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the ascendancy of the quants 

From Other People’s Money, by John Kay, loc 310:

Larry Summers (of ketchup economics) described the transformation in this way: ‘In the last 30 years the field of investment banking had been transformed from a field that was dominated by people who were good at meeting clients at the nineteenth hole, to people who were good at solving very difficult mathematical problems that were involved in pricing derivative securities.’ Summers (whose friends and enemies both know he is better at solving mathematical problems than schmoozing clients) reported this shift with evident approval.

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