Legends Never Die: How to Become a Legend

Summary

In this episode of "Legends Never Die," hosted by Fancy Quant, Dimitri Bianco delves into the fascinating world of what it means to become a legend and leave a lasting legacy. Through engaging stories about notable figures like Fisher Black, Peter Carr, Rick Rubin, and others, Bianco highlights their unique contributions and the qualities that set them apart. He reflects on what makes someone a legend and how they're able to make a significant impact in their field, often through groundbreaking work or inspiring others. The discussion encompasses various industries, illustrating that leaving a legacy is about more than individual success; it's about influencing the systems and people around you.

Highlights

• Fisher Black's insights into a cashless society in the '80s were visionary. 💡
• Peter Carr was admired for his willingness to mentor and help others. 🤝
• Rick Rubin’s genius lies in bringing out the best in artists. 🎵
• Gilbert Strang’s casual, understandable teaching style has left a lasting impression. 📚
• George Box’s contributions to statistics and methods like ARMA modeling are still influential today. 📈

Key Takeaways

• Understanding the notion of legacy is key to leaving a lasting impact. 🌟
• Being a legend often involves unique contributions and the ability to inspire others. 👏
• Famous figures like Fisher Black and Rick Rubin have made their marks by being visionaries and supportive guides. 🔍
• Quant Finance legends have shaped the industry through innovation and mentorship. 📊
• A true legacy spans time and continues to influence future generations. 🕰️

Overview

In a lively discussion, Dimitri Bianco explores the essence of legendary figures and the legacies they leave behind. In the world of Quant Finance, and beyond, some individuals stand out not just for their groundbreaking work but for their ability to mentor and inspire others. Through the stories of Fisher Black, known for his economic foresight, and Peter Carr, admired for his mentorship, Bianco paints a picture of what it takes to become a legend.

Beyond the realm of finance, Bianco highlights music producer Rick Rubin's legacy as he shaped the music industry by fostering artists' unique talents. Similarly, Gilbert Strang’s approach to education through his engaging teaching style has left a mark on many students' careers. These stories illustrate that legends share common traits: the drive to contribute uniquely and the ability to connect with and elevate those around them.

Ultimately, Bianco emphasizes that to truly leave a legacy, one must move beyond personal achievements. It's about creating value that lasts, influencing an industry, and inspiring future generations. Whether through research, teaching, or innovation, it's these contributions that create enduring impacts, ensuring legends never die.

Chapters

• 00:00 - 00:30: Introduction and Theme Overview The chapter titled 'Introduction and Theme Overview' features the host, Fancy Quant, initiating the discussion on the theme of legends. He reflects on the concept of legacy, pondering what defines a legacy and the aphorism that 'legends never die'. This topic has been on his mind, suggesting a desire to leave a significant impact or accomplish something memorable.
• 00:30 - 02:00: Impact and Legacy in Quantitative Finance The chapter discusses the impact and legacy left by individuals in the field of quantitative finance. It stresses the importance of leaving a meaningful and lasting impression on society and the finance world. As a starting point, the chapter introduces the influence of Fisher Block, hinting at a broader discussion on various key figures in quantitative finance. It aims to explore the characteristics that attribute to leaving a significant legacy.
• 02:00 - 04:00: Discussion on Fisher Black's Contributions The chapter titled 'Discussion on Fisher Black's Contributions' explores the significant impact Fisher Black has had on the quantitative finance space. While he is widely known for the Black-Scholes model, the chapter suggests this might not be his most notable contribution. Fisher Black's writings, books on economic theory, and various musings also highlight his substantial influence. The chapter references a book by Peter Merlin or Perry Merlin that provides further insights into Fisher Black's life and work.
• 04:00 - 07:00: Peter Carr's Influence and Legacy The chapter titled 'Peter Carr's Influence and Legacy' discusses Fisher Black's contributions to economics. Despite having a PhD in mathematics, Black is closely associated with economics and finance, exploring theories and equilibriums. Notably, he predicted a cashless society.
• 08:00 - 11:30: Rick Rubin - A Non-Quantitative Legend The chapter provides an insight into the transition from traditional methods of transaction, like writing checks, to a cashless society. The narrator recounts how in the 1980s checks were a common way to make payments, highlighting how cumbersome and error-prone the process could be. Even today, the narrator feels anxious about writing checks, but emphasizes its straightforward nature despite the need to meticulously write out the dollar values, the date, and other details in English. The reflection instills an understanding of the evolution towards convenience in financial transactions.
• 12:00 - 15:00: Gilbert Strang and Educational Impact This chapter covers Gilbert Strang's contributions to finance. It talks about his approach to predicting economic trends and technology efficiencies within an economic framework. The discussion includes his work related to the Black-Scholes option derivative pricing model and the Capital Asset Pricing Model (CAPM). Strang has made significant contributions in the finance space.
• 16:00 - 20:00: George Box and Statistical Innovations George Box was considered a pioneering figure in the realm of statistics and finance, hailed for functioning at an intellectual level that seemed unparalleled in his domain. Many today regard him as possibly the most brilliant mind to have graced finance. Interestingly enough, despite his significant impact, he approached his work from an economic standpoint, which contrasts with the modern Quantitative Finance community's typical stance that leans away from economics.
• 21:00 - 25:00: John Nash and Broader Contributions This chapter focuses on John Nash and his broader contributions to economics and finance. It highlights how the field of economics has evolved and notes that while finance has often been seen as the more prestigious area to work in, individuals like Nash and others have made significant impacts by integrating mathematics and statistics. The chapter introduces the idea of Quantitative Finance (Quant Finance) and discusses Fischer Black's role as a key figure in its development. Black is often credited as the father of Quantitative Finance for his groundbreaking work in merging finance with mathematical and statistical methods.
• 25:30 - 31:30: Personal Reflections on Legacy The chapter titled 'Personal Reflections on Legacy' discusses the idea of legacy in one's career and life, using Peter Carr as a case study. The narrator ponders how certain achievements mark the pinnacle of a career, like a capstone. The chapter also reflects on the life and contributions of Peter Carr, who has passed away a few years ago. The narrator had the opportunity to interview and work with Carr, which offers a personal insight into his impactful work.
• 31:30 - 32:30: Conclusion and Final Thoughts The conclusion highlights the lasting impact and memory of Peter Carr, known for his contributions to quantitative finance. However, beyond his professional achievements, he is most remembered for his generosity and willingness to help others. Numerous anecdotes describe how he would take time out to assist or advise people, be it about careers or academic inquiries, often during chance encounters on the streets of New York City. This legacy of kindness and openness is what resonates most with those who knew him.

Legends Never Die: How to Become a Legend Transcription

• 00:00 - 00:30 welcome to talking Tuesday I am your host fancy Quant and today I would like to talk about Legends so this is something that's been coming up um in the back of my mind for a while now I've been thinking about this about you know what defines a legacy um there is that statement you know legends never die and part of that part of me uh wants to be in that boat where it's like you know you leave on some sort of Legacy here you did something great while you were
• 00:30 - 01:00 here but you left something that's so impactful so meaningful that it leaves you know a lasting impression on society and on how things have gone you know kind of throughout Quant finance and the real world and like there's a lot of people you know that are kind of Legends but I think we often forget so to start this off I thought we should start with Fisher block I mean given this podcast is typically about quantitative Finance I thought we would go through a few different people talk about the characteristics and then talk about at the end of this I mean how do you leave
• 01:00 - 01:30 a lasting impression uh in general but also in the quantitative Finance space because there's a little bit of juggling of which direction you should be headed and what you should be doing so Fisher black is known for the black schs model um I don't think though that is probably his best contribution uh he has other great contributions a lot of his books about economic theory his writings his musings um as you kind of learn more about Fisher black uh there's a book by Peter Merlin or Perry Merlin
• 01:30 - 02:00 um which is on Fisher Black's life he talks a little bit about it again Perry's an economist but as you read about fiser black you start to realize he's more or less like an economist he's tied into uh again I think he has a PHD in mathematics but he's tied into uh finance and he's tied into economic theory and equilibriums and putting all these pieces together and like one of the surprising things that he mentioned was that you know a society would be cashless and he started going through through this process now I mentioned
• 02:00 - 02:30 this today and you know young kids think like well who cares obviously it's going to be cashless this was back like in the ' 80s though and so when you start to think about this we were writing checks like we would have you know I don't I don't have it with me but I had like a checkbook and you would get it out and you would write on the check you know the amount and like when I have to write a check even today um I absolutely hate doing it because I feel like I'm going to screw something up but it's pretty straightforward but you got to actually like write out the dollar values in English you put the date um typically a
• 02:30 - 03:00 little note at the bottom you put what it's for and then you sign the check and you know you process this and back when he was making these sort of predictions on this it wasn't like okay I'm going to predict This and like try to be right it was how he saw the economy evolving how he saw technology and efficiencies within an economic framework um even the black schs option derivative pricing model he comes from the capm which is the financial perspective of this so any he's done a ton in the finance space um
• 03:00 - 03:30 almost everyone every kind of writing you find on him it says like he was operating in some other space like there was no one near him uh many people today even argue he's probably the brightest mind who have ever been in finance um and again when you start to read through a lot of his material work interestingly enough he comes at it from an economic perspective which is very odd uh because today's modern Finance uh Quant Finance space seems very anti- economics now we're not going to go down that rout Rabbit Hole um I would agree that
• 03:30 - 04:00 economics as a whole has kind of taken a left turn but even back then it was not like the area to be Finance always tends to be the premier area to work in and yet fiser black kind of worked in this space of finance and economics by applying mathematics and statistics which more or less is Quant Finance like I would argue it's probably one of the founding contributors to Quant Finance often I will mention him as the father of quantitative Finance just because it seems like he has kind of put all the piece is finally together the black shs
• 04:00 - 04:30 kind of solidifies this and makes this you know I don't know like the the Capstone of the career here what most people kind of think of here um and then we start going into other individuals like Peter Carr so Peter Carr passed away here a couple years ago um now again I had the the honor of actually interviewing him and working with him but again as I start to look at this and we look at Peter Carr's life the interesting thing is that he had you know a lot of work done in the
• 04:30 - 05:00 stochastic kind of space here of Quant Finance as well but that's not the commonality that everyone talked about after he passed and even today when I'll mention his name uh the thing that comes up is you know like Peter Carr he was excellent he was always there for people like he and then everyone has a story so it's like oh he took the time out you know and they explained like they're walking on the street in New York City and they ran into him and they knew who he was and they asked him you know a career question or like an academic question or something and it's like he took the time to actually help the
• 05:00 - 05:30 individual out and give some advice and kind of work with them a little bit uh and for those of you outside of the Quant space here to give you kind of a perspective of this quants don't help other quants quants don't like to talk about a lot of other people in general I'm going to put quants out here in the term of those actually building models not those doing trading um not those in finance that have the title they slap on there which I see consistently I'm talking people that are actually digging into like deep levels of theoretical math um that are really you know getting
• 05:30 - 06:00 into the statistics behind it and you know really working with the even like the optimization a bit you know the programming piece of it those that are really deep into the process here and many students Reach Out Toc Demetri I've emailed you know 20 people 20 practitioners on LinkedIn I've emailed students from these programs and nobody responds and that's I think what made Peter Carr shine so much is that he was so different um from the rest of the crowd in the sense that he was bright like the rest of the quants um but he made good contributions in Publications and the papers he wrote uh the
• 06:00 - 06:30 intellectual you know ads he did with all these different types of models and theories and writings and teachings so he taught at NYU again I think this added to his legacy um that made him a legend here uh is that he's you know interacting with more and more and more people and you're having these ties and connections and relationships and even on the student level it's not like I've contacted people in the Quant Finance space and even you know today as who I am and where I kind of sit that Spectrum
• 06:30 - 07:00 where people like oh I'm too busy I don't have time I don't have time to chat with you I don't have time to answer questions or they just don't answer like they just won't respond uh and again you think about that like Peter Carr just taking the time out to help students practitioners like he really did a large contribution and what kind of I think defined his legacy um again was his ability to work with people here uh and his willingness to kind of share his time now you look back at fiser black on the other hand I don't know a lot about his contribution on you know helping people and whatnot but I
• 07:00 - 07:30 will note here that one of the things that he worked when he was at Goldman Sachs at least in his book he mentions towards the end of his career he was also running an in uh some Investments for clients as well also working at Goldman Sachs we special requirements um but a lot of people in the bank didn't like him towards the end because it was like they couldn't clearly see how it was adding value and I think this is a problem that quants you know struggle with a lot even I struggle with it today which is you know I'm building this model or I'm you know solving this
• 07:30 - 08:00 unique problem that requires math and stats and we're trying to come up with a solution for it and if you can't deliver clear easy to use value like instantly people often write you off as like oh it's worthless I mean like Risk Management is probably one of these top areas people ah screw risk management we don't need risk management you know we're making tons of money without them we got it under control we see everything and then everything blows up um but Fisher black and that piece too I think that kind of looking at it from that that Spectrum here is like he was I
• 08:00 - 08:30 think different from Peter Carr in that sense that obviously he was loved and liked by those around him and the people that worked with him probably oneon-one um but when you look at like firmwide I think a difference between fiser black and Peter Carr uh was Peter Carr was more charismatic as Fisher black perhaps was a little bit more academically rigorous and focused and not so worried about you know I don't know kind of the personal perspective of it again I don't really know because I never actually met Fisher black um I was just a kid when he passed away
• 08:30 - 09:00 uh but again going off kind of the readings and looking at different perspectives and you know getting kind of his life story out at least out of his book there and then the third person I'm going to mention is not a Quant and is not even passed but has a massive Legacy behind them and this is going to be Rick rubben now this might surprise many of you so if you don't know who Rick Rubin is uh Rick Rubin is a famous I guess producer music producer uh he's worked with a bunch of people I think like Johnny Cash and even like people
• 09:00 - 09:30 like in the he man he's he's super interesting I'll put a link below um on some documentaries or discussions or interviews with him he's just really fascinating but I would argue he's a legend in the sense if you look at his career uh he always says you know I'm not a musician right I'm not there to write the music I'm not there to be the one doing that um but he takes musicians and artists and he brings out the best work inside of them and so I think in many ways Rick rubben
• 09:30 - 10:00 his magical shine his his legacy the legend that he will leave behind I think will be huge in the music industry uh forever I think it'll always be there it'll always be this massive impact because you always hear about you know like an artist and they spawned this type of music which spawn to this other type of you know artist and it like people start kind of like tracing out how the music kind of came back to some sort of origin with this um Rick Ruben's that really unique guy that he's not just working on industry so he worked in the rap industry for a while with some music musicians in that space
• 10:00 - 10:30 and then he worked with some people in the Rock industry and I know he's worked with like Johnny Cash I think he was helping like revive his career a bit and then he was working with um so one of my favorites Mac Miller who's a musician as well uh who passed away here a little while ago but again he's when you watch the documentary you learn so much about his process Rick rubin's a legend because he's able to take artists and musicians he has this really unique skill of taking them and helping them relax and helping them tap into who they
• 10:30 - 11:00 really are as a person pull out what's unique and get them to kind of work towards making really meaningful and interesting music when you start to figure out who he worked with there's usually someone in that group you're like I love that artist or I love that song and he was actually a part of um you know kind of working with that artist and getting them to that point here so Rick ruin I think stands out in that uniqueness again here we start thinking about you know again going back to fiser black and Peter Carr again they had to have have some sort of larger
• 11:00 - 11:30 contribution to the industry that they're in um but there also seems to be something extra something that makes them quite unique um again Fisher Black's ability to argue and articulate ideas um again boiling down the black schols and the way that he did um it's just it's groundbreaking like the way he thinks about Finance the way he thought about economics um again people still disagree with it but it's an interesting unique perspective it kind of defines him and put him in another League above everybody else uh
• 11:30 - 12:00 when you talked about Peter caran again he was doing research that was quite well known so he was doing things that were above and beyond most average people and then I think what really kind of solidified his legacy uh was going to be the Personal Touch the attribute the teaching um the giving back piece of this and then Rick Rubin we look at I don't know how he's doing either but he makes like just brings the best out of other people here so again there's seems to be different angles there's nothing
• 12:00 - 12:30 consistent per se like it working with people's great being excellent in your field is great but you have to have something unique to really you know set it off here and one other person who's been on my mind quite a bit lately I actually have their book with me uh Gilbert string so he has a book on linear algebra uh he recently retired from MIT and he has even like free online learning courses and so I started I picked up this book because it was just like a highly recommend linear algebra book I had no idea who Gil
• 12:30 - 13:00 string was and so I started reading this book and I was like oh this book is so good um the thing I like about it the most is he writes like I write and I like to write like I talk so I don't write very formally it's like someone's sitting there and explaining something to you on the paper and there's like little funny notes of like yeah this doesn't really need to be proved because you know like this is overly you know you don't get much out of it but you know here's an example of that he he writes the books that way and then I found out he was doing his last official
• 13:00 - 13:30 lecture he's the longest teaching professor at mit's math department and they think maybe even the whole university taught for a very very long time and again his book I just love his book so I'm thinking this guy's got to be you know I don't know 40 45 years old and then I find out he's you know already retiring he's towards the end of his career he's taught a very very long successful career path and I watched his last lecture and it was just really enjoyable the way he talks the way he kind of interacts he has a very I don't
• 13:30 - 14:00 know relaxed setting and you can tell he loves what he's teaching here so that was interesting and then of course as people are posting on LinkedIn they're like oh he wrote the first textbook on this topic and he has these other textbooks and then he was on theux fredman I didn't watch the full interview I'll link it below as well if you're interested but I watched parts of it before and it's like who he is just like it really excites me and it started me thinking you know he's going to leave behind this whole Legacy here now now where on the spectrum of Legend should
• 14:00 - 14:30 you put him in the fact that I think that you know a lot of people aren't going to know who they are but they have these massive contributions and so when you look at his just his online teaching presence again giving back to some sort of community in this case you know anyone taking linear algebra or his other courses on there I've been watching his linear algebra series uh it's an open course where MIT project um but it's great it's excellent and then I start to wonder when I look at his work and I look at all the people that posted
• 14:30 - 15:00 and discussed about it and people like oh that was like my advisor's advisor and like you know oh his this book made such an impact on my life and this changed uh you know my trajectory or my career or how I think about problems um again I think gills kind of goes back to the Fisher black piece a little bit in the fact that he seems to understand the idea is so Crystal Clear um his teaching style is just it's excellent like I just love his teaching style um if I would have had him as a teacher uh in College I'm sure I would have you know been more
• 15:00 - 15:30 drawn to the mathematics in an undergrad level instead of taking the finance route um but again I start to wonder now I'm like thinking I want to buy all his other textbooks I want to read them even if their topics I've already taken and even if their things I've already learned it's looking at it through the eyes of somebody else um especially somebody who's an expert and kind of an industry Legend I can't talk up him enough I just I haven't even had that much time to really dig into a lot of his work either so I don't even know if he has Publications or what he worked on and that sense but again it's having
• 15:30 - 16:00 that impact it's seeing the people react when he retired there was tons and tons of people on YouTube um that attended his last lecture which was just live from MIT and then just to throw out two more names here just because I think they're people that are very deserving uh of the space and probably many of you have not heard them if you aren't in the stats Finance Quant Finance space um one being George box so George box has had a massive impact on my career so many people proba don't know that he was born
• 16:00 - 16:30 in 1919 uh in the UK uh he died in 2013 in Madison Wisconsin again I had no idea who he was I'd heard of his name a little bit in the textbooks um in 2011 2012 2013 somewhere in there uh but again he is famously known for doing a lot in statistics like he is like one of the largest most impactful names I would argue um just to kind of throw things out there he has a response about how all models are wrong and I think some
• 16:30 - 17:00 are useful that quote actually has been misquoted from a bunch of people but I believe it comes back to George box uh and there's even speculation it might have come before him but that's more less where a lot of people agree it started uh there's things like the Box Jenkins method so that is where he has really impacted my career so anyone knows Rema modeling and time series just super fascinating but autor regressive and moving Average components with in Co with integration so integration is the middle piece that's the differencing for stationerity the autoaggressive moving
• 17:00 - 17:30 average pieces are two other pieces that do like seasonality and cyclicality and it puts it on this really nice neat package um and it's beautiful it works out beautifully especially when you start adding in exogenous variables which I think is where most people think ARA sucks and then when you figure out you can add in exogenous variables and it really just turns into a formulaic mathematical structure which is how I view it a little bit differently the most um it becomes very fluid and flexible and it's it's amazing and I
• 17:30 - 18:00 made a lot of money at the beginning of my career just doing this I was just building out um time series models at my first job went to the second job working Consulting uh again I sat on a in New York City at like 1:00 in the morning helping one of the world's largest global Banks uh fix out models they had problems with they had to deliver the next day to the regulators and we were like you know smashed like trying to hurry and get through all this and like just crazy busy trying to finish up this work and paperwork and again my expertise in this area came from again
• 18:00 - 18:30 this box jenin methods here um other things he's known for again there's a whole list if you go on Wikipedia here which is what I'm looking at uh there's the Box Cox transformation box Tidwell transformation box binkin design box Cox distribution uh might have already said that but box Muller transform box Pierce test Box's m test the young box test and there's a few other ones on here as well but he's probably my one of my favorite statisticians and the fact that
• 18:30 - 19:00 he's just he's worked in so many areas so his impact and reach has covered things from quality control time series analysis design of experiments and beijan inference so everyone gets really excited about beijan and you know I haven't found a lot of great uses for it and I haven't spent a lot of time actually doing it because there are other better methods out there I feel um but again everyone gets really excited today as if it's like this really new groundbreaking thing and yet you know you look at his time I mean George box uh made some good
• 19:00 - 19:30 contributions in these kind of spaces as well here so I think again what made him a legend was just the UniQue Ideas the transformation of Statistics from kind this really dumb down simplistic thing and of course as data has become more and more relevant I think we have more and more useful tools um but again a lot of his work um was done you know much much earlier like in the 40s and 50s and 60s and 70s and so when you really start to look at this um again he's kind of standing out as a Cutting Edge
• 19:30 - 20:00 individual um there's also a picture of him which I know you won't see on the podcast here I'll try to put it up here I'm sure it's copyrighted but I'll put it up uh it's just like this picture of him when he's older and he looks so happy I just imagine him as like this great professor as well um again I don't really know I haven't looked into his professorship but what made him a legend what made him a legacy is again all of his methods his models things that are you know he developed and you know thought about and really designed they're still being used today so I think part of the legend title of you
• 20:00 - 20:30 know being a legend is having something that can live across time it's not like you come up with this I don't know model for trading stocks and making money for a firm and then it doesn't work a week or two later which for a lot of us that are in the Quant space like the buy side is not that exciting for us yeah you could make more money but a lot of what you're doing just fitting and refitting models there's not a lot of indepth thought um this kind of goes into the final conclusion here in a second but it's about adding value more or less to
• 20:30 - 21:00 the kind of you know the cannon here like adding more to the actual literature adding to the continuation of the industry as a whole it's not you know I made a bunch of money and I traded some stuff and none of it works anymore because I caught a fluke um again I don't think many of these people make I don't know maybe there are people I guess people consider legends that are in investing space because they made a lot of money um but again being able to add value I think further on above and beyond your own personal profits uh it's
• 21:00 - 21:30 something probably more valuable and more meaningful to add to a legacy here and then finally I just want to mention John Nash uh one of my favorite movies is a beautiful mind which of course is all about John Nash he's known for the Nash equilibrium and I believe it's him if it's not him it could be someone else on this list here but um when the Nobel Prize was delivered they were like shocked they got the Nobel Prize for whatever they announced they got the price for and I think a lot of this kind of plays into
• 21:30 - 22:00 that leg like kind of that Legend atmosphere and you know what makes you a legend is often what people think you're great for often what is like the most groundbreaking uh piece about you I think is what you probably don't think is the best or the greatest for yourself here so I don't know if I think if you would have went back and asked Peter Carr for example like what makes you you know Peter car what makes you so influential in the industry I think he would have had a really humble answer but I think a lot of it would have come come down to you know perhaps some of his papers and his research and kind of
• 22:00 - 22:30 works and stuff like that um but I think a lot of it actually came down to his uh his people skills which was quite amazing in the space that we're in um I think again if it was John Nash or someone else maybe I don't know who else somebody else that was famous is I guess not on this list but um somebody else like John nashor's like you get the no prize and you're like I've done all this excellent amazing work and yet I'm remembered for this one thing I think maybe it sounds a little ungrateful um but at the same time that's what makes you I think a legend is the fact that you have not just done one thing right A
• 22:30 - 23:00 lot of people think like oh this person went out and did this one thing there's often a lot of work that builds up to that point a lot of uh contributions to that kind of industry here so like with Rick Rubin I think if he would have had one Allstar I don't know musician or someone come out of it and that was it I don't I don't think he would be a legend I mean he's still alive but he wouldn't be who he is today being able to replicate that over and over again and I think we see that with everybody on this
• 23:00 - 23:30 list I mean you go back to fiser black again he had all kinds of Publications um like the black durman toy model which is another example of the of models in the Quant Finance space again the way he kind of shifted and moved Goldman Sachs um changing some of I guess how their Quant teams are structured and ran and put together um you look at Peter caran changing the industry a lot through the way that NYU was structured and put together so for those you that don't know uh the Quant program at NYU tanden the
• 23:30 - 24:00 one that he was running he just did some very unique things with the program in the sense that they were trying to diversify the amount of topics covered many other programs have tried to this and have failed miserably because their programs are not large enough um again but Peter somehow is able to put all these pieces together he had a great network was able to pull in Industry practitioners and have them help teach classes on topics that weren't being taught in other programs here which I hope NYU continues on with something similar to this but but again and then you look at like Rick rubben we mentioned fiser black U Gil string again
• 24:00 - 24:30 publishing multiple books doing all these online lectures again good lecture after lecture after lecture um and just really contributing in the sense that these individuals are doing good work consistently over time and so it wasn't like they did one thing wasn't a one trick pony here right they were actually creating a legacy like a big you know portfolio of value they've added to society and to specifically their industry or kind of Circle that they're kind of running in here and that leads
• 24:30 - 25:00 me kind of to the final conclusion of this which is thinking about you know how do you leave you know behind a kind of a legacy here uh you want at least you I don't know maybe you don't want to but I would like to leave behind something more than just you know Dimitri biano uh you know father husband um guy that made YouTube videos and worked at a few Banks right you want to leave something behind even more here and this kind of struck me uh when I was in New York City I think it was last
• 25:00 - 25:30 year sometime I met up with a subscriber for dinner when I was there doing some recruiting at some of the schools there and we were walking and they said Demitri you you've made a massive impact on the Quant Finance industry like no one else has done and I'm sitting there looking at them like like it's flattery like thank you I I mean I appreciate I've done quite a bit here and they said no no no seriously think about this right a lot of other people have published papers and that that's the piece I think that's missing from a lot of my resume with this is that I'm so busy actually building models to make
• 25:30 - 26:00 money kind of as I mentioned before with the buy side here um often we got caught up in like Demitri build model to do this okay that model doesn't work as well anymore you know the markets changed build new model to do something else um I often don't have time to write down thoughts ideas processes like even at at firms I've developed things that I would say are fairly groundbreaking or you know unique or different they're gone they're lost like the firms don't track a lot of they don't even know I mean I could give them a gold mine I
• 26:00 - 26:30 don't know some sort of you know groundbreaking piece here but again they don't really care because it's not money-making inventure it's more academic and focus with just kind of the Quant space here I think that's the piece I'm really missing here which I think a lot of you should think about as well should you spend more time uh making money uh building up departments and firms again there's I guess more of this people side like we see with Peter Carr where you know you're building relationships so even for myself like I have an invisible support network around
• 26:30 - 27:00 me like I don't know if it'll catch me but when something bad happens I I do have points of contact people I kind of reach out to and it's like you know quit my job last year I'm sick of this I don't want to work in you know banking anymore I'm just taking a break I need I need a breather I need something new I need something refreshing and it was nice to have people kind of jump in with that but again you know doing the career in the networking piece is kind of part of what makes a legacy behind you um and what this individual is talking about
• 27:00 - 27:30 YouTube I was kind of asking him about like what do you mean you think I'm I'm unique here what do you mean you think I'm a I'm contributing to the Quant Finance space here and they're like no no no you got to realize there's really no one out there that's providing good solid advice that's assisting as many people as you do I know you answer tons of emails and comments and like you've emailed me back and forth quite a bit um I mean you're taking time out to go to dinner with me tonight like you're really impacting the industry in the sense that you're helping to lay you know the Next Generation and I guess
• 27:30 - 28:00 when I think about that I look back on that I think okay that's kind of the Peter car attribute here this is the you know it's not very common to see people on YouTube making Quant Finance videos it is extremely rare that you would email someone in the Quant Finance space regardless of who they are and they would respond back uh with help career advice even when you have stupid questions like I get some pretty dumb questions and I get some pretty combative people like oh Demetri like Quant Finance isn't that great but explain to me why it's better than Finance I'm just like scratching my head like it's not better it's it's different
• 28:00 - 28:30 here and they go which one makes more money and then it's like you're trying to answer that question and then they're jumping through to some other question and there's some there's some annoying people out there um most of you are great though so don't don't take that as a negative here U but I they're just kind of mentioning that I think that's the piece you know being able to help the community being able to help students like you're a student I'm not getting anything out of this deal it's not as if like I help you and then you're paying me or I help you and you give me a job or you know these are things that might happen I guess in the
• 28:30 - 29:00 future some point I mean I'm sure some subscriber now who's like young kid um might end up working somewhere and need someone to do something and I end up working for them like you never know how these things turn out um but at the end of the day I think that's the Peter car aspect of this here now the piece that I am missing the piece that I I'd like to spend more time on but I just don't seem to have the time to do it I think this is again where Legends are so rare is it's cuz it's hard to do it's hard to build a Legacy here is being able to do solid informatic work here some sort of
• 29:00 - 29:30 research some sort of pie here that really contributes to the industry as a whole doesn't have to be super academic you work here I've been debating on doing uh just more like lessons or teaching structures like I would love to write a book like that's it's in my wheelhouse I would love to write a book but again it's one of those things it just it takes a lot of time and unfortunately where I'm at my life um again I I don't have that sort of time to do these sort of activities but I think that's what I'm looking at from a legend kind of leg Legacy kind of
• 29:30 - 30:00 perspective here is that looking back and thinking okay I want to make a large impact on the industry I want to change the way things are done I want to improve it in some sort of way here and if you can move the needle enough as an individual um again it takes a whole team behind you to do this every single person on this list uh there's people that have helped them that have worked with them but again there's something unique about every individual on this list is as well where they can do things that other people cannot do here and so
• 30:00 - 30:30 I think that is what really makes um a legend is not that everyone does some sort of similar thing it's that they do something that's unique and challenging but at the same time it has a really clear um equation I guess I'll say like a line of thought that gives back to the community so whether you're developing model Frameworks like George box like the Box Jenkins uh or Fisher blacks you know black scholes model or John Nash's Nash equilibrium or you're kind of helping build other people into Legends
• 30:30 - 31:00 themselves uh more like Rick Ruben or Peter Carr um right you're again supporting you're still doing legendary work you're still contributing to these successes but your strength here is more or less that piece that's kind of gluing all of this together now again they have both done those two individuals have both done you know outstanding work in and of themselves but they seem to have this different kind of attribute here in like working with people and getting people um bringing the best out of people in themselves I should say so
• 31:00 - 31:30 anyways those are my thoughts on legends never die uh how to build a legacy here um thanks for listening if you found this helpful interesting please do subscribe or share it on any social media platform that does a big help for me so anyways until next [Music] time