...Written several systems that are used everyday in "valuation". Since I worked at the CME for about ten years during the start of their options markets and one of my clients is the largest bond trader in the US I might guess that its you who may not know as much about derivatives "valuation" as I do ..... And you are way off if you think that deriviatives valuation modeling is difficult mathematics or programming. Most all of this including every type of embedded options model you can think of has all been done: its common knowledge as to how to model and program the models for these which is why these postiions are on the way down with respect to the dollars they can command: this is now commodity knowledge. There are however many new areas of applied mathematics that are not even found in the general published journals. This work is much more interesting and much more lucrative than the type of work you are describing - and working conditions are much more desirable.
Dude, I am working for a place that pays that much NOW, not a few years ago. We are still hiring, in fact I saw someone being interviewed today (i am not in the loop for that anymore). As for crap - well, every job has crap, if just sounds like your friend is cranky. Everyone we hired in the past year came from another comapny with a raise.
I can tell you exactly what my area of expertise is - exotic FI options. If you are going to boast that you work for a largest bond trader - explain to me what is the difference between joint and separate stripping of the credit spread curve? Also, explain to me why bemudan options on bonds require either a two-factor model or a collection of vol spreads. Couple of simple concepts, but it will show how much you really know - it is you CURRENT client, right? Are you saying that implementing HJM is "commodity knowledge"? There is a long way between journal publication and practice - many models have been around for long-long time but implementing them is still very tricky. Even implementing BS in real life is tricky. Quoting Pat Hagan "The most tricky thing in life is to solve really complex problems with relatively simple mathematics".
sle, so u trade or implement? Asian? Bermudan? Parisan? Passport? hehe. HJM has been around for years but still not easy... But CalTrader does have a point though. Not everyone can get a job like that. So, it does NOT help the average IT or average programmer that there are these high paying jobs if they can't get them.. and that's the point of this entire thread i think...
Ok well I believe you, but I think you are very strongly disillusioned if you think the whole industry is how your company is. You are making it sound like '99.
trade and hack a bit. For a prop trader in exotics it is hard to get by without hacking some models. Used to do much more of that when i was at my previous place of work, may all my coworkers rest in peace. all, I am not sure how we got to this place, I got carried away - I apologize to CalTrade and whoever else got distracted by my ranting. I am a bit cranky today for health-related reasons and in addition, had nothing better to do. More to the topic - I do agree that outsourcing is a problem, I was merely making a point that it will eventually resolve itself, one way or the other. In any case, I am taking a long position on the US economy and the country itself (i do have other options).
Anyone that achieves Presidency is worthy of significant respect. That having been said, then so to goes scrutiny. It appears that too many people, even Fidel Castro, picked up on these gaffs. Actually, it was reported that he said something to the effect: "I can't believe they allowed that guy to become president". In repeating that 3rd hand quote, I cleaned it up substantially. Disengaged is also a nice way of saying that the attitude displayed is really one of not caring sufficient to convince anyone of one's sincerity. Its also another way of saying that this is not a topic that one cares to really care about. Pity, one could speak about one occupying such a lofty position.
This thread has generally tread the admittedly wide line between Economics and Politics/Other, but now appears to have left Economics behind in favor of Politics/Other. So I'm moving it to Chit-Chat. If we had a Politics forum, I'd probably move it to that instead but seeing as how we don't. . .