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The Unrules: Man, Machines and the Quest to Master Markets 1st Edition, Kindle Edition

by Igor Tulchinsky (Author) Format: Kindle Edition
3.5 3.5 out of 5 stars 41 ratings
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Learn from a master of quantitative finance the rules that made him a success.

The UnRules presents the dynamic rules for success in the age of exponential information. Written by Igor Tulchinsky, the trader behind global quantitative investment management firm WorldQuant, this book is more than just another Big Data guide for financial wonks — it’s a prescriptive, inspirational book for everyone navigating the tidal waves of the information age. Data is everywhere, coming at us in a never-ceasing, ever-rising river that threatens to overwhelm us. Tulchinsky shows us, however, how natural patterns underlie that data — patterns that may dictate life or death, success or failure. The marriage of man and machines has allowed scientists to explore increasingly complex worlds, to predict outcomes and eventualities. This book demonstrates how to exercise real intelligence by discerning the patterns that surround us every day and how to leverage this information into success in the workplace and beyond.

Igor Tulchinsky has spent his career discerning meaningful patterns in information. For decades, Tulchinsky has been at the forefront of developing predictive trading algorithms known as alphas — a quest that has led Tulchinsky to explore the nature of markets, the fundamentals of risk and reward, and the science behind complex nonlinear systems.

Tulchinsky explains what we know of these systems, both natural and man-made, in accessible and personal terms, and he shares how alphas have driven his success as an investor and shaped his central “UnRule,” which is that no rule applies in every case. As markets evolve, even the most effective trading algorithms weaken over time. Decades of creating successful alphas — and learning how to effectively transform them into strategies — have taught Tulchinsky about the need to combine flexibility and focus, discipline and creativity when building complex models. At a time when data and computing power are exploding exponentially, The UnRules provides an expert introduction to our increasingly quantitative world.

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  1. ISBN-13
    978-1119372103
  2. Edition
    1st
  3. Sticky notes
    On Kindle Scribe
  4. Publisher
    Wiley
  5. Publication date
    24 September 2018
  6. Language
    English
  7. File size
    669 KB
  8. See all details
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Product description

From the Publisher

IGOR TULCHINSKY is Founder, Chairman, and CEO of WorldQuant, LLC, a global quantitative investment management firm, which he established in 2007 after more than a decade as a quantitative trader at Millennium Management. During his career, he's been a video game developer, a software programmer at AT&T; Bell Laboratories, and a venture capitalist. A strong believer in education, he is the founder of the WorldQuant Foundation, which furthers charitable initiatives, including making high-quality education more accessible worldwide, and of WorldQuant University, a nonprofit that offers the world's largest master's degree program in financial engineering, entirely online and tuition-free. He is also the author of Finding Alphas: A Quantitative Approach to Building Trading Strategies.

From the Inside Flap

Igor Tulchinsky left the Soviet Union for America with his family and a suitcase. Today, he's running a leading global quantitative investment management firm. Along the way, Tulchinsky developed early video games, wrote software at Bell Labs, and mastered quantitative, computer-driven investing. In The UnRules part memoir, part primer on the math and science driving quant investing, and part philosophical guide to meeting the challenges of a demanding career Tulchinsky tells the compelling tale of his flight from adversity to opportunity and his climb to global success.

At the heart of this book is a set of rules Tulchinsky developed along his journey. At the core of those rules is the "UnRule," which rules the rest. The author's masterful weaving of the UnRule's influence over both his career and his work developing trading algorithms results in a realistic and surprisingly philosophical meditation on risk and uncertainty, what we can know and what may always elude us, with lessons and insights for anyone interested in the rapidly changing world of Big Data and quantitative finance.

THE SECRETS TO FINDING ALPHAS IN THE MARKETS, BUSINESS, AND LIFE

The UnRulesis for anyone who wants to make sense of our increasingly digital world. Igor Tulchinsky has spent his career discerning meaningful patterns in information. For decades, Tulchinsky has been at the forefront of developing predictive trading algorithms known as alphas a quest that has led him to explore the nature of markets, the fundamentals of risk and reward, and the science behind complex nonlinear systems.

Tulchinsky explains what we know of these systems, both natural and man-made, in accessible and personal terms, and he shares how alphas have driven his success as an investor and shaped his central "UnRule," which is that no rule applies in every case. Even the most effective trading algorithms weaken as markets evolve. Decades of creating successful alphas and learning how to effectively transform them into strategies have taught Tulchinsky about the need to combine flexibility and focus, discipline and creativity when building complex models. At a time when data and computing power are exploding exponentially, The UnRules provides an expert introduction to our increasingly quantitative world.

Product details

  • ASIN ‏ : ‎ B07HR4FX26
  • Publisher ‏ : ‎ Wiley; 1st edition (24 September 2018)
  • Language ‏ : ‎ English
  • File size ‏ : ‎ 669 KB
  • Text-to-Speech ‏ : ‎ Enabled
  • Screen Reader ‏ : ‎ Supported
  • Enhanced typesetting ‏ : ‎ Enabled
  • X-Ray ‏ : ‎ Not Enabled
  • Word Wise ‏ : ‎ Enabled
  • Sticky notes ‏ : ‎ On Kindle Scribe
  • Print length ‏ : ‎ 161 pages
  • Customer Reviews:
    3.5 3.5 out of 5 stars 41 ratings

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3.5 out of 5 stars
41 global ratings

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BZ
5.0 out of 5 stars Great Book
Reviewed in the United States on 28 June 2020
Verified Purchase
The author weaves many insightful observations into the storytelling of his life and career. All parts are fascinating. Though there's no concrete hint on any specific alpha, perhaps disappointing some of the reviewers, the overarching approach is clear. In time, I think, this book will become one of the classic finance books. Bought a few extra copies to hand out to our junior analysts.
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Amazon Customer
3.0 out of 5 stars Nice memoir. Some meat
Reviewed in the United States on 22 October 2018
Verified Purchase
Not a particularly useful book. I did enjoy reading his life story. However given the title I would have preferred more of a dive into his philosophy and the Unrule.
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gmarti
4.0 out of 5 stars Review by yet another AI Quant
Reviewed in the United States on 9 February 2019
Verified Purchase
The UnRules by Igor Tulchinsky is quite an entertaining read: Part memoir, part history of quantitative finance and applied mathematics, part promotion of WorldQuant (Igor’s investment firm), in less than 140 pages. This is the sort of book that could be considered ‘‘motivational’’ and of the ‘‘personal philosophy’’ genre considering the chapter subtitles:

“Take aggressive risks, but manage losses.”

“All theories and all methods have flaws.”

“Events don’t unfold as anticipated, so there are limits to what can be planned.”

“Persistence compounds your ability.”

“Take action. Nothing else counts.”

“Without specific, quantifiable goals, movement through life is Brownian motion – random.”

“Knowledge grows from knowledge, and good ideas constitute new knowledge, altering reality in the process of growth.”

“Make everyone benefit.”

“Think big – it’s easier.”

“Quantity is quality.”

Not a big fan of the genre. But this book is more than the usual clickbaits one can find on one’s (facebook) newsfeed about personal development and the paths to the riches.

In between arcane scientific examples (the mathematics of waves) and the description of his seemingly random career choices (playing the odds, like in quant investing), Igor Tulchinsky (CEO of WorldQuant) exposes his vision of quant investing, which I find is partly shared with the one exposed at the start of Lopez de Prado’s book Advances in Financial Machine Learning:

Build an alpha factory aiming at extracting a huge number of small and eventually short-lived alphas instead of focusing on a small number of very strong (and crowded) ones; Igor’s “quantity is quality”.

Specializing functions:
Lopez de Prado’s suggest that workers in his alpha factory are becoming the best at their respective tasks (data engineering, feature engineering, model building based on the features (strategists), backtesting (working in total isolation, reporting only to the management, to avoid overfitting using multiple tests);
Igor splits researchers who create a library of millions of alphas (more or less crowdsourcing the research function), and portfolio strategists who help themselves in this library of signals. To quote the book:

“Today a typical portfolio may contain tens of thousands of alphas; the largest may contain 100,000. To our portfolio strategists, individual alphas, which may have vectors of hundreds or thousands of securities, remain black boxes. The algorithms, logic, and intellectual property remain with the researchers; the strategists know individual alphas only as mathematical expressions of a market signal. As a result, portfolios are not shaped by taking a macroeconomic perspective or exploiting some notion of value. Instead, a portfolio is all math: How does the combination of its alphas perform in the market? What are its characteristics? Can it be improved?

The automation of scientific discoveries is a common theme in Lopez de Prado’s and Igor’s book. WorldQuant seems to have reach this stage for alpha discovery: 13,000 alphas by the end of 2010; 26,000 in 2011; 60,000 in 2012; 425,000 in 2013; 1,700,000 in 2015; 4,000,000 in 2016. An exponential growth.

As a side note, a chapter digresses on the exponential progress of quant biology, and on the cross-fertilizing collaboration between WorldQuant researchers and computational biologists.

This book will sound particulary appealing to quants with a computer science background, maybe less so to economists…

As a takeaway, automate, automate, and automate even more!
3 people found this helpful
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Sonny
2.0 out of 5 stars Best left UnRead
Reviewed in the United States on 2 November 2018
Verified Purchase
The book is just a lifeless set of biographical facts interspersed with some shallow introductions to basic quantitative concepts that don't even match the depth of a Wikipedia article.

The author seems excited by his philosophical grandiosity, but only tiptoes around ever saying something of substance about his life or profession - oddly defending his terseness at times. And at only 136 pages, the content is somehow maddeningly repetitive and resorts to overselling truisms and cliches. Consider yourself done after reading the cover flap.
One person found this helpful
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Cameron E. Wild
5.0 out of 5 stars Very enjoyable
Reviewed in the United States on 2 October 2018
Verified Purchase
Well written and very enjoyable. Far from being some kind of quant rule book, this is a down to earth and easy to read human story about one man's fascination for data, patterns and prediction.
3 people found this helpful
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