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Quant Researcher

Analysts who want statistical tools to judge whether a pattern in market data is real.

Measure returns, risk and dependence, test claims with intervals and resampling, and correct for multiple testing and selection.

New to markets? Start with Start Here first.

Foundations

  1. 1

    Returns: simple, log and percentage points

    Returns are the raw material of every later method.

    • Beginner
    • Explainer
    • 3 min
    • Coming soon
  2. 2

    Standard deviation: volatility as a number

    Volatility as a number.

    • Beginner
    • Visual guide
    • 3 min
    • Coming soon
  3. 3

    Distributions and fat tails, in pictures

    Fat tails change what averages mean.

    • Beginner
    • Visual guide
    • 3 min
    • Coming soon
  4. 4

    Correlation without the confusion

    Co-movement measured correctly.

    • Beginner
    • Visual guide
    • 3 min
    • Coming soon
  5. 5

    Probability for analysts: base rates first

    Base rates before any conclusion.

    • Beginner
    • Explainer
    • 3 min
    • Coming soon
  6. 6

    Expectancy: the average outcome of a rule

    Average outcome of a rule.

    • Beginner
    • Explainer
    • 3 min
    • Coming soon
  7. 7

    Sample size: how many trades is enough?

    How many observations a claim needs.

    • Beginner
    • Explainer
    • 3 min
    • Coming soon
  8. 8

    Drawdowns: depth, duration and recovery math

    Drawdown maths needed for ratio comparisons.

    • Beginner
    • Visual guide
    • 3 min
    • Coming soon

Core

  1. 9

    Regression basics: lines through noisy data

    Regression as the basic modelling tool.

    • Intermediate
    • Visual guide
    • 3 min
    • Coming soon
  2. 10

    Statistical significance without the jargon

    Significance without the jargon.

    • Intermediate
    • Explainer
    • 5 min
    • Coming soon
  3. 11

    Confidence intervals for strategy metrics

    Intervals around strategy metrics.

    • Intermediate
    • Explainer
    • 5 min
    • Coming soon
  4. 12

    Bootstrapping: resampling your own results

    Resampling your own results.

    • Intermediate
    • Explainer
    • 5 min
    • Coming soon
  5. 13

    Autocorrelation: does today echo yesterday?

    Dependence between today and yesterday.

    • Intermediate
    • Visual guide
    • 3 min
    • Coming soon
  6. 14

    Stationarity: prices vs returns

    Why prices and returns behave differently.

    • Intermediate
    • Visual guide
    • 3 min
    • Coming soon
  7. 15

    Volatility clustering and calm-storm regimes

    Volatility clustering and regimes.

    • Intermediate
    • Visual guide
    • 3 min
    • Coming soon
  8. 16

    Trend, noise or bounce? Guess the process

    Quiz: tell trend from noise.

    • Beginner
    • Quiz or challenge
    • 3 min
    • Coming soon
  9. 17

    Sharpe, Sortino and Calmar, side by side

    Risk-adjusted ratios compared side by side.

    • Intermediate
    • Visual guide
    • 3 min
    • Coming soon
  10. 18

    Quant formulas cheat sheet

    Formula cheat sheet for the path.

    • Intermediate
    • Cheat sheet
    • 2 min
    • Coming soon
  11. 19

    Sample size calculator for strategy metrics

    Interactive sample-size calculator.

    • Intermediate
    • Interactive tool
    • 3 min
    • Coming soon

Advanced

  1. 20

    Multiple testing: why many discoveries fail

    Why many discoveries fail.

    • Advanced
    • Explainer
    • 6 min
    • Coming soon
  2. 21

    Cointegration is not correlation

    Cointegration versus correlation.

    • Advanced
    • Explainer
    • 6 min
    • Coming soon
  3. 22

    Monte Carlo simulation: what could have happened

    Simulating what could have happened.

    • Advanced
    • Explainer
    • 6 min
    • Coming soon
  4. 23

    Factor models: explaining returns with exposures

    Explaining returns with exposures.

    • Advanced
    • Explainer
    • 6 min
    • Coming soon
  5. 24

    Optimisation and its traps

    Optimisation traps.

    • Advanced
    • Explainer
    • 6 min
    • Coming soon
  6. 25

    The deflated Sharpe ratio, made intuitive

    Deflating ratios for the number of trials.

    • Advanced
    • Explainer
    • 6 min
    • Coming soon
  7. 26

    Probability of backtest overfitting (PBO)

    Probability that a backtest is overfit.

    • Advanced
    • Explainer
    • 6 min
    • Coming soon
  8. 27

    Many strategies, one dataset: selection bias

    Selection bias across many strategies.

    • Advanced
    • Explainer
    • 6 min
    • Coming soon
  9. 28
    Capstone

    A small p-value is not a strategy

    Capstone field note: a p-value is not a strategy.

    • Intermediate
    • Field note or build note
    • 5 min
    • Coming soon
Optional reading: 9
  • When averages disagree: arithmetic vs geometric
  • Random walks can draw convincing patterns
  • Momentum vs mean reversion: the statistical view
  • Z-scores and percentile ranks
  • Bayesian thinking for analysts
  • Volatility models (GARCH), conceptually
  • Principal components: hidden common drivers
  • State-space models and the Kalman filter
  • A backtesting protocol checklist

In the app

The Analess features these lessons use most. Availability is shown on each feature’s page.