Master the basics and intricacies of quant and high-frequency trading with the latest edition of this accessible and widely read guide. In the newly revised third edition of Inside the Black Box: A Simple Guide to Systematic Investing, experienced practitioner and investor Rishi K Narang offers a deeper discussion of how quantitative and algorithmic trading strategies work in non-mathematical terms. This edition is packed with timeless concepts and up-to-date updates. Informative anecdotes and real-life stories explain the most relevant developments in the discipline since the publication of the second edition in 2013. You will find an update on the explosion of machine learning for alpha, signal mixing, data mining and execution, as well as the proliferation of alternative data and a discussion on their proper use. You will also discover: Updated discussions on research approaches, Newer and more effective approaches to portfolio optimization, The frontiers of quantitative investing. An essential and accessible approach to a complex and timely topic, Inside the Black Box remains the gold standard for non-mathematicians who wish to understand the secrets of one of the most exciting and lucrative trading strategies, as well as for quants from other specialties looking for a conceptual framework on which to build effective systematic trading strategies.