The Quants

-- by Horatio Algeranon

They're on a random walk

Down Wall Street, with a bottle.

The Quants, they love to talk,

But empty is their model.

Mathematical models are used in science all the time, but they are actually based firmly in reality (physics, chemistry, etc) --  at least most of the time ("String theory" being a notable exception).

A mathematical model that is not based firmly (or even weakly) in reality (in the realm in which it is being applied) is simply "mathturbation" and can be a very dangerous thing, especially when those using the "output" of the models ( financial "analysts" using the output of models developed by "quants" in the case of the financial system)  to make important decisions don't really even understand the models. Think "plugging into" the Black-Scholes formula and using whatever "pops out." 


For another ditty on a similar subject, read The Mathgic Box.