The Quantt syllabus.

Includes: Why this matters · Assets vs Portfolios · What a Return Is (vs Price) · The Risk-Free Rate: "Safe Interest" · Volatility: How Bouncy Is It? · Bonds and Coupons · Options: A Right, Not an Obligation · Portfolio Weights vs Quantities · Basis Points · Summary

Includes: Why this matters · The Balance Principle · Linear Equations and Break-Even · Rearranging Formulas · Percentages, Points and Reverse Percentages · Simultaneous Equations · Inequalities · Absolute Value: Distance from a Target · Rebalancing Bands · Summary

Includes: Why this matters · Powers: Repeated Multiplication · The Laws of Exponents · Zero and Negative Powers: Discounting · Roots: Undoing a Power · Fractional Powers and Implied Growth Rates · Annualising Volatility: the Square-Root-of-Time Rule · Scientific Notation and Orders of Magnitude · Polynomials: Sums of Powers · Expanding Brackets: Interest on Interest · Factorising: Finding the Roots · The Quadratic Formula · +2 more inside the lesson

Includes: Why this matters · Functions: Input-Output Machines · Function Notation: Reading f(x) · Domain and Range · Graphs: Seeing a Function · Straight Lines: Slope and Intercept · Composition: Chaining Functions · Inverses: Running a Function Backwards · Piecewise Functions and Option Payoffs · Subscripts and Indices · Sigma Notation: Adding Up · Pi Notation: Multiplying Up · +2 more inside the lesson

Includes: Why this matters · Exponential Growth: the Same Factor Every Step · Compounding More Often · Where e Comes From · The Exponential Function eˣ · Continuous Compounding · Logarithms: Undoing Powers · The Natural Logarithm · The Log Rules: Multiplying Becomes Adding · Doubling Time and the Rule of 72 · Log Returns · Why Log Returns Add Up Over Time · +2 more inside the lesson

Includes: Why this matters · Sequences: Lists Made by a Rule · Arithmetic Sequences: Adding the Same Amount · Geometric Sequences: Multiplying by the Same Amount · Sigma Notation and Partial Sums · Adding Up an Arithmetic Sequence · Adding Up a Geometric Sequence · The Price of an Annuity · The Price of a Bond · Infinite Sums and Convergence · Perpetuities: Payments That Never Stop · When a Sum Never Settles · +2 more inside the lesson

Includes: Why this matters · Right-Angled Triangles and Pythagoras · Sine, Cosine and Tangent · Radians: Measuring Angles by Arc Length · The Unit Circle: Angles of Any Size · The Pythagorean Identity · Polar Coordinates: Distance and Direction · From Circle to Wave · Amplitude, Period and Phase · Seasonality in Real Data · Adding Waves: a First Look at Fourier · The Angle Between Two Vectors · +2 more inside the lesson

Includes: Why this matters · A Model That Might Cycle · A Number Whose Square Is −1 · Adding and Multiplying · The Complex Plane · Mirror Pairs: the Conjugate and Division · Size and Direction: Modulus and Argument · A Seasonal Cycle Is an Arrow · Multiplication Rotates and Stretches · Euler's Formula · Why Euler's Formula Is True (Optional on First Read) · Exponential Form and Powers: the Damped Cycle · +9 more inside the lesson

Includes: Why this matters · A Formula That Divides Zero by Zero · Getting Close From Each Side · Removing the Zero over Zero · The Long Run: Limits at Infinity · Compounding Without End · Continuity: No Surprises · Tolerances: the Precise Definition (Optional on First Read) · Three Ways to Break · Continuity Guarantees an Answer · From Chords to Slopes: Why Derivatives Need Limits · Kinks and Jumps, Up Close · +3 more inside the lesson

Includes: Why this matters · Rate of Change: How Far Does a Price Move? · From Chord to Tangent: the Derivative · The Derivative from First Principles · The Power Rule: Zero-Coupon Bonds · The Sum Rule: a Coupon Bond's DV01 · The Product Rule: a Foreign Share's Two Profits · The Chain Rule: Sensitivities Multiply · The Quotient Rule: the Same Share, Quoted the Other Way · Exponentials and Logs: eˣ and ln x · Sines and Cosines: the Rate of Change of a Cycle · The Second Derivative: Curvature · +5 more inside the lesson

Includes: Why this matters · A Straight-Line Estimate · How Wrong Is the Line? · Adding the Bend · An Option Is a Curve Too · The Delta-Hedged Book · Beyond the Bend: Taylor Polynomials · The Exponential Series · Log Returns and the Log Series · Volatility Drag: the Bend on Average · Square Roots, Compounding and the Binomial Series · How Big Is the Error? The Remainder · +4 more inside the lesson

Includes: Why this matters · The Lowest-Risk Mix · The Fastest-Growing Bet · Flat at the Bottom: Stationary Points · Solving the Bet: the Kelly Formula · Minimum, Maximum or Neither? · Local and Global · Convex Problems Have One Answer · The Same Bowl: the Hedge Ratio · Edges and Limits: Constraints in One Variable · Fitting a Parameter: Maximum Likelihood · When There's No Formula: Gradient Steps · +4 more inside the lesson

Includes: Why this matters · Adding Up a Changing Rate · Slicing Into Strips: Riemann Sums · The Integral Sign · The Running Total and Its Slope · Antiderivatives: Slopes Run Backwards · The Fundamental Theorem: Areas Without Strips · The Standard Integrals: Powers, eˣ and 1/x · The Value of a Stream of Cash · Substitution: the Chain Rule Backwards · Integration by Parts: the Duration of a Stream · Out to Infinity: Perpetuities · +6 more inside the lesson

Includes: Why this matters · Formulas That Only Go One Way · Bisection: Halving the Bracket · Newton's Method: Follow the Tangent · Why Newton Is So Fast · Implied Volatility: Running the Option Formula Backwards · When Newton Goes Wrong · The Secant Method: Newton Without the Derivative · Safe and Fast: Bracketed Hybrid Solvers · When to Stop: Tolerances and Sanity Checks · Filling the Gaps: Linear Interpolation · What Straight Lines Hide: Forward Rates · +5 more inside the lesson

Includes: Why this matters · Probabilities Are Areas Under a Curve · The Midpoint Rule: Rectangles · The Trapezoid Rule: Straight Lines · Simpson's Rule: Parabolas · How Fast the Error Shrinks · Checking Convergence by Halving the Step · Pricing a Call Option Is an Integral · Infinite Ranges: Where to Stop · Kinks: Where the Error Rules Break · Changing Variable: Both Problems at Once · Gauss Quadrature: Choosing the Points Cleverly · +6 more inside the lesson

Includes: Why this matters · A Trading Book Is a List of Numbers · Vectors as Arrows · Adding, Scaling and Subtracting · The Dot Product: Value and P&L in One Line · Weights and Returns · Length: How Big Is a Vector? · The Angle Between Two Vectors · Correlation Is a Cosine · Right Angles: Uncorrelated Risks Add Like Pythagoras · Unit Vectors: Direction Without Size · Projection: The Closest Point on a Line · +5 more inside the lesson

Includes: Why this matters · One Price, Many Inputs · Freeze the Others: the Partial Derivative · Partials by Hand · The Greeks Are Partial Derivatives · Several Small Moves at Once · Explaining Yesterday's P&L · The Gradient: Every Sensitivity in One Arrow · The Gradient Points Uphill · The Chain Rule With Several Inputs · Second Partials: Gamma and Convexity · Mixed Partials: Vanna, and Why the Order Doesn't Matter · +3 more inside the lesson

Includes: Why this matters · One Value, Two Risks · Second Partials and the Hessian · The Two-Variable Taylor Expansion · Bowls, Domes and Saddles · The Second-Derivative Test · Portfolio Variance Is a Bowl · On the Budget Line · Lagrange's Picture: Where the Line Touches a Contour · Lagrange Multipliers: the Method · Three Funds and a Computer · The Multiplier Is a Price · +8 more inside the lesson

Includes: Why This Module Matters · Matrix Notation · Matrix Operations · The Transpose · Special Matrices · The Determinant · The Inverse Matrix · Solving Linear Systems · Matrix Multiplication as Transformation · Trace of a Matrix · Summary

Includes: Why This Module Matters · The Core Definition · Finding Eigenvalues: The Characteristic Equation · Eigendecomposition (Diagonalisation) · Properties of Symmetric Matrices · Positive Definiteness · Principal Component Analysis (PCA): The Killer Application · Computing Eigenvalues in Practice · Summary

Includes: Why this matters · Why decompose a matrix? · LU decomposition & solving linear systems · Pivoting & numerical stability · QR decomposition & least squares · Cholesky decomposition for SPD matrices · Cholesky for generating correlated random draws · Common pitfalls · Summary

Includes: Why this matters · The SVD theorem · A fully worked $2\times2$ example · Geometric meaning (rotation-scale-rotation) · SVD vs eigendecomposition · Low-rank approximation (Eckart-Young) · SVD and PCA · Applications: denoising covariance & factor extraction · Common pitfalls · Summary

Includes: Why this matters · Sets: The Language of Collections · Set Operations: Union, Intersection, Complement · De Morgan's Laws and Disjoint Sets · Counting: The Product Rule · Permutations: Counting Ordered Arrangements · Combinations: Counting Unordered Selections · Binomial Coefficients and Pascal's Triangle · Summary

Includes: Why This Module Matters · Sample Space and Events · Probability: The Rules · Random Variables: Assigning Numbers to Outcomes · Probability Density Functions · Common Distributions in Finance · The Cumulative Distribution Function (CDF) · Connecting Distributions to Finance Models · Summary

Includes: Why This Module Matters · Conditional Probability · Independence · The Multiplication Rule · The Law of Total Probability · Bayes' Theorem · Bayes' Theorem in Finance · Bayesian Updating: An Iterative Process · Common Pitfalls · Summary

Includes: Why This Module Matters · Expected Value (The Mean) · Variance and Standard Deviation · Covariance: The Link Between Two Variables · Higher Moments: Beyond Mean and Variance · The Sharpe Ratio: Combining Return and Risk · Expected Value of a Function · Summary

Includes: Why this matters · Measures of Central Tendency: Mean, Median, Mode · Measures of Spread: Variance and Standard Deviation · Percentiles and Quantiles · Shape: Histograms, Skewness, and Kurtosis · Population vs Sample: Why the Distinction Matters · A First Look at the Sampling Distribution · Summary

Includes: Why This Module Matters · Recap: Variance and Standard Deviation · Covariance: How Two Assets Move Together · Correlation: Normalised Covariance · Building the Covariance Matrix · The Portfolio Variance Formula · Positive Semi-Definiteness · The Correlation Matrix · Practical Challenges and Solutions · Risk Decomposition · Summary

Includes: Why this matters · Bernoulli and Binomial: Counting Successes · Uniform: Equally Likely Outcomes · Poisson: Counting Rare Events Over Time · Exponential: Waiting Times · Normal: The Workhorse Bell Curve · Log-normal: Modelling Prices That Can't Go Negative · Student-t: Fatter Tails for Real Markets · Choosing the Right Distribution · Summary

Includes: Why this matters · From conditional probability to conditional expectation · Conditioning on a discrete random variable · The law of total expectation (tower property, discrete form) · Linearity and "known given $Y$" pull-out · Continuous case (light touch) · Best predictor in mean-square sense · What this is *not* (yet) · Common pitfalls · Summary

Includes: Why This Module Matters · The Law of Large Numbers (LLN) · The Central Limit Theorem (CLT) · The Standard Error · Confidence Intervals · CLT and Monte Carlo Methods · The CLT for Sums (Not Just Averages) · Limitations and Caveats · Summary

Includes: Why this matters · Simulating Random Variables · From Samples to Estimates: The Sample Mean · Quantifying the Error: Standard Error and the √n Rule · Crude Monte Carlo: Estimating an Expectation · Monte Carlo Option Pricing: A Sketch · A Light Word on Variance Reduction · Why This Connects Backwards and Forwards · Summary

Includes: Why This Module Matters · Point Estimation: Making a Best Guess · Properties of Good Estimators · Maximum Likelihood Estimation (MLE): A Quick Preview · Method of Moments · Interval Estimation: Quantifying Uncertainty · Estimation Challenges in Finance · Summary

Includes: Why This Module Matters · The Framework · Types of Error · Worked Example: Testing a Trading Strategy · One-Tailed vs Two-Tailed Tests · Two-Sample Tests · The Multiple Testing Problem · Practical Considerations in Finance · Summary

Includes: Why this matters · The Idea: Drawing the Best Line · What "Best" Means: Least Squares · Covariance: Do They Move Together? · Worked Example: A Stock's Beta · Hedge Ratios: Regression at Work · R²: How Much Does the Line Explain? · Is the Slope Real? · How Long Does It Take to Prove Skill? · The Assumptions, Honestly · Multiple Regression and Omitted Variables · Trap 1: Spurious Regression · +2 more inside the lesson

Includes: Why this matters · Least Squares from Matrices: Normal Equations and Geometry · Multicollinearity and Ill-Conditioning · Ridge Regression: L2 Shrinkage · Lasso Regression: L1 and Sparsity · Robust Regression: The Huber Loss · Finance Applications: Factor Betas and Covariance Shrinkage · Choosing the Right Tool · Summary

Includes: Why this matters · The likelihood function · Log-likelihood & the MLE · Properties: consistency & asymptotic normality · Fisher information & the Cramér–Rao bound · MLE for the normal: full derivation · MLE for the Bernoulli: full derivation · Preview: MLE for GARCH/volatility estimation · Summary

Includes: Why this matters · What is a stochastic process? · IID noise versus dependence · Filtrations: information up to time $n$ · Adapted processes · Examples: returns and the AR(1) intuition · Stationarity intuition (weak) · From discrete processes to continuous models · Summary

Includes: Why this matters · State space & the Markov property · Transition matrices · n-step transition probabilities · Stationary distributions · Absorbing chains & hitting times · Finance application: credit-rating migration · Common pitfalls · Summary

Includes: Why This Module Matters · The Simple Random Walk · Random Walk with Drift · The Random Walk Hypothesis · From Random Walks to Brownian Motion · Roadmap preview (optional) · Limitations of GBM · Bringing It All Together · Summary

Includes: Why this matters · Counting processes · The Poisson process: definition · Interarrival times are exponential · Compound Poisson processes · Jump intuition for markets: crashes and defaults · Preview: jump-diffusion and Lévy processes · Summary

Includes: Why this matters · A Fair Coin Game · Information Grows Over Time · Adapted Means "Use Only Known Info" · Insider vs Outsider · Risk-Neutral Pricing in One Paragraph · Preview: Martingales Are Formal Fair Games · Summary

Includes: Why this matters · Filtration recall · Martingales, submartingales, and supermartingales · Fair game intuition · Optional stopping: a careful, light introduction · Doob decomposition intuition · Why discounted prices being martingales matters for no-arbitrage · Preview: the one-step binomial model · Summary

Includes: Why this matters · Convex sets · Convex and concave functions · First- and second-order conditions · Jensen's inequality · Why convexity guarantees a global optimum · Common pitfalls · Convexity in finance (option payoffs, risk measures) · Summary

Includes: Why this matters · Gradients and Hessians revisited · Newton's method · Gradient descent and step sizes · Convergence intuition · Line search · Pitfalls (saddle points, conditioning) · A worked Newton vs gradient-descent comparison · Summary

Includes: Why this matters · Optimise With a Constraint · Gradients Point the Same Way · The Lagrangian · What Does $\lambda$ Mean? · Worked Example: Two Assets, Weights Sum to One · Equality Only — KKT Comes Next · Summary

Includes: Why this matters · Equality constraints and Lagrange multipliers · Inequality constraints · The KKT conditions · Duality and shadow prices · Economic interpretation of multipliers · A worked constrained example · Adding an inequality: a long-only twist · Common pitfalls · Summary

Includes: Why this matters · The quadratic programming form · Mean–variance optimisation as a QP · Solving the minimum-variance portfolio · Adding constraints (long-only, budget) · Sensitivity of the efficient frontier · From QP to risk parity · A worked long-only example · Common pitfalls · Summary

Includes: Why this matters · Weak vs strict stationarity · Integrated series: I(0) vs I(1) · The autocorrelation function (ACF) and PACF · White noise and random walks · Unit-root tests (ADF) — intuition · Differencing and transformations · Summary

Includes: Why this matters · Autoregressive AR(p) models · Moving-average MA(q) models · The combined ARMA(p,q) model · Stationarity and invertibility conditions · Identifying orders from ACF/PACF · Estimation · Summary

Includes: Why this matters · Integration and the ARIMA(p,d,q) model · The Box–Jenkins workflow · Forecasting and prediction intervals · Information criteria (AIC and BIC) · Backtesting forecasts · Limits on forecasting financial returns · Summary

Includes: Why this matters · Volatility clustering and the stylised facts · From constant variance to ARCH · GARCH(1,1): the workhorse model · Persistence: $\alpha + \beta$ and stationarity · Forecasting variance and the unconditional level · Applications: VaR, vol-targeting, and options · Common pitfalls · Summary

Includes: Why this matters · The spurious regression trap · Cointegration: definition and intuition · The Engle–Granger two-step procedure · Pairs trading mechanics · Half-life and Ornstein–Uhlenbeck intuition · Summary

Includes: Why this matters · State-space representation: state and observation equations · The predict step · The update step and the Kalman gain · Application: a time-varying hedge ratio · Nowcasting and other applications · Summary

Includes: Why this matters · Core path · Roadmap (optional) · Common pitfalls · Summary

Includes: Why this matters · From ODEs to PDEs · Classification (what kind of PDE?) · The heat equation · Initial, terminal, and boundary conditions · Domain and grid (preview of numerics) · How this connects to ODEs and to SDEs · Common pitfalls · Summary

Includes: Why this matters · Core vs Roadmap · Periodic functions & Fourier series · The Fourier transform · Key properties (linearity, convolution, shifting) · The Laplace transform & solving ODEs · Characteristic functions as Fourier transforms · Preview: transform methods in option pricing · Common pitfalls · Summary

Includes: Why this matters · Discretising the Black–Scholes PDE · Explicit, implicit and Crank–Nicolson schemes · Stability and convergence · Boundary conditions · Pricing American options (PSOR) · Grids and Greeks · Summary

Includes: Why this matters · The Monte Carlo estimator: a quick recap · Simulating terminal asset prices · Antithetic variates · Control variates · Importance sampling · Quasi-Monte Carlo (Sobol) · Choosing and combining techniques · Summary

Includes: Why this matters · Core vs Roadmap · Moment generating functions (MGFs) · Worked example: the MGF of the exponential distribution · Computing moments by differentiating the MGF · Characteristic functions & when they exist · Sums of independent random variables · Uniqueness & inversion · A gentle sketch of Fourier pricing · Use in the CLT and option pricing · Summary

Includes: Why this matters · A quick reminder: continuous random variables already have their toolkit · Information as a partition · Finer partitions carry more information · Why path space needs more than "just list the blocks" · Where this is going · Summary

Includes: Why this matters · Finite sample spaces: coins, dice, and binomial trees · Sigma-algebras: the finite case made precise · Probability measures and their axioms · Why we need this machinery beyond the finite case · Information as a sigma-algebra · Preview: filtrations · Summary

Includes: Why this matters · Riemann vs Lebesgue integration · Measurable functions · The Lebesgue integral, built in layers · Expectation as an integral · Convergence theorems (MCT and DCT) · Change of variables · Common pitfalls · Summary

Includes: Why this matters · Two probabilities on the same outcomes · The likelihood ratio $Z$ · One-step binomial (worked) · Absolute continuity (plain language) · Density processes (preview) · Roadmap · Summary

Includes: Why this matters · Conditioning on a sigma-algebra · A fully worked discrete example · The tower property, worked through the same example · The defining properties · Projection in L-squared · Conditional expectation as best predictor · Link to regression · Common pitfalls · Summary

Includes: Why this matters · Filtrations and adapted processes · The martingale definition, and its discrete-martingales cousin · Examples (symmetric random walk, likelihood ratios) · Stopping times · The optional stopping theorem · Why martingales mean 'fair game' and no arbitrage · Summary

Includes: Why this matters · From discrete history to continuous filtrations · Brownian motion as a martingale · The companion martingale $W_t^2 - t$ · Quadratic variation: the roughness that remains · Trading interpretation (preview of the Ito integral) · Roadmap (optional depth) · Summary

Includes: Why this matters · Discrete Buy-and-Hold Gains · Choose the Position Before the Move · Why Jagged Paths Break Ordinary Calculus · Quadratic Variation: Sum of Squared Moves · The Slogan $(dW)^2 = dt$ · Preview: The Ito Integral as a Limit of Gains · Summary

Includes: Why this matters · Why ordinary calculus fails for Brownian paths · Quadratic variation · Constructing the Ito integral · The Ito isometry · The martingale property of the integral · Worked simple integrals · A fully numeric simple-integrand example · Common pitfalls · Summary

Includes: Why this matters · The Chain Rule You Already Know · Brownian Motion in One Page · Why the Squares Don't Disappear · Noise Plus Curvature Makes Drift · Describing a Random Process · Itô's Lemma · Your First Itô Calculation · Volatility Drag in Plain Numbers · The Log of a Stock Price · Mean Versus Median · Two Processes at Once · +2 more inside the lesson

Includes: Why this matters · The SDE form (drift + diffusion) · Key models: GBM, Ornstein-Uhlenbeck, CIR · Existence and uniqueness (intuition) · Euler-Maruyama discretisation · Worked example: one Euler–Maruyama step by hand · Strong vs weak solutions · Simulating SDE paths and common pitfalls · Summary

Includes: Why this matters · Discrete intuition: risk-neutral pricing in a binomial model · Equivalent probability measures · The Radon-Nikodym derivative · Girsanov's theorem · Removing or adding drift · Real-world vs risk-neutral measure · Why this enables pricing · Pitfalls and technical fine print · Summary

Includes: Why this matters · Linking SDEs to PDEs · The Feynman-Kac formula · Deriving the PDE step by step (the SDE-to-PDE walkthrough) · Deriving the Black-Scholes PDE · Terminal and boundary conditions · Probabilistic vs PDE pricing · Connection to the heat equation · Common pitfalls · Summary

Includes: Why this matters · Limitations of pure diffusion · The Poisson and compound Poisson processes · Worked example: calibrating an intensity and simulating jump arrivals · Jump-diffusion (the Merton model) · Levy processes overview · Ito's lemma with jumps · Why jumps matter for tails and the vol smile · Contrast with pure diffusion: a quick reference · Summary

Includes: Why this matters · Running Code in Quantt · Variables: Giving Names to Values · Types: Numbers, Text and True/False · Arithmetic and Formatting · Making Decisions with if · Lists: Many Values, One Name · Loops: Repeating Work · Functions: Your Own Tools · Reading Error Messages · Summary

Includes: You Know the Basics — Now Let's Build on Them · Dictionaries — Looking Up Data by Name · Strings in Depth · Tuples — Immutable Sequences · Sets — Unique Collections · List Comprehensions — Elegant Loops · File I/O — Reading and Writing Files · Error Handling — When Things Go Wrong · Imports and Modules — Standing on the Shoulders of Giants · Introduction to Classes · Bringing It All Together · Looking ahead

Includes: Why this matters · What the Stream Expects · Reading Code: Tracing a Loop · Reading Code: Dictionaries and Functions · Reading Code: Text Into Numbers · Files, Folders and Paths · The Terminal and the Editor · Checking Your Python · Words You'll Hear Early · Scoring Yourself and Choosing a Route · Summary

Includes: Why this matters · The Basics in One Page · Names, Objects and Mutability · Sequences: Slicing, Tuples and Unpacking · Dictionaries and Sets: Looking Things Up Fast · Looping Well: enumerate, zip and Comprehensions · Functions You Can Trust · Raising and Handling Errors · Classes: Bundling Data with Behaviour · Files and the with Statement · Modules and Imports · Numbers That Bite: Floats and Rounding · +1 more inside the lesson

Includes: Why this matters · The Shell and the Prompt · Anatomy of a Command · Finding Your Way: pwd, ls and cd · Making, Copying, Moving and Deleting · Wildcards and Finding Files · Reading Files: cat, head, tail, less and wc · Searching Inside Files: grep · Redirection: Sending Output to Files · Pipes: Chaining Commands · Environment Variables and PATH · Running Python Scripts with Arguments · +3 more inside the lesson

Includes: Why this matters · What a Project Looks Like · Installing Python Properly · Setting Up Your Editor · Why Virtual Environments Exist · Creating and Activating a Virtual Environment · Installing Packages and Recording Them · Your First Script: A Returns Calculator · Configuration and Secrets · A First .gitignore · A First Test with pytest · Setting Up Any Project, and What Goes Wrong · +1 more inside the lesson

Includes: Why this matters · The Problem Git Solves · Commits: Snapshots With a Label · Your First Commit · Seeing Changes: diff, log and Good Messages · Keeping Things Out: .gitignore, Secrets and Data · Branches: Movable Labels · Merging Branches · Merge Conflicts · Remotes: push, fetch, pull and clone · Pull Requests and Code Review · Undoing Things Safely · +2 more inside the lesson

Includes: Why this matters · What a Package Is · Installing with pip · Virtual Environments · Version Numbers · Semantic Versioning · Version Specifiers · Dependency Trees · Resolution Conflicts · requirements.txt and pyproject.toml · Lock Files and Reproducible Results · Conda, uv and Poetry · +2 more inside the lesson

Includes: Why this matters · The Debugging Loop · Reading a Traceback · Errors About Names and Types · Errors About Values and Missing Things · Print Debugging Done Well · Logging: Prints You Can Leave In · Pausing Inside Your Program: breakpoint() and pdb · Narrowing It Down: Binary Search · Silent Bugs: Code That Runs and Lies · Look-Ahead Bias: the Backtest That Knows Tomorrow · Assertions and Tests: Making Bugs Stay Fixed · +2 more inside the lesson

Includes: Why this matters · The Journey of a Request · Addresses: IP Addresses and Ports · DNS: Turning Names into Numbers · Packets: Data in Small Envelopes · TCP: Reliable Delivery, at a Price · UDP: On Time Beats Complete · HTTP and the Layers · Latency and Bandwidth · The Speed of Light Is a Speed Limit · Co-location: Moving Next to the Exchange · Market-Data Feeds: Multicast and Gaps · +2 more inside the lesson

Includes: Why this matters · What an Operating System Does · Processes: Programs in Motion · Sharing the CPU: Time Slices and Cores · Threads and Python's GIL · Running in Parallel: the Speed-Up You Actually Get · Memory: RAM, Disk and the Memory Budget · Running Out of Memory: Swap and the Out-of-Memory Killer · Watching What's Running: CPU-Bound or Memory-Bound? · Stopping a Stuck Process: Signals · Files and Permissions · Environment Variables and Secrets · +4 more inside the lesson

Includes: Why this matters · Everything Is Bytes: Text and Binary · CSV: A Table Written as Text · The Vendor's File: Separators and Number Styles · Missing Values: N/A Is Not Zero · Characters and Encodings: UTF-8 · Dates: Day First, Month First and ISO 8601 · Times: UTC and Offsets · Daylight Saving: When the Gap Isn't Five Hours · JSON: Nested Data from Web Services · How Numbers Are Stored: Integers and Floats · Rows, Columns and Compression: How Parquet Works · +3 more inside the lesson

Includes: Why this matters · Why a Database, Not a Folder of Files · Tables, Rows, Columns and Types · Keys: How Tables Point at Each Other · Asking Questions: SELECT, WHERE, ORDER BY and LIMIT · Summarising: Aggregates and GROUP BY · Joining Tables: Positions by Book and P&L by Trader · LEFT JOIN: Keeping the Rows That Have No Match · NULL: The Value That Means "Unknown" · The Fan-Out Trap: When a Join Multiplies Rows · The Last Price Before Each Trade · Point in Time: What Did We Know, and When? · +4 more inside the lesson

Includes: Why this matters · A Safety Net with Layers · Your Editor as a Tool · Notebooks and Scripts · The Hidden-State Trap · Formatters: Settle Style Once · Linters: Code That Runs but Looks Wrong · Type Hints: Saying What a Function Expects · Type Checkers and Units · Tests That Know the Answer · Measuring Speed: Timers and Profilers · Speeding Up the Part That Matters · +2 more inside the lesson

Includes: Why this matters · Small Bugs, Real Money · Floats: Close, Not Exact · Comparing With a Tolerance · Money in Whole Cents or Decimal · Rounding Rules: Half-Up and Half-Even · When to Round, and the Lost Cent · Units: Decimals, Percent and Basis Points · Time in a Rate: Day Counts and Years · Dates and Time Zones: Whose End of Day? · Exactly Once: Idempotency · Reproducibility: Same Inputs, Same Answer · +4 more inside the lesson

Includes: Two Ways to Think About Code · Object-Oriented Programming (OOP) · Functional Programming (FP) · Python's Pragmatic Approach · Looking ahead

Includes: Beyond the Basics · Decorators · Generators and Iterators · Context Managers · *args and **kwargs · Lambda Functions and Functional Tools · Dataclasses · Type Hints: Going Further · Looking ahead

Includes: Why this matters · Price vs return · Daily vs annual · Volatility (the "how bumpy" number) · Sharpe ratio (return per unit of bumpiness) · What this is not · Looking ahead

Includes: Why NumPy? · The ndarray · Vectorised Operations · Indexing and Slicing · Common Operations · Reshaping and Broadcasting · A Financial Example · Looking ahead

Includes: The Data Analysis Workhorse · Creating DataFrames · Selecting Data · Filtering, Sorting, and Transforming · Grouping and Aggregation · Handling Missing Data · A Financial Example · Pandas vs NumPy: When to Use Each · Looking ahead

Includes: Making Research Code Run Faster · Start Here: NumPy Vectorisation · Next: Numba JIT (Just-In-Time) · SIMD (short awareness) · GPU Computing (CUDA) — awareness · FPGA — HFT specialty / optional awareness · When to Use What · Looking ahead

Includes: Why Testing Matters · Unit Tests with pytest · What Makes a Good Test? · Fixtures · Parameterised Tests · Test Coverage · Test-Driven Development (TDD) · Looking ahead

Includes: Beyond Print Statements · Logging: Print Debugging Done Right · Using a Debugger (pdb) · Profiling: Finding Performance Bottlenecks · Common Debugging Strategies · Memory Profiling · Debugging in Production · Looking ahead

Includes: Beyond pip install · Virtual Environments in Depth · Dependency Resolution · Pinning Dependencies · Modern Python Packaging: pyproject.toml · Poetry · Dev vs Production Dependencies · Looking ahead

Includes: The Professional Setup · Advanced IDE Usage · Linting with Ruff · Type Checking with mypy · Pre-commit Hooks · Makefile and Task Runners · Documentation · The Complete Workflow · Looking ahead

Includes: Proven Solutions to Common Problems · Why Design Patterns Matter · Creational Patterns · Structural Patterns · Behavioural Patterns · Anti-Patterns to Avoid · Looking ahead

Includes: Why this matters · Program → process · CPU, RAM, and disk (recap with a spreadsheet lens) · Why some code feels instant and some crawls · Stack scratchpad vs long-lived objects (gentle) · Why finance cares · Looking ahead

Includes: How a Computer Actually Works · The CPU: The Brain · Memory Hierarchy · Binary and Data Representation · Temporary Scratchpad vs Long-Lived Objects · Big-O Notation · Essential Data Structures · Looking ahead

Includes: The Layer Between You and the Hardware · Process Management · Threads vs Processes · Memory Management · File Systems · Inter-Process Communication (IPC) · Signals · Looking ahead

Includes: Choosing the Right Format · CSV: Edge Cases and Large Files · JSON: Schema Validation and Streaming · YAML: Advanced Syntax · Binary Formats · Choosing the Right Format · Serialisation Performance · Looking ahead

Includes: How Data Layout Affects Performance · Row-Oriented Storage · Column-Oriented Storage · OLTP vs OLAP · Compression Benefits · Real-World Formats · Practical Impact · Looking ahead

Includes: Your Daily Git Workflow · The Daily Workflow in Detail · What Is a Pull Request? · Merge Conflicts · Undoing Things Safely · Advanced / use with care — skip on first read · .gitignore and .gitattributes · Looking ahead

Includes: How Teams Organise Their Code · Feature Branching · GitFlow · Trunk-Based Development · Release Strategies · Code Review Best Practices · Monorepo vs Multi-repo · Looking ahead

Includes: The Language of Data · Creating Tables · Inserting Data · SELECT: Querying Data · Aggregate Functions · GROUP BY and HAVING · UPDATE and DELETE · Foreign Keys · JOINs: Combining Tables · Using SQLite from Python · Looking ahead

Includes: Beyond Basic Queries · Database Engines · ACID Properties · Indexes · Query Execution Plans · Connection Pooling · Looking ahead

Includes: Powerful Query Techniques · JOINs in Depth · Subqueries and CTEs · Window Functions · CASE Expressions · Set Operations · Query Optimisation · Looking ahead

Includes: Getting the Structure Right · Normalisation · Relationships · Entity-Relationship Diagrams · Denormalisation · Schema Migration · Looking ahead

Includes: Bridging Python and SQL · SQLAlchemy: The Standard Python ORM · The ORM vs Raw SQL Debate · Common Anti-patterns · Migrations with Alembic · Looking ahead

Includes: When Time is the Primary Dimension · What Makes Time Series Data Special · Time Series Database Options · Key Concepts · Financial Use Cases · TSDB vs Traditional RDBMS · Looking ahead

Includes: Why Milliseconds Matter · Key Terminology · Real-World Latencies · Network Types · Co-location · Measuring Network Performance · Bandwidth vs Latency Trade-offs · Protocols and Speed · Looking ahead

Includes: Beyond the Basics · The OSI Model · TCP vs UDP · DNS (Domain Name System) · Ports · Firewalls and Security Groups · Load Balancing · Looking ahead

Includes: Why this matters · What an API Is · Anatomy of a URL · Methods: Saying What You Want · Safe and Idempotent Requests · Status Codes: What Happened? · Headers and JSON Bodies · Calling an API from Python · Authentication: Proving Who You Are · Rate Limits and Retries · Pagination: Big Results in Pieces · Designing a Good REST API · +1 more inside the lesson

Includes: Protecting Systems and Data · Authentication vs Authorisation · Password Security · Tokens and JWTs · API Security · Common Vulnerabilities · HTTPS and TLS · Role-Based Access Control (RBAC) · Looking ahead

Includes: Why this matters · The job of the plumbing · Key acronyms (plain English) · Layers on a typical desk · Trade lifecycle (happy path) · Microservices vs monolith (lightly) · Looking ahead

Includes: The Software Development Life Cycle · SDLC Phases · Development Methodologies · Code Quality Practices · Version Control Best Practices · Technical Debt · Monitoring and Observability · Looking ahead

Includes: From Local to Production · Common Environments · Environment Configuration · Environment Variables · Secrets Management · Feature Flags · Looking ahead

Includes: Running Software Consistently Everywhere · What is a Container? · Containers vs Virtual Machines · Docker · Docker Images and Layers · Docker Compose · Container Registries · Container Orchestration · Looking ahead

Includes: Automating the Path from Code to Production · Why CI/CD? · Continuous Integration (CI) · Continuous Deployment (CD) · Pipeline Stages · CI/CD Tools · Artifacts and Caching · Looking ahead

Includes: Computing on Someone Else's Servers · Why Cloud? · Core Cloud Services · Cloud Service Models · Pricing Models · Regions and Availability Zones · Looking ahead

Includes: The Building Blocks of AWS · Compute · Storage · Databases · Networking · Messaging · Monitoring · IAM (Identity and Access Management) · Looking ahead

Includes: Microsoft's Cloud Platform · Azure vs AWS — Service Mapping · Core Compute Services · Storage · Databases · Networking · Identity: Azure Active Directory (Entra ID) · DevOps · When to Choose Azure · Looking ahead

Includes: Storing Anything at Any Scale · Core Concepts · Storage Classes · Working with S3 in Python (boto3) · S3 for Financial Data · Access Control · Looking ahead

Includes: How Organisations Structure Their Data · Data Platform Layers · Data Lake vs Data Warehouse · Data Governance · Common Data Platform Tools · Financial Data Platform Architecture · Data Mesh (optional org-design idea) · Looking ahead

Includes: Processing Data at Scale · What Makes Data "Big"? · Batch vs Streaming · Apache Spark · Apache Kafka · ETL / ELT · Data Pipeline Architecture · Data Quality · Looking ahead

Includes: Why this matters · The supervised learning setup · Bias–variance and the finance twist · Train / validation / test · Baseline before brilliance · Key takeaways · Looking ahead

Includes: Why this matters · Why standard K-fold fails · Walk-forward (expanding or rolling) · Purging and embargoing · Metrics that matter · Nested validation for hyperparams · Multiple testing · Key takeaways

Includes: Why this matters · Labels in finance are design choices · Feature hygiene · Point-in-time and reporting lag · Leakage checklist · Scaling and preprocessing · Key takeaways

Includes: Why this matters · A decision tree in one picture · Bagging and random forests · Boosting (the workhorse) · Practical hyperparameter instincts · Trees vs linear models · Key takeaways

Includes: Why this matters · Building blocks · Architectures you will hear about · Regularisation and training hygiene · When to use nets vs trees · Key takeaways

Includes: Why this matters · Clustering · Dimensionality reduction · Anomaly detection · Relation to factor models · Key takeaways

Includes: Why this matters · The core objective · Transformers in one paragraph · Context windows and memory · What LLMs are good at in quant finance · What they are bad at alone · Key takeaways

Includes: Why this matters · Anatomy of a strong prompt · Patterns that work in finance · Temperature and sampling · Prompt injection awareness · Key takeaways

Includes: Why this matters · The RAG pipeline · Chunking is a modelling choice · Evaluation · Failure modes in finance · Key takeaways

Includes: Why this matters · What an agent is · High-value quant workflows · Design constraints that keep you employed · Multi-agent patterns · Key takeaways

Includes: Why this matters · Hallucinations and silent errors · Data protection and model choice · Model risk management (MRM) lens · Responsible rollout checklist · Key takeaways · Looking ahead

Includes: Why this matters · Latency vs throughput (again) · Why not Python for the hottest path? · What you will (and will not) do in this track · How to use the optional track · Looking ahead

Includes: Why this matters · Why C++ in Finance? · Types, Variables, and Functions · Classes and Encapsulation · Memory: Stack, Heap, and RAII · Templates and the STL · C++ Alongside Python · Summary

Includes: Why this matters · Prefer Values Over Sentinels · Views: string_view and span · Algorithms Over Loops · RAII for Locks and Handles · Rule of Zero (and Five) · Const-Correct APIs · Summary

Includes: Why this matters · Threads and Responsibilities · Mutexes and Critical Sections · Atomics for Simple Shared State · Message Passing Beats Shared Mutation · Data Races vs Race Conditions · Latency Habits Under Contention · Summary

Includes: Why this matters · Move Semantics and Cheap Transfers · Avoid Allocations on the Hot Path · Cache-Friendly Data Layout · Const, Inlining, and Branch Predictability · Concurrency Without Surprises · Interop and Measurement · Summary

Includes: Why this matters · Why Rust? · Ownership: Rust's Core Idea · Syntax Basics · Enums and Pattern Matching · Option and Result · When to Use Rust in Finance · Summary

Includes: Why this matters · Vec, HashMap, and Friends · The Iterator Trait · Ownership Through Iterators · Zero-Cost Abstraction (Intuition) · Collecting and Fallible Iteration · When Not to Be Clever · Summary

Includes: Why this matters · Borrowing in APIs · Traits: Interfaces Without Inheritance · Lifetimes (Intuition) · Error Handling at Scale · Concurrency Without Data Races · Rust vs C++ in Practice · Summary

Includes: Why this matters · Move Threads, Don't Share by Accident · Channels for Pipelines · Arc and Mutex When You Must Share · Send and Sync (Intuition) · Atomics and Lock-Free Caution · Async Is a Separate Gear · Summary

Includes: Why this matters · The Main Asset Classes · Exchanges and Over-the-Counter Markets · Buy-Side, Sell-Side and Everyone Else · Bid, Ask and the Order Book · Market Makers and Liquidity · Long, Short and Leverage · Following a Trade: From Click to Settlement · Where Quants Fit · Summary

Includes: Why this matters · Why £1 Today Beats £1 Later · Simple and Compound Interest · How Often Interest Is Added · Continuous Compounding · Present Value: Running the Clock Backwards · Discount Factors: The Price Today of £1 Later · Why Present Value Is the Price: No Arbitrage · Net Present Value · Perpetuities: Payments That Never Stop · Annuities: Payments for a Fixed Term · The Internal Rate of Return · +2 more inside the lesson

Includes: Why this matters · What Is a Derivative? · Forwards: Locking In a Price Today · Futures: Forwards on an Exchange · Margin and Marking to Market · Call Options: The Right to Buy · Put Options: The Right to Sell · Writing Options: The Other Side · Swaps: Exchanging Cash Flows · Hedging: Trading Away a Risk · Speculation and Leverage · Arbitrage and the Law of One Price · +2 more inside the lesson

Includes: Why this matters · What an Exchange Rate Is · Which Currency Comes First, and Cross Rates · Pips and the Bid–Ask Spread · Who Trades FX, and How Much · How the Market Is Organised · Spot Settlement: T+2 · Settlement Risk: Herstatt and CLS · FX Forwards: Locking In a Rate · Covered Interest Parity · Forward Points and FX Swaps · The Carry Trade and Its Crash Risk · +2 more inside the lesson

Includes: Why this matters · What Makes Commodities Different · Energy, Metals and Agriculture · Who Trades Commodities, and Why · Spot and Futures Prices · The Cost of Carry · Why Futures Can Trade Below Full Carry · Convenience Yield · Contango and Backwardation · Roll Yield: Why Commodity Funds Can Lag Spot · Seasonality · When Storage Runs Out: Oil in April 2020 · +2 more inside the lesson

Includes: Why this matters · What the Money Market Is For · Day Counts: Actual/360 and Actual/365 · Treasury Bills and How Their Yield Is Quoted · Commercial Paper and Certificates of Deposit · Repo: A Loan With a Bond as Security · Haircuts: The Lender's Cushion · General Collateral and Specials · Bilateral and Tri-Party Repo · Overnight Benchmarks and the End of LIBOR · How Central Banks Use Repo · September 2019: The Repo Spike · +2 more inside the lesson

Includes: Why this matters · What a Bond Is, and Who Holds Them · Pricing a Bond: Present Value of Its Payments · A Bond Is a Bundle of Zero-Coupon Bonds · Yield to Maturity: From Price Back to Yield · Why Prices Fall When Yields Rise · Real Bonds Pay Twice a Year · Between Coupons: Accrued Interest, Clean and Dirty Prices · Duration: The Bond's Balance Point · Modified Duration: Answering the 1% Question · DV01: What One Basis Point Is Worth · Convexity: Why the Straight Line Isn't Enough · +4 more inside the lesson

Includes: Why this matters · One Rate for Every Length of Time · Discount Factors and Zero Rates · Compounding Conventions: One Price, Many Rates · Valuing Any Cash Flows Off the Curve · Bootstrapping From Bond Prices · Par Rates and the Par Curve · Between the Pillars: Interpolation · Locking In a Future Rate · No Arbitrage and the Forward Curve · FRAs and Swaps · A Curve in Code · +5 more inside the lesson

Includes: Why this matters · What a Share Is · How Shares Are Issued and Traded · Market Capitalisation and Indices · Simple Returns and Growth Factors · Log Returns: Which Return for Which Job · Total Return: Price Plus Dividends · Splits and Adjusted Prices · Building a Clean Return Series · Compounding and Annualising Returns · Volatility: How Much Returns Swing · Annualising Volatility: the Square Root of Time · +3 more inside the lesson

Includes: Why this matters · A Loan That Floats · The Swap: Fixed for Floating · The Cash Flows Year by Year · Who Uses Swaps, and Why · Recap: Discount Factors and Forward Rates · Valuing the Fixed Leg: the Annuity · Valuing the Floating Leg · The Par Swap Rate · A Swap as Two Bonds · Marking to Market After the Curve Moves · DV01: Risk per Basis Point · +5 more inside the lesson

Includes: The Fundamental Relationship · Expected Return · Volatility as a Measure of Risk · Risk Premium · The Sharpe Ratio · Diversification Intuition · Other Risk Measures · Summary

Includes: The Big Idea · Portfolio Return · Portfolio Variance · The Efficient Frontier · Correlation Effects · The Capital Allocation Line · The Diversification Mathematics · From Data to Tangency Portfolio · Limitations of Mean-Variance · Summary

Includes: From Portfolios to Pricing · Systematic vs Idiosyncratic Risk · Beta (β) · The CAPM · The Security Market Line (SML) · CAPM Limitations · Multi-Factor Models · Practical Applications · Summary

Includes: Why this matters · From CAPM to multi-factor · The Fama-French three-factor model · Size (SMB) and value (HML) factors · Momentum and the five-factor extension · Estimating factor loadings by regression · Factor investing in practice · Summary

Includes: Why this matters · Problems with naive mean-variance · Reverse optimisation and equilibrium returns · Expressing views (P, Q, Omega) · The Black-Litterman master formula · Blending views with the prior · Practical calibration · Summary

Includes: Why this matters · Equal weighting vs equal risk · Marginal and total risk contributions · The risk parity condition · The naive inverse-volatility portfolio · Leverage and risk parity · Comparison to 60/40 · Summary

Includes: The No-Arbitrage Principle · Forward Price: The Cost-of-Carry Model · Forwards on Assets with Known Income · Futures Pricing · Basis and Basis Risk · Practical Applications · Commodity Futures: Additional Considerations · Summary

Includes: Why Options Are Special · Calls and Puts — Review and Depth · Payoff Diagrams · Intrinsic Value vs Time Value · Moneyness · Put-Call Parity · European vs American Options · Option Strategies · Summary

Includes: From Intuition to Pricing · The One-Step Model · Risk-Neutral Probability · Multi-Step Trees · Convergence to Black-Scholes · Pricing American Options · Summary

Includes: The Theoretical Backbone · What Is Arbitrage? · Arbitrage-Free Markets · The Risk-Neutral Measure · Discounted Asset Prices Are Martingales · The Replication Principle · Pricing as Expectation Under Risk-Neutral Measure · Connecting the Dots · Limitations and Real-World Considerations · Summary

Includes: The Most Famous Formula in Finance · Model Assumptions · The Formula · Understanding the Formula · Lognormal Price Dynamics · Risk-Neutral Valuation · Key Inputs · Implied Volatility · Limitations of Black-Scholes · Summary

Includes: Why Sensitivities Matter · Delta (Δ) · Gamma (Γ) · Vega (ν) · Theta (Θ) · Rho (ρ) · The Greeks in Practice · Summary

Includes: Why this matters · The replicating portfolio · Delta hedging · Rebalancing and discrete hedging error · Gamma and the cost of convexity · Transaction costs · P&L attribution of a hedged book · Summary

Includes: Why this matters · Risk-neutral simulation of GBM · Monte Carlo option pricing · Standard error and convergence · Variance reduction recap · The PDE (finite-difference) alternative · Choosing MC vs PDE · Summary

Includes: Why this matters · Path-dependent vs path-independent · Barrier options (knock-in/knock-out) · Asian options · Digital/binary options · Lookback and cliquet options · Pricing approaches · Summary

Includes: The Central Role of Volatility · Historical Volatility · Implied Volatility · The Volatility Smile and Skew · Realised vs Implied Volatility · Volatility Clustering · Exponentially Weighted Moving Average (EWMA) · Summary

Includes: Quantifying Portfolio Risk · What Is Value at Risk? · Parametric (Normal) VaR · Historical Simulation VaR · Expected Shortfall (CVaR) · Tail Risk · Coherent Risk Measures · VaR in Practice · Summary

Includes: What Is Credit Risk? · Key Concepts · Credit Spreads · Credit Rating Agencies · Structural Models (Merton Model — Intuition) · Reduced-Form Models (Intuition) · Credit Default Swaps (CDS) · Credit Risk in Quantitative Finance · Summary

Includes: Why this matters · From VaR to Expected Shortfall · Coherent risk measures · Computing ES historically and parametrically · Backtesting VaR (Kupiec/traffic-light) · Stress testing and scenario analysis · The Basel FRTB shift to ES · Summary

Includes: Why this matters · Counterparty credit risk and default · Expected exposure and PFE · CVA — credit valuation adjustment · DVA, FVA and the XVA family · Wrong-way risk · Regulation and capital · Summary

Includes: What Is a Structured Note? · Structured Rates: Interest That Follows Rules · Credit-Linked Notes: Lending With a Catch · How Structured Rates and Credit Notes Combine · Reading a Term Sheet · Summary

Includes: From Product to Numbers · Cashflows Over Time · Rule-Based Interest · Credit Events · Scenario Analysis · Modelling in Practice · Summary

Includes: Is This Actually a Good Deal? · Expected Returns vs Promised Returns · Downside Risk · Stress Testing · Explaining the Product: The Transparency Test · Putting It All Together: A Valuation Framework · Summary

Includes: How Trading Actually Happens · Order Books · Bid-Ask Spread · Order Types · Queue Priority · Slippage · Liquidity · Transaction Costs · Market Making · Summary

Includes: Rules, Not Gut Feelings · What Is Algorithmic Trading? · Alpha Signals · Backtesting · Overfitting · Signal Decay · Execution Risk · Risk Management in Systematic Trading · Summary

Includes: Why this matters · FRAs and interest-rate futures · Caps, floors and collars · Swaptions · Bermudan and exotic IR products · Pricing approaches · Risk management of an IR book · Summary

Includes: Why this matters · Discount factors, zero rates and forward rates · Bootstrapping the curve from instruments · Interpolation choices · Multi-curve (OIS discounting) post-2008 · Curve risk and key-rate durations · Summary

Includes: Why this matters · Macaulay duration · Modified duration · DV01 / PV01 · Convexity · The duration-convexity price approximation · Hedging interest-rate risk · Summary

Includes: Why this matters · The short rate and the bank account · Vasicek model · Cox-Ingersoll-Ross (CIR) · Mean reversion and calibration · Bond pricing under affine models · Limitations · Summary

Includes: Why this matters · Modelling the whole forward curve · The Heath-Jarrow-Morton framework · The HJM drift condition (no-arbitrage) · The LIBOR Market Model (BGM) · Caplets, Black's formula and calibration · Choosing a model · Summary

Includes: Why this matters · The Merton model: equity as a call on assets · Default at maturity · Distance to default · From distance-to-default to PD · The KMV approach · Strengths and weaknesses · Summary

Includes: Why this matters · Hazard rates and the intensity of default · Survival probability · Pricing risky bonds · Calibrating intensity from CDS · Comparison with structural models · Summary

Includes: Why this matters · Insurance for a Loan · The Two Legs · What Happens at Default · From a Price to a Default Probability · Survival Over Several Years · Valuing the Premiums: The Risky Annuity · Marking to Market · Fixed Coupons and Upfront Payments · CDS Indices · Hedging, Basis Trades and Speculation · When Protection Fails · +1 more inside the lesson

Includes: Why this matters · Securitisation and tranching · The waterfall · Default correlation and the Gaussian copula · Base correlation and the 2008 lessons · Tranche sensitivities (correlation risk) · Summary

Includes: Why this matters · Implied volatility recap · The smile and skew · The term structure of volatility · The implied vol surface · Sticky strike vs sticky delta · Arbitrage constraints on the surface · Summary

Includes: Why this matters · The limitation of constant Black–Scholes vol · Local volatility as a deterministic function $\sigma(S,t)$ · Dupire's equation · Calibrating to the implied surface · Strengths and the dynamics critique · Summary

Includes: Why this matters · Why volatility itself is random · The Heston model SDEs · The variance process (CIR) · The correlation and the skew · Semi-analytic pricing via the characteristic function · Calibration · Summary

Includes: Why this matters · Realised vs implied variance · The variance swap payoff · Replication with a strip of options · The VIX construction · Volatility as an asset class · Summary

Includes: Why this matters · From raw data to alpha signals · Cross-sectional vs time-series signals · Normalisation and winsorisation (z-scores) · Combining signals · Decay and turnover · Avoiding look-ahead bias · Summary

Includes: Why this matters · The anatomy of a backtest · In-sample vs out-of-sample · Overfitting and the multiple-testing problem · The deflated Sharpe ratio · Transaction costs and capacity · Common biases (survivorship, look-ahead) · Summary

Includes: Why this matters · The cost of trading: spread, impact, fees · Market impact models (square-root law) · Implementation shortfall · Execution algorithms (TWAP, VWAP, POV) · Slippage measurement · Capacity and decay · Summary

Includes: Why this matters · Pairs trading · Cointegration and the spread · Mean-reversion and the Ornstein-Uhlenbeck spread · Entry/exit z-score rules · Risk management of a stat-arb book · Decay of edges · Summary

Includes: Why this matters · From signals to positions · Volatility targeting · Position sizing and the Kelly criterion · Constraints (gross, net, sector) · Rebalancing and costs · Combining strategies · Summary