I must say this is a “good” thing for the SEC and glad someone moved on it as there is no other federal agency that needs big data and intelligence analytics worse. By contrast you can see what Reuters is offering with adding a new tweak so you can see when fat ladies think about singing, when they sing and worse yet when they become “drama queens”:) The SEC does catch some folks with bad math and algorithms here and there and it does make the news, like this guy who for two years knew his calculations were off but still continued to run the…talk about flawed data and come to think of it, who did he sell this to?
Here’s a good example I found a couple years ago and it made the rounds when I found my former doctor who had been dead for 8 years still listed in the after life on the web, in other words flawed data as she was not still alive and seeing new patients as the many sites that rank and put information out on doctors and hospitals said…see how far this goes back. Believe it with flawed data as there’s more of it out there than you can shake a stick at.
Recently too on the web there has been a few folks talking about the usefulness of all the “big data” and they make good points as some of it is not useful but folks take it and write queries and will sell anything they can create a data base with, and more and more of that is appearing. I like good clean data and not the marketing rubbish out there as is does nothing for me and others and just clouds the waters. Just because data exists and has value in one place doesn’t mean that it’s open game to query with any kind of other data to sell, but boy are the query folks all over it. Sometimes they do find good uses and we get that too, but being able to tell the difference is a challenge for sure, look at clinical trial data for one area as lies and other types of substantiation are in the news all the time. These folks at the MIB are marketing their asses off too and they are far cry from what they started out to be a number of years ago.
Use of IBMWatson Technology in Congress Would Allow For Smarter Laws and Decision Processes With Bonus Points For Lowering Over All Impact of Lobbyists
I wrote the short blog post almost 3 years ago and I’ll be darned if we don’t need a government department like this:
Here’s the analytics Reuters is using for the “fear” and “emotions” index and you could get a real education if you read up here on what’s going on with algorithms and queries. Gee, what if we bought into this in healthcare? Now that’s a scary thought indeed. Reuters is not the only one into this by any means.
“ MarketPsychData.com demonstrates our text-analysis based investment tools. Below, the MarketPsych 90-day average Fear index displays the amount of Fear expressed in financial social media (green line) over a candlestick chart of the S&P 500 index.”
So what in the heck is Congress going to do when it comes to a hearing on the Facebook IPO? Will they understand it at all? They are busy looking at the framework and not the algorithms for accuracy…duh? I have a series I write called “The Attack of the Killer Algorithms” they chapter 32 and you can read more on that topic at the link below, because it’s true and I would not want to be in the IT Department of NASDAQ today and you could clearly see the CEO didn’t get it either, he’s a figurehead when it comes to complicated algorithms and only your programmers know for sure and they have to determine what to put out in the press that the layman “might” comprehend, much less Congress.
Do you thing many would understand “over clocking of server processors, nope.
Well we don’t know what else to do with these folks so slap out a fine:)
I thought I was the only one talking about this but recently was contacted by the National Institute of Statistical Sciences that told me to keep blowing the horn and that someone will eventually listen. It’s all about the math, algorithms, data, and “flawed data” that creates markets sometimes where they don’t belong.
To quote Kevin Slavin on his video on Algorithms…future looks pretty good if you are an algorithm, not so if you are a human. If you want to look at some everyday examples in the Attack Series, here’s the link below and it has a permanent spot on the Medical Quack at all times if you scroll a little. Let’s hope the SEC can make some major moves in their analytics and with keeping things clean as they are about all we have anymore. BD
Something has been quietly changing at the SEC, the agency whose reputation was savaged by the financial crisis when regulators were accused of being asleep at the switch, and also took a severe beating for failing to seize multiple opportunities to stop Bernie Madoff before he bilked investors out of $65 billion.
Over the last year, the SEC has ramped up its ability to ingest and analyze the data that floods the market on a daily basis – and thanks to its new analytics technology, it has been able to more effectively pinpoint market abuses, Bayer notes.
Bayer has also been working with two Big Data experts – Jeanne Ross from MIT and Barb Wixom from the University of Virginia, who are providing the SEC with insights into emerging and evolving best practices in technology, he says. “Their technology case studies cover a range of companies and it gives us a broader view of innovative practices across industries. From a big data perspective, they inform us of how social media companies are analyzing their data. Jeanne helped me to understand the positive impact of "gamification" on learning and business process.”