Battle of the Quants 2015: Wall Street vs Silicon Valley

Posting will be light today as I’m en route to take part in the 2015 Battle of the Quants conference at Carnegie Hall in New York City. I’m moderating a panel discussion about pretty fascinating topic – whether or not Wall Street and Silicon Valley will end up as rivals or partners as they infringe upon each others’ traditional turf.

My esteemed panelists will be:

Jon Stein, CEO, Betterment

Amin Toufani, Director of Strategy, Singularity University

George Sokoloff, PhD, CFA, Founder and CIO, Carmot Capital

Leigh Drogen, CEO, Estimize

Dr. Vinay Nair, Founding and Managing Partner, ADA Investments

That’s a pretty savvy crew for a discussion like this, I’m sure you’d agree. Thanks to Bartt Kellerman for giving me the opportunity to take part in the event. For more information, see below or click here to visit the official website.

BATTLE: Wall Street vs. Silicon Valley
A Seismic shift is taking place in the US Financial System as Silicon Valley is increasingly eroding the once almighty power of Wall Street. In a March research report from Goldman Sachs, the company estimated seven percent of banks’ annual profits could be at risk from non-banking entities in the next five years. A confluence of factors are accelerating the changes. One overarching development is technological evolution of Wall Street and the increased dependence on Quantitative/Systemattic/Robotic based systems. These systems depend on new algorithms, big data, fast processing, artificial intelligence and machine learning, all of which dovetail into the strengths of Silicon Valley entrepreneurial talents. And Silicon Valley has been busy from Lending Clubs, Robo-Advisors to Mark Andreeson’s RobinHood Trading Platform, all a sign that non-traditional finance industry ideas continues to gain traction. As Wall Street grapples with new regulations, top technical school graduates and Wall Street veterans are trading their New York City views for Mountain View. But Wall Street is fighting back, for example, traditional trading firm Bridgewater is building an Artificial Intelligent team around the IBM Watson system and Point 72 has launched Cubist Systematic, a quantitative trading team looking for patterns in Big Data. The Battle in on and tremendous advance in trading and trends will emanate. What will be the big trends? What new trading ideas are being developed? What new capital raising ideas are being formed?

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