Whether David Li's Gaussian Copula formula was crucified or not in some-not-so-bright-journalist's 'Recipe for Disaster: The Formula That Killed Wall Street', the fact is that it works, and Wall Street and other banks made tons of money by utilizing more efficient risk-management strategies produced by quants & statistics. Market-crashes happen every ten years or so, quants or no quants (and Great Depression happened even before the term financial mathematics was crafted). So, to answer the question, the Wall Street will jump back onto quants right after this is over, and there is great future in applying statistics to market modeling. Never ever banks & fin. inst. will get back to non-math approaches. However, given you asked this question, I think it'd be best if you don't take on this line of pursuit for your career - or I fear you'll be among those who will lead world finances to another screwup by mindlesly using formulas that you don't understand in situations they should not be used.
It is irrelevant how much they make in a real job vs scamming. What do you do phishing? Find a list of emails and hit send button. What do you do for waiting, stripping, really working? Work your arss off. There is the choice.
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I think people should read this analysis of the academic paper mentioned in the post - http://bit.ly/dupMre
If markets were predictable, they would cease to exist... some one or a few would run off with all the money.
What's all the money worse without the market?
Whether David Li's Gaussian Copula formula was crucified or not in some-not-so-bright-journalist's 'Recipe for Disaster: The Formula That Killed Wall Street', the fact is that it works, and Wall Street and other banks made tons of money by utilizing more efficient risk-management strategies produced by quants & statistics. Market-crashes happen every ten years or so, quants or no quants (and Great Depression happened even before the term financial mathematics was crafted). So, to answer the question, the Wall Street will jump back onto quants right after this is over, and there is great future in applying statistics to market modeling. Never ever banks & fin. inst. will get back to non-math approaches. However, given you asked this question, I think it'd be best if you don't take on this line of pursuit for your career - or I fear you'll be among those who will lead world finances to another screwup by mindlesly using formulas that you don't understand in situations they should not be used.
If history is any lesson, Phobos-Grunt will have the same fate as two previous Phoboses - shot down by the Martians!!!!
It is irrelevant how much they make in a real job vs scamming. What do you do phishing? Find a list of emails and hit send button. What do you do for waiting, stripping, really working? Work your arss off. There is the choice.