<p>I see. Mathematics is important and economics and finance are unrelated. Could you tell me about the differences of each? The specifics? In what aspect does mathematics provide an edge? What type of math is used? I believe MIT does not have a finance major, therefore is it just a focus that you have to pursue individually while taking another major? Or, are there certain guidelines set specifically for finance?</p>
<p>how are you home now chaos?</p>
<p>I realize I am simplifying a lot and hopefully I don't offend anybody. When I say math, I mean math. There are ways to make money in markets (statistical arbitrage, derivatives, etc.) where it can be all about number crunching. Sometimes pretty serious number crunching - mathematical models that takes hours to run on server farms of hundreds of parallel processors. We need people a lot smarter in math than me to build those models. Read about some of the strategies used by Long Term Capital Management, the large hedge fund that blew up in 1998 (try the book titled "When Genius Failed"). They blew up by the way not necessarily because they were wrong about their analysis but probably more so because of the degree of leverage they had applied to their trades. There is a saying that in the short term it is possible for markets to remain irrational longer than you can remain liquid. If you bet on a coin flip you should get 50/50 results over the longer term, right? In the short term though how many times in a row can you get heads? If you go "double or nothing" each time you get heads how long till you run out of money? And what if its not double or nothing but say "100 times or nothing"? That is what leverage can do. When I say economics I am thinking about the theories of how markets and economies work and all the interrelated factors affecting them. Think about whether the Fed raises interest rates, trade balance, the unemployment rate, etc. And when I say finance I am thinking more about how to run a company. How much of your capitalization should be equity or debt? Should your debt be long term or short term? Should you acquire another company? How should you fund that acquisition? Should you make capital expenditures? There obviously can be overlap amoung those things, but big picture that is what I meant.</p>
<p>I thought MIT did have some finance/economcs related options (not sure exactly what they call them), although that isn't the reason to go to MIT. You go to MIT for other reasons and if you want finance/econ there are other schools you would go to.</p>
<p>hmmm... well ive always wanted to write about stuff like financial self help, how to get ur life back in order, all that oprah kind of stuff. or producing or something- hollywood has always facinated me. lol ^_^ i like things big.</p>
<p>lol interesting post blairt. yeah, iono idk it is important to know, or at least have some kind of an idea of what youd like to do, uknow? helps u stay more directed in general too. </p>
<p>i <em>heart</em> oprah :D</p>
<p>....and a nonpartisian newspaper with no advertising and a public vow to its customers for honesty.</p>
<p>Biffgnar, you have very accruately described how careers in business work today. The kid who figures it out (or has access to and has been keen enough to follow good guidance) is likely to be well rewarded financially. </p>
<p>I only wish I were so saavy when I was younger. I sure had the opportunity and didn't see it. Never really had the guidance. Oh, well.</p>
<p>That being said, financial success isn't the only road to happiness. As I see other posters who have more social ideals in mind. There are many satisfying careers making the world a better place that require a top rate education. </p>
<p>Sabregeil, Oprah didn't get to be wealthy and able to do great things without having a keen eye for the business deal. Anyone who can do business with Don King and come out with money in their pocket has to be pretty shrewd.</p>
<p>Sorry if this is a bit above your head. If you do some hard research on Oprah, you will find that she has been very good at protecting her business interests in a deal making world of entertainment where many great talents are used and discarded.</p>
<p>The most important thing to remember is that your prep school education opens a few doors, but there are many more to go!</p>
<p>Thanks, FrenchSilkPie, though I think I'd like to become a billionaire or something along those lines. I'll need to, because I have a very specific idea of how I want to educate my children, and I'll need a lot of money to do it. :D
Also, this is kind of random, but I've always wanted to work in the admissions office of an elite private school. It kind of goes along with psychiatry and making a school, I suppose.</p>
<p>...me tooo! i'm really good at seeing right through people and i think i would be very good at being an adcom.. and i would like being so involved in my school so many years later (given i choose my alma mater).. i want to compile the statistics and read the essays and stuff..</p>
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i want to compile the statistics and read the essays and stuff..
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<p>Yeah. That sounds really fun.</p>