Inside the Black Box: A Simple Guide to Systematic Investing

Master the basics and intricacies of quant and high-frequency trading with the latest edition of this accessible and widely-read guide

In the newly revised third edition of Inside the Black Box: A Simple Guide to Systematic Investing, veteran practitioner and investor Rishi K Narang delivers another insightful discussion of how quantitative and algorithmic trading strategies work in non-mathematical terms. As with prior editions, this third edition is full of timeless concepts and timely updates. Supplemented by compelling anecdotes and real-world stories, the book explains the most relevant developments in the discipline since the publication of the second edition in 2013.

You'll find out about the explosion in machine learning for alphas, signal mixing, data extraction, and execution, as well as the proliferation of alt data and a discussion of how to use it appropriately. You'll also discover:

• Updated discussions of approaches to research
• Newer and more effective approaches to portfolio optimization
• The frontiers of quantitative investing

An essential and accessible treatment of a complicated and of-the-moment topic, Inside the Black Box remains the gold standard for non-mathematicians seeking to understand the ins and outs of one of the most fascinating and lucrative trading strategies, as well as quants from disciplines outside of finance looking for a conceptual framework on which to build profitable systematic trading strategies.

精通量化和高頻交易的基礎和細節，藉由這本易於理解且廣受讀者喜愛的指南的最新版本。

在重新修訂的第三版《Inside the Black Box: A Simple Guide to Systematic Investing》中，經驗豐富的從業者和投資者Rishi K Narang以非數學術語進行了另一次深入的討論，解釋了量化和算法交易策略的運作方式。與之前的版本一樣，這本第三版充滿了永恆的概念和及時的更新。書中輔以引人入勝的軼事和現實世界的故事，解釋了自2013年第二版出版以來該領域最相關的發展。

您將了解到機器學習在alpha、信號混合、數據提取和執行方面的爆炸性增長，以及替代數據的普及和如何適當使用它的討論。您還將發現：

- 對研究方法的更新討論
- 更新且更有效的投資組合優化方法
- 量化投資的前沿領域

作為一個複雜且當下熱門的主題的必讀書籍，《Inside the Black Box》仍然是非數學家們理解這一個最迷人且利潤豐厚的交易策略的黃金標準，同時也是金融以外學科的量化從業者們尋找概念框架以建立有利可圖的系統化交易策略的指南。