QuoteOriginally posted by: DominicConnorElysianEagle is right, I often use the term "optimal ignorance" when advising on educational choices, if you know too little, the course will just be gibberish to you and if you know too much you are wasting time and money.Bearish is right, more right than you may think, this is the sort of thing than can kill you at interview because it speaks to another cliche of mine "reading the words, but not hearing the music".You have no doubt superior skills in a wide range of algebra, from set theory to PDEs, but do you "get it" ?Do you find yourself waiting for a bus and thinking about whether it is a Poisson process ? But more relevantly, are you applying the maths and finance you already know to deciding upon which course to choose ?What is the NPV of each option ?Are you thinking of the options as options ?Are you seeing your skill set as a portfolio ?What risk management are you doing ?Also have to say that your granularity is not optimal.There are a lot of MFEs, within walking distance of where I'm sitting there are >25, if I lean suicidally out of the windows I can see where 7 are taught, plus the CQF.The University of London all by itself has more than a dozen dfferent MFEs.I suppose I ought to know the number in the UK and US, but I don't, maybe there are 150, or some other number ?You need to find the course that suits you and I will share that "rigorous" is as valid on its own as the colour of the college flag.Also, you may find that a masters in statistics or operational research suits you better, or not, but as above we are doing a NPV calculation here.Being shit hot at stats is vastly more lucrative than mediocrity at MC evaluation of Bermudan options.What are you better at than other people ?Interesting!Sometimes, particularly in London, it is not always clear if the best option is to wait for a bus or walk. Unlike the tube, the arrival of busses can be quite erratic. One measure is to look at how many people there are at the stop. If you arrive at the stop and it is empty this is a good indicator that bus has just been, particularly if it is a busy time and you would expect there to be many people (a prior belief... you know where I am going). So whether to get the bus is a Bayesian problem of the probability of a bus arriving within your expected walking time minus the expected bus journey time given the number of people observed at the stop. This method has worked pretty well for me. When I decide to walk rather than take the bus on one of my routes home, I am rarely passed by a bus on the road.I also now almost involutarily convert all of my spending into basis points of my annual income. This tends to make me more adverse to spending.
Last edited by neuroguy
on May 5th, 2014, 10:00 pm, edited 1 time in total.