1,839 karma · joined March 17, 2009
Mobile apps, computer vision, machine learning and Haskell. Our business combines all of these. I also have long experience in financial markets so I like to rant about the real meaning of financial transparency.
The arguments I hear on this subject really sound more like a guy talking himself into buying that Porsche (or Tesla!) than anything else.
Keep sending the robots!
Overall I think the gridlock is overrated. If we get some bone headed politicians actually passing laws maybe people will start to care again who gets elected.
The implications would be enormous. No more need for accounting reports, indexes or anything else that requires a judgement call by a corruptible human. The job of watching the banks would pass from the power hungry (or worse, sleepy) regulators to the public (you and me).
Once upon a time I performed the risk mgmt. function for a portion of a large bank. We used a couple of servers running every night to track a few thousand positions. The system knew every detail of about 95% of the positions. Today a team of 50 could track the entire banking system--given the right feed. Make the same information I used public and open to competing teams of analysts and then risk becomes a known quantity.
Of course, banks and regulators would be strongly opposed to this approach. They will howl about privacy, proprietary information etc. But the fact is when you ask a bank for a loan, they know all of your relevant financial information in order to judge your risk. It's only fair for the taxpayers to turn the tables and end our old-fashioned and broken system of disclosure. And if the risky part of banking is driven into a part of the industry that doesn't share information, then their investors should do without a safety net.
The limitations of the language that I saw (in the mid 90s) were around interoperability. Devs saw it as esoteric and steered toward something more 'marketable' like C++ and later Java. The extensive use of memory mapped files for persistence made it 'viral' in terms of building apps to access data. The language (or more likely the library support) was great for pricing algorithms but not so great for business applications filled with corner cases. As I recall these were reasons it was phased out at Morgan Stanley.
Well said.
> And so pegging the size of our unit ball to its 1-dimensional parameter, the radius, causes its volume to vanish.
Funny. I was just going to enter a comment how that was the most useful intuition in the whole thread.