Marcos López de Prado, Harvard grad student and executive at fixed-income specialist Guggenheim Partners, believes “Finance in the lab is a lot different from finance on the factory floor”. Local colleges aren’t doing students justice. Institutions like MIT and Caltech are producing “quant-nerds” that are running hedge funds. Lopez believes in order to save financial education in smaller locals schools they need to incorporate apprenticeship. The students need real-life experience because the financial world is always changing. López de Prado states, “Half of the books about finance are written by authors who have not practiced what they teach,” he says in an interview. “They contain extremely elegant mathematics that describes a world that does not exist. The other half of the books are written by authors who offer explanations absent of any academic theory. They misuse mathematical tools to describe actual observations.”
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