For as long as we can remember, Google is held up as a shining example of innovation in many respects. Yet, just as they admire Google, many people will say in the same breath, “Of course, I’m not Google and I don’t have Google resources.”
I was recently part of a panel at the Global Derivatives Conference here in Chicago in which the topic was the application of machine learning. Interestingly, it became clear during our discussion that there are several people who believe machine learning is, basically, the be-all-end-all “Holy Grail” for success in quantitative finance.
I came across a research study recently that, frankly, surprised even this industry veteran with deep knowledge of the tech space. The study found that of a large business’ typical technology spend, 90% is devoted to preserving the existing state of technology at the company while only 10% is spent on doing something new.