Quantitative trading and Quantitative risk

Time and Tide waits for no man...

Was going through a post on Black Scholes and the normal distribution By Cathy O’Neil, a data scientist from mathbabe.
Its surprise to notice that what people in finance do or do not assume about how the markets work. I wanted to dispel some myths (at the risk of creating more).

Quantitative trading and Quantitative risk has big difference in them so lets try to figure it out.

Markets are not efficient

In quantitative trading, nobody really thinks that “markets are efficient.” That’s kind of ridiculous, since then what would be the point of trying to make money through trading?
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