How is S&T getting more Quant?
I'm always reading things about how playing the financial markets, be it on the sell-side as a flow or prop trader, or on the buy-side as a portfolio manager, is getting more and more quantitative.
I'm just wondering, considering most traders don't even leave their desks for lunch, when exactly do they have time to do linear algebra? I'm not talking about quants working on automated trading machines or risk probability models, I mean actual traders.
I don't buy that "quants are taking over" because most of their work seems to be focused more around execution and arbitrage, essentially replacing what used to be agency traders. Oh and that whole LTCM thing....
So how exactly is S&T or PM getting more quantitative? How do they apply math in their daily routines and jobs in general?
This isn't an attack on math or quants. Rather I am completely clueless and would like some help understanding how math is applied by traders, PMs, etc. I also realise that different products, strategies, etc. all require different levels of math.
Essentially, I am looking for help in understanding why and HOW is playing the markets is getting more and more math-oriented going forward.