Inside the Black Box: A Simple Guide to Quantitative and High-Frequency Trading

＂Key investors from high-net-worth individuals, institutional investors, asset allocators, pension funds, endowments, and investment advisors want in on the quant hedge fund action, some of which post spectacular returns. But few understand how they really work and therefore have a loose grip on how to evaluate one quant fund over another. Most quant books are geared to quants and are virtually impenetrable to non-mathematics experts or are books by or about quants (My Life As a Quant, When Genius Failed, etc.). There exist any number of books about hedge funds and even analyzing funds but none are specifically dedicated to explaining how quantitative and algorithmic trading work and provide the detail necessary to analyze them. Alternatively, most quant fund managers have a tough time explaining what they do to investors because they speak a language of mathematics. A book that explains quant investing without the mathematical jargon would go a long way toward educating investment professionals＂--

RISHI K NARANG is the Founding Principal of T2AM and manages the firm’s investment activities. Rishi began his career as a Global Investment Strategist for Citibank Alternative Investment in 1996. He then co-founded Tradeworx, Inc., a quantitative hedge fund manager, in 1999 and acted as its President until his departure in 2002. For three years, he was the Co-Portfolio Manager and a Managing Director at Santa Barbara Alpha Strategies before founding T2AM, LLC in 2005. He is Chair of the Board of Directors of Village Health Works, and has acted as an Advisor to DARPA, Planet Labs, AngelList, and numerous others. Mr. Narang completed his BA in Economics from the University of California at Berkeley.