This tour of the insides of a quant fund is well-structured, with an almost mathematical style. Terms are well defined. There is no fake razzle-dazzle, which I appreciate. It uses examples well, to show what the parts do (alpha, risk, transaction costs, and execution modules, and various tasks such as research and testing models), and how they have worked and failed in particular instances. It is not a book of specific "tips" or "strategies" to pursue going forward, for the manager or investor. It is introductory; obviously, there are further details and more specific tools and implementations one would need to learn to bolt together a state-of-the-art quant fund. After this, I could intelligently question a fund manager about most any aspects of the operations. The narrator's voice fits the material ideally. I will definitely listen through this one again.
I was using this as a refresher and update to my general knowledge, for my personal use. This touches on all questions I had. The pointers sometimes extend even to costs of various alternatives. There are suggestions of when lawyer assistance is more imperative, or less. It is nice to have the somewhat greater distance than is found in some seminars where the presenter is imperceptably moving into a sales pitch.
The presenters seem not to be professional narrators. They talk fast, and I found a slow setting better for listening. Also, there are occasional plugs for their website. However, these were not obtrusive, and stood beside lots of good solid information.
The standard disclaimer is, there is no substitute on any legal matter for consulting with a trusted lawyer. But this is a great introduction for anyone.
I like the coverage of a few recent years month by month in the mind of a nimble-thinking fund manager, "thinking aloud." I could compare his real-time thoughts to the actual market and other events of the time, with the ability to benchmark him (alongside my own remembered thoughts and investment calls) against the way things actually turned out. His thinking is peppered with useful little phrases and concepts that doubtless will find their place in my thinking. Too many first-person books are so heavily edited after the fact that we miss the flawed, oh-so-humanly-imperfect (if well spoken) thinking process (of any person trying to guess the future) in all its glory. Mr Biggs was consistently very hedging in his thinking and remarks, and his commitments of funds, so there is no earth-shaking oracular proclamation or "killing" made here (as in the darts thrown at boards, and sheer noise-trading luck, a less tutored investor might wish to hear and be thrilled by). It is more the deliberations of a prudent man and fiduciary, concerned with intelligently balancing a portfolio of his own and other peoples' money in the face of uncertainties we can well remember. I don't feel so dumb after reading this (compared to whatever I may have held of an internal fake image of the world-beating fund manager). His was a wise voice and I regret his passing.