Really, that means: Quantitative Work Alliance for Applied Finance, Education, and Wisdom. Quite a mouthful. Anyway, this appears to be a current and running site for quants in various stages of the game. Regular meetings are held, and the site is chock full of presentations regarding Hedge Funds, Regression, Portfolio Construction, Simulations, etc.
Plus it has a random quote section, one of which I found rather pointed:
When asked what it was like to set about proving something, the mathematician likened
proving a theorem to seeing the peak of a mountain and trying to climb to the top. One
establishes a base camp and begins scaling the mountain's sheer face, encountering obstacles
at every turn, often retracing one's steps and struggling every foot of the journey. Finally
when the top is reached, one stands examining the peak, taking in the view of the
surrounding country side and then noting the automobile road up the other side!
. Robert J. Kleinhenz
Here is a self description of the group:
QWAFAFEW is an informal organization of quantitatively oriented professionals in various
aspects of financial services (primarily investment management). The group was formed
... to provide a venue for quantitative researchers to discuss their evolving work
with peers. ... The members span the gamut from owners and senior executives of investment
related organizations to recent entrants to the industry.
Another good quote. I wonder where they get their database from.
A new scientific truth does not triumph by convincing its opponents and making them see the
light, but rather because its opponents eventually die, and a new generation grows up that
is familiar with it.
. Max Planck
On another track, they have a link to a recent New Yorker article, called Hedge Clipping,
where they have an interview with an ex-analyst, now academic, Harry Kat,
who has developed some software to emulate trading styles of hedge funds that he could find
that had published data about their returns and asset type usage. He charges clients one
third of one percent of the moeny they invest using the software. The interesting thing I
learned in the article is that it is typical for fund managers to make 2 percent of the
value invested, plus twenty percent of any profits that the fund generates. A nice little
return, for the fund manager. Just so long as the fund generates significant enough returns
to cover the percentages.