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 PYTHON FOR
FINANCE: A CRASH
COURSE MODERN
GUIDE

Hayden Van Der Post

Vincent Bisette

Reactive Publishing
 CONTENTS

Title Page
Preface
Chapter 1: Why Python for Finance?
Chapter 2: Setting Up Your Python Environment
Chapter 3: Python Syntax and Basic Constructs
Chapter 4: Time-Series Analysis
Chapter 5: Introduction to Portfolio Theory
Chapter 6: Algorithmic Trading Strategies
Chapter 7: Overview of Machine Learning
Chapter 8: Linear Regression Models
Chapter 9: Natural Language Processing (NLP) for Financial News
Analysis
Python Basics for Finance Guide
Data Handling and Analysis in Python for Finance Guide
Time Series Analysis in Python for Finance Guide
Visualization in Python for Finance Guide
Algorithmic Trading in Python
Additional Resources
 PREFACE

W
elcome to "Python for Finance: A Crash Course Modern Guide", a
comprehensive resource designed for advanced users who are
poised to leverage Python's capabilities to analyze financial data,
develop trading strategies, and solve complex financial problems. This book
assumes a foundational understanding of both Python programming and
financial principles, aiming to bridge the gap between advanced theoretical
concepts and their practical applications in finance.

The world of finance is both dynamic and complex, characterized by an

incessant influx of data and a constant demand for more refined analytical
processes. In this environment, Python has emerged as an indispensable tool
for financial analysts, traders, and quantitative researchers due to its
simplicity, flexibility, and powerful libraries specifically tailored for
financial analysis. This book will guide you through the advanced use of
Python in finance, covering topics from portfolio optimization and risk
management to algorithmic trading and beyond.

Our purpose in writing this book is twofold. First, we aim to provide you
with the advanced programming skills needed to execute sophisticated
financial analyses and develop robust trading strategies using Python.
Second, we endeavor to present these concepts in a manner that bridges
theoretical knowledge and practical application, enabling you to tackle real-
world financial challenges with confidence and precision.

The target audience for this book is not beginners to programming or

finance. Rather, it is written for those who already possess an intermediate
to advanced understanding of Python and a solid foundation in financial
concepts. Whether you are a finance professional seeking to enhance your
analytical skills, a data scientist aspiring to specialize in financial
applications, or a student in a related field aiming to expand your expertise,
this book is tailored for you.

Through concise explanations, practical examples, and hands-on exercises,

you will learn to apply Python's extensive libraries and tools in finance.
Each chapter builds on the knowledge of the preceding ones, structured to
facilitate both comprehensive learning and quick reference. By the end of
this journey, you will not only have mastered advanced financial analysis
with Python but also acquired a toolkit to tackle the evolving challenges of
the financial industry with innovation and efficiency.

As you turn these pages, we invite you to immerse yourself in the

exploration of Python's vast potential in finance. Let this book be your
guide to mastering the complexity of financial analysis with the simplicity
and power of Python. Welcome to the intersection of finance and
technology, where your journey towards becoming an advanced practitioner
begins.

Happy coding and analyzing,

 CHAPTER 1: WHY
PYTHON FOR FINANCE?

T
he integration of Python into finance can be traced back to its core
attributes: simplicity, flexibility, and a vast ecosystem of libraries.
Unlike its contemporaries, Python was designed with readability and
straightforward syntax in mind, allowing financial analysts, who may not
have a deep background in computer science, to quickly grasp and
implement complex financial models and simulations.

Python's versatility is evident in its wide application, ranging from

straightforward financial calculations to developing complex trading
algorithms. The language's robust libraries, such as NumPy for numerical
computing, pandas for data manipulation, and matplotlib for data
visualization, have underpinned its utility in handling vast datasets common
in finance.

The financial industry thrives on the analysis and interpretation of data.

Python excels here, offering tools that streamline the process of data
collection, cleaning, and analysis. Through libraries like pandas, financial
professionals can manipulate and analyze time-series data, crucial for
market trend analysis and economic forecasting.

Moreover, Python's Scikit-learn library has opened avenues for machine

learning in finance, enabling predictive models that can assess risk, identify
trading opportunities, and automate trading strategies. This application of
Python for both traditional financial analysis and the cutting-edge field of
machine learning illustrates its dual role as both a foundational tool and a
gateway to innovation.

The rise of Python has also led to a paradigm shift in the skill set required
in the finance sector. Financial institutions now seek professionals who are
not only adept in financial theories but also proficient in Python. This
demand has propelled Python to a core subject in finance-related academic
curricula and professional training programs.

Moreover, Python's accessibility and the community's commitment to open-

source principles have fostered a collaborative environment. Financial
analysts, traders, and researchers share code, develop libraries, and
contribute to forums, pushing the boundaries of financial innovation.

One of the most notable applications of Python in finance is in the world of

algorithmic trading. Python's capacity to process and analyze large datasets
in real-time, coupled with its ability to integrate with trading platforms,
makes it an ideal choice for developing automated trading systems. These
systems can monitor market movements, execute trades based on
predefined criteria, and manage risk, all with minimal human intervention.

Python's role in algorithmic trading is not limited to strategy development.

Libraries like backtrader and pyfolio offer tools for backtesting, allowing
traders to simulate their strategies on historical data before deploying them
in live markets. This capability to rigorously test and refine trading
algorithms underscores Python's value in reducing risk and enhancing
profitability.

The incursion of Python into the financial industry is not merely a trend but
a transformation. From data analysis and risk management to algorithmic
trading and machine learning, Python has become the cornerstone of
modern financial operations. Its simplicity, power, and the supportive
community have democratized financial analysis, enabling professionals
and institutions to navigate the complexities of the financial world with
unprecedented precision and insight.
As we look towards the future, Python's role in finance is poised to grow,
driven by ongoing innovation in financial technology. For those embarking
on a journey in finance, proficiency in Python is not just an asset but a
necessity, unlocking doors to new opportunities and frontiers in the
financial domain.

The Growth of Python in Finance

The ascent of Python within the finance sector is a narrative of evolutionary

growth, marked by pivotal developments and the strategic foresight of the
financial community. This segment explores the dynamic expansion of
Python's role in finance, charting its journey from a supplementary tool to a
fundamental driver of financial analysis, innovation, and strategy.

Python's initial incursion into the finance industry was met with skepticism.
Traditional tools like Excel, MATLAB, and C++ dominated the landscape,
and the introduction of a new, seemingly less powerful language was
viewed with caution. However, the early adopters of Python in finance
recognized its potential for simplifying tasks that were cumbersome with
existing tools. They leveraged Python’s simplicity to automate routine data
analysis tasks, laying the groundwork for a broader acceptance.

The turning point came with the exponential growth of the Python
community. Developers and financial professionals began contributing to a
burgeoning ecosystem of libraries specifically designed for finance. This
collaborative effort resulted in tools that could handle time-series data,
perform complex calculations, and model financial theories more efficiently
than ever before.

Quantitative finance, with its reliance on complex mathematical models and

large-scale data analysis, provided fertile ground for Python's expansion.
The language's ability to seamlessly manage large datasets and its capacity
for rapid prototyping made it an invaluable asset for quants. Python
libraries such as NumPy and pandas facilitated operations on numerical
data, while matplotlib and seaborn offered advanced visualization
capabilities, making the interpretation of financial models and data more
intuitive.
The development of libraries like QuantLib, dedicated to quantitative
finance, further cemented Python's place in the industry. These tools
enabled professionals to model derivatives, perform risk management tasks,
and construct financial instruments with unprecedented ease.

Python's accessibility has played a crucial role in democratizing financial

analysis. With resources readily available online and a supportive
community, individuals and smaller firms could undertake sophisticated
financial analyses that were previously the domain of large institutions.
This democratization has spurred innovation, with novel financial
technologies and strategies emerging from beyond traditional financial
powerhouses.

The fintech revolution, characterized by the amalgamation of technology

and finance, has been significantly powered by Python. Startups and
established financial institutions alike have adopted Python to develop
applications ranging from automated trading systems to personal finance
management tools. The language's ability to handle vast amounts of data in
real-time makes it ideal for applications that require quick, accurate
financial insights.

Moreover, Python's role in the rise of machine learning in finance cannot be

overstated. Libraries such as TensorFlow and Keras have made it possible
to apply complex machine learning algorithms to financial data, enabling
predictive models that can forecast market trends, enhance trading
strategies, and identify risks with a level of accuracy previously
unimaginable.

Today, Python stands as the lingua franca of the financial industry. Its
adoption by leading financial institutions, universities, and regulatory
bodies worldwide speaks to its unmatched capabilities and the value it
brings to the finance sector. As we move forward, the continued evolution
of Python and its ecosystem holds the promise of further innovations. From
blockchain technologies to artificial intelligence in finance, Python is at the
forefront of driving change and shaping the future of the industry.
the growth of Python in finance is a testament to the language's adaptability,
power, and the vibrant community that supports it. What began as a tool for
simplifying data analysis tasks has transformed into a cornerstone of
financial strategy and innovation, demonstrating the profound impact
Python has had on the financial landscape.

Comparison with Other Programming Languages

In the financial sector, the choice of programming language can

significantly influence the efficiency, scalability, and flexibility of financial
models and analyses. Python, with its concise syntax and robust ecosystem,
has emerged as a preferred language for many. However, to appreciate its
standing, one must consider how it compares to other stalwarts in the field
such as R, MATLAB, C++, and Java.

R, like Python, is a language designed with data analysis in mind. It boasts

a rich set of libraries for statistical analysis and visualization, making it a
favorite among statisticians and data scientists. However, Python edges out
R in terms of versatility. Python's syntax is more intuitive and easier for
non-statisticians to learn, which democratizes data analysis across different
domains, including finance. Furthermore, Python's extensive libraries such
as NumPy, pandas, and scikit-learn offer comparable, if not superior, data
manipulation and machine learning capabilities, making it a more well-
rounded choice for financial analysis that goes beyond mere statistical
computations.

MATLAB has been a mainstay in engineering and quantitative finance for

decades, prized for its powerful mathematical and numerical computing
capabilities. Its toolboxes are highly optimized for performance, and its
extensive use in academia means many financial engineers are proficient in
it. However, Python provides an open-source alternative with libraries like
NumPy and SciPy that match MATLAB’s capabilities. While MATLAB's
syntax and debugging tools are tailored for matrix operations and numerical
simulations, Python's simplicity and versatility, combined with its free
access, have led many to migrate from MATLAB for financial modeling
and analysis tasks.
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C++ is renowned for its execution speed and control over system resources,
making it ideal for high-frequency trading applications where performance
is critical. Python, on the other hand, is an interpreted language and
inherently slower in raw execution. However, Python offers greater
developer productivity and faster prototyping, which is crucial in rapidly
changing financial markets. Python’s ability to bind with C/C++ libraries
(using Cython, for example) allows developers to optimize performance-
critical parts of their code. This symbiosis enables the rapid development of
complex financial models in Python, with critical sections accelerated
through C++ integration, offering a balance between speed and
development efficiency.

Java holds a strong position in large-scale, enterprise-level financial

applications, thanks to its platform independence, robustness, and
performance. It is extensively used in banking and financial services for
transaction management systems, back-end services, and as the basis for
many trading platforms. While Python is used for data analysis and
prototyping, Java often becomes the choice for deploying scalable, high-
performance financial applications. Yet, Python's simplicity and the rich
ecosystem, especially for data analysis and machine learning, make it a
preferred language for the exploratory and analytical phases of financial
projects.

In the diverse ecosystem of programming languages used in finance, Python

stands out for its ability to offer a blend of simplicity, versatility, and a
comprehensive suite of libraries tailored for financial analysis. While other
languages have their niches—R for statistical analysis, MATLAB for
engineering applications, C++ for performance-critical tasks, and Java for
enterprise applications—Python's widespread adoption is a testament to its
balance of readability, performance, and an active community that
continually enhances its capabilities.

Python's growth in finance is not about surpassing other languages in every

aspect but about offering a harmonious blend that caters to the dynamic
needs of financial analysis, modeling, and algorithmic trading. Its role as a
bridge between different programming paradigms and its ability to integrate
with other languages and platforms underscores its central position in the
modern financial technology stack.

Case Studies of Successful Python Implementations in Finance

The ascent of Python within the financial industry is best understood

through a lens of real-world applications and success stories. Below, we
delve into a series of case studies that exemplify Python's transformative
role in finance, highlighting its versatility, ease of use, and powerful
libraries that have revolutionized financial analysis, modeling, and
algorithmic trading.

One of the world's leading hedge funds, Renaissance Technologies, famous

for its Medallion Fund, has been a pioneer in adopting Python to distill vast
amounts of market data into profitable trading strategies. Their approach
combines mathematical models, statistical analysis, and machine learning to
predict price movements. Python, with its rich ecosystem of data analysis
and machine learning libraries such as pandas, NumPy, and scikit-learn, has
been instrumental in processing and analyzing data, backtesting strategies,
and executing trades. The flexibility of Python allowed their quants
(quantitative analysts) to develop complex algorithms rapidly, test
hypotheses, and refine strategies, contributing to the fund's extraordinary
returns.

A leading global bank integrated Python into its risk management

framework to perform credit risk analysis and real-time market risk
assessment. By leveraging Python's pandas library for data manipulation
and analysis, along with SciPy for advanced mathematical functions, the
bank developed a comprehensive risk assessment toolkit. This toolkit
enabled the bank to automate the aggregation of risk metrics, perform
sensitivity analysis, and generate detailed risk reports. Python's ability to
interface with other languages and technologies meant the bank could
seamlessly integrate these tools into its existing systems, enhancing its
ability to respond to emerging risks swiftly.

A FinTech startup utilized Python to develop a robo-advisor platform

offering automated, algorithm-driven financial planning services with little
to no human supervision. Python's simplicity and the extensive selection of
financial libraries allowed the startup to implement sophisticated
investment algorithms that consider the client's risk tolerance and financial
goals to create personalized investment portfolios. Libraries such as
matplotlib and seaborn were used for data visualization, enabling clients to
have interactive, intuitive access to their investment data. This
implementation showcases Python's capability to power innovative
financial products that require complex mathematical computations and
user-friendly interfaces.

An asset management firm adopted Python to optimize its operations, from

portfolio management to client reporting. By leveraging Python's pandas
library for data analysis and Excel integration with the openpyxl library, the
firm automated the generation of client reports, significantly reducing
manual errors and operational costs. Python scripts were also used to
monitor portfolio performance, automate trade orders, and manage assets
more efficiently, demonstrating Python's impact on enhancing operational
efficiencies in asset management.

A proprietary trading firm developed a suite of algorithmic trading

strategies using Python, capitalizing on its ability to process high-frequency
data and execute trades at speed. Using event-driven programming and the
asyncio library, the firm created algorithms that could analyze market data
in real-time and execute trades based on predefined criteria. The flexibility
and performance of Python, combined with libraries like NumPy for
numerical computations and requests for handling HTTP requests to trading
platforms, allowed the firm to stay competitive in the fast-paced world of
algorithmic trading.

These case studies underscore Python's pivotal role in financial innovation,

offering a glimpse into its application across various domains of finance.
From hedge funds leveraging Python for quantitative trading to banks
employing it for risk management, and FinTech startups using it to power
robo-advisors, Python's adaptability, and powerful libraries have made it an
indispensable tool in the financial industry. Through these implementations,
Python has demonstrated its ability to simplify complex financial analyses,
enhance operational efficiencies, and drive the development of cutting-edge
financial technologies.

Advantages of Using Python in Finance

Python's syntax is celebrated for its readability and simplicity, making it an

ideal learning platform for beginners in programming and finance alike. Its
straightforward syntax mirrors that of the English language, allowing
professionals to focus more on solving financial problems and less on the
intricacies of programming. For individuals transitioning from different
fields into finance, Python provides a gentle learning curve, facilitating a
smoother integration into the complex world of financial analysis without
the steep learning curve associated with some other programming
languages.

The Python ecosystem boasts an extensive array of libraries tailored for

data analysis, numerical computations, and machine learning, which are
critical components in financial analysis. Libraries such as NumPy and
pandas offer powerful tools for numerical computing and data
manipulation, enabling analysts to handle vast datasets with ease. For
statistical modeling and machine learning, libraries like SciPy and scikit-
learn provide financial professionals with the means to develop predictive
models, essential for risk management, algorithmic trading, and asset
valuation. Python's rich library ecosystem ensures that financial
practitioners can perform complex analyses and develop sophisticated
models with relative ease.

Python's interoperability with other languages and technologies amplifies

its utility in finance. It can interface seamlessly with C/C++, allowing for
the execution of computationally intensive algorithms without sacrificing
performance. Additionally, Python's compatibility with various data sources
and formats facilitates the integration of diverse datasets, a common
requirement in financial analysis. This flexibility enables firms to leverage
Python across different areas of their operations, from quantitative analysis
and risk management to automatic report generation and trading systems,
ensuring a cohesive and efficient workflow.
Being open-source, Python has fostered a vibrant community of developers
and financial professionals who continually contribute to the enhancement
of its libraries and frameworks. This collaborative environment accelerates
the development of innovative financial applications and keeps Python at
the cutting edge of financial technology. Moreover, the open-source nature
of Python significantly reduces software costs for organizations, making
advanced financial analysis more accessible to smaller firms and individual
practitioners.

In the world of algorithmic trading, Python's capabilities shine brightly. The

language's event-driven programming models, coupled with powerful
libraries for real-time data processing, make it an excellent tool for
developing automated trading systems. Python enables traders to monitor
market movements, analyze financial data in real time, and execute trades at
lightning speed, thereby capitalizing on fleeting market opportunities.
Through libraries such as pandas and event-driven frameworks like
Twisted, Python equips finance professionals with the tools to build
sophisticated trading algorithms that can process and react to market events
as they occur.

Python's scalability is another merit that makes it suited for finance.

Financial institutions deal with an ever-increasing volume of data and
require tools that can scale with their growing needs. Python's ability to
handle large datasets, coupled with its performance optimization
capabilities, ensures that financial applications can grow in complexity and
size without a corresponding increase in processing time or resources.

The financial industry's adoption of Python is not a passing trend but a

testament to the language's robust capabilities and suitability for addressing
the myriad challenges faced by financial practitioners. With its blend of
simplicity, power, and flexibility, Python has democratized financial
analysis, enabling a broader range of professionals to contribute to the
innovation and complexity of financial strategies. As we delve deeper into
the era of digital finance, Python's role as a critical tool in the financial
toolkit is not only secure but poised for greater expansion.

Ease of Learning and Readability

Python's syntax is often lauded for its clarity and simplicity, closely
resembling the natural language we use in daily communication. This
design philosophy reduces the cognitive load on programmers, allowing
them to grasp the basics of programming in Python rapidly. For financial
analysts, who may not have a background in computer science, this means
being able to script basic Python code to automate mundane tasks or
analyze financial datasets with minimal training. The intuitive nature of
Python's syntax also facilitates the debugging process, making it easier to
identify and correct errors, which is crucial in a high-stakes environment
like finance where accuracy is paramount.

Unlike programming languages that require an understanding of complex

concepts from the outset, Python allows newcomers to dive in with basic
tasks and gradually progress to more complex operations. The language
supports various programming paradigms, including procedural, object-
oriented, and functional programming, catering to different levels of
expertise and project requirements. This flexibility ensures that individuals
in the finance sector can start leveraging Python's capabilities early in their
learning journey, progressively enhancing their skills as they tackle more
sophisticated financial models and analyses.

In the fast-paced world of finance, where codes must often be reviewed,

shared, or modified by team members, Python's emphasis on readability is a
significant advantage. Python's syntax encourages the use of white space
and discourages overly complex expressions, which means codes are
cleaner and more organized. Financial institutions that adopt Python can
maintain a codebase that is more understandable for analysts and
developers alike, facilitating collaboration and reducing the risk of errors in
financial computations or analyses.

A significant factor contributing to Python's ease of learning is the vast

array of educational resources available, including comprehensive
documentation, forums, online courses, and books tailored to every
expertise level. The Python community is known for being welcoming and
supportive, offering assistance to both novices and experienced
programmers. For financial professionals venturing into programming with
Python, this community provides a wealth of knowledge and tools to solve
specific finance-related coding challenges, from complex quantitative
models to automated trading algorithms.

Python's approachability has led to its widespread adoption in finance, not

just among quants and data scientists but also among traders, investment
analysts, and risk managers. Its readability ensures that financial models
and analyses are transparent and accessible, enabling better decision-
making and fostering innovation in financial strategies and products.
Moreover, Python scripts can often be easily integrated into existing
financial software and systems, enhancing their functionality and efficiency
without the need for extensive redevelopment.

The combination of Python's ease of learning, readability, and a supportive

community has significantly lowered the barrier to entry for finance
professionals looking to harness the power of programming in their work.
Whether it's automating reports, analyzing vast datasets, or developing
predictive models, Python offers the tools and flexibility to enhance the
efficiency and accuracy of financial operations. As the financial industry
continues to evolve, Python's role in empowering professionals with the
skills to innovate and adapt cannot be overstated, making it a pivotal
language in the toolkit of the modern financial analyst.

Robust Libraries and Frameworks Suitable for Financial Analysis

At the heart of Python's scientific computing stack lies NumPy, a library

that provides support for large, multi-dimensional arrays and matrices,
along with a collection of mathematical functions to operate on these data
structures. NumPy is indispensable in financial analysis for its efficiency in
numerical computations, which is crucial for tasks such as pricing
derivatives, optimizing portfolios, or simulating risk models. Its ability to
handle vast datasets with speed and precision makes NumPy a cornerstone
for high-performance financial computing.

pandas stands out as Python's premier library for data manipulation and
analysis. In the context of finance, pandas excels by offering intuitive
structures for storing and manipulating time series data, which is ubiquitous
in financial applications. Whether it's adjusting financial time series for
corporate actions, performing rolling window calculations on stock prices,
or aggregating transaction data, pandas provides the functionality to make
data manipulation tasks both straightforward and efficient. Its DataFrame
object, in particular, is a powerful tool for managing financial datasets,
allowing for sophisticated indexing, slicing, and pivoting operations that are
essential for thorough financial analysis.

Visualization is a critical aspect of financial analysis, providing insights that

numbers alone cannot. matplotlib and seaborn, two of Python's leading
libraries for data visualization, offer a wide range of functionalities to create
compelling and informative financial charts. From plotting historical stock
prices to visualizing the correlation matrices of asset returns, these libraries
enable analysts to convey complex financial concepts and data patterns in
an accessible and visually appealing manner. seaborn, built on top of
matplotlib, further simplifies the process of creating statistical graphics,
allowing for the creation of rich, informative plots with minimal code.

The advent of machine learning in finance has opened new frontiers for
predictive analytics, and scikit-learn stands at the forefront of this
revolution. Offering simple and efficient tools for data mining and analysis,
scikit-learn is a powerful ally for financial professionals looking to apply
machine learning models to predict market movements, identify trading
signals, or enhance risk management techniques. With its comprehensive
suite of algorithms for classification, regression, clustering, and
dimensionality reduction, scikit-learn equips financial analysts with the
means to uncover patterns and make predictions based on vast datasets,
driving forward the capabilities of financial analysis and decision-making.

QuantLib deserves special mention for its focus on the quantitative finance
community. As a comprehensive library for modeling, trading, and risk
management in real-life, QuantLib facilitates a wide array of financial
calculations and processes, including derivative pricing, interest rate
modeling, and portfolio optimization. Its extensive functionality and open-
source nature make it particularly valuable for quants and financial
engineers engaged in sophisticated financial modeling and analysis tasks.
Python's libraries and frameworks form an ecosystem that is unparalleled in
its capacity to support the complex requirements of financial analysis and
computational finance. By leveraging these tools, financial professionals
can significantly enhance their analytical capabilities, from data
manipulation and visualization to predictive modeling and quantitative
analysis. As the financial industry continues to evolve amidst rapidly
changing markets and increasing data volumes, Python's robust ecosystem
remains a critical asset for innovation and efficiency in financial analysis,
enabling professionals to deliver deeper insights and drive strategic
financial decisions.

Community Support and Resources

The Python community, known for its diversity and inclusivity, is a treasure
trove of knowledge and expertise. Financial analysts, quants, and coders
from various backgrounds contribute to forums, social media platforms, and
special interest groups, making it easier for newcomers to find guidance and
for seasoned professionals to stay abreast of the latest developments.
Platforms such as Stack Overflow and Reddit are bustling with activity,
where practical advice and programming tips are exchanged freely.
Moreover, Python's widespread adoption across industries ensures a broad
base of knowledge, meaning that financial professionals can often find
solutions to domain-specific issues or collaborate on projects that bridge
gaps between fields.

For those new to Python or looking to expand their skill set, the array of
learning resources available is vast and varied. From online courses offered
by platforms like Coursera and Udemy to comprehensive tutorials on
developers' websites, there's no shortage of material to get started or dive
deeper. Additionally, the Python Software Foundation and other entities
regularly host webinars, workshops, and conferences that cater to all levels
of expertise, covering fundamental concepts as well as advanced
applications in finance and beyond. Python's official documentation itself is
an exemplary resource, known for its clarity and thoroughness, guiding
users through intricacies with ease.
Python's strength in finance is amplified by its rich ecosystem of open-
source libraries, which are continually enhanced by contributions from the
community. Libraries such as pandas, NumPy, and QuantLib, central to
financial analysis, benefit from the collective effort of countless individuals
who contribute code, report bugs, and suggest improvements. This
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Exploring the Variety of Random
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689.
“The vagrant action of the limbs was suppressed, but the source of irritation
in the brain was left out of consideration.”—Conolly.

690.
Quoted by Beach, Hunterian Oration, 1891.

691.
W. Massie, A History of England during the Reign of George III., iii. p. 207.
London, 1865.
See also J. M. D. Meiklejohn, Hist. Eng. Pt. ii. p. 330.

692.
Massie, Hist. p. 208.

693.
Wynter, Insanity, p. 80.

694.
J. H. Jesse, Memoirs of the Life of George III., iii. pp. 95 and 274. Later on
he was placed in the better care of Dr. Willis, a clergyman who was much
celebrated for his management of mad people; see Jesse, iii. p. 90, etc.

695.
Hunterian Oration, p. 5.

696.
Besant, London in the Eighteenth Century, p. 377. See also Charles Reade’s
book, Hard Cash.

697. See Conolly’s description of the old-time reception of a private patient.—

Treatment of the Insane, p. 138.

698.
D. H. Tuke, Hist. p. 171.

699.
R. Gardner Hill, Lunacy; its Past and its Present, p. 7. London, 1870.

700.
R. Gardner Hill, p. 6.
701.
J. B. Sharpe, Report and Minutes of Evidence on the Madhouses of England;
evidence of G. Higgins, pp. 12 and 13; of R. Fowler, p. 308; and of H.
Alabaster, p. 326. London, 1815.

702.
Edinburgh Review, xxviii. p. 445. Edinburgh, 1817.

703.
Jonathan Gray, History of York Asylum, p. 12. York, 1815.

704.
See Conolly’s amazing denunciation in his Treatment of the Insane.

705.
A female patient was got with child by the head keeper; he was
subsequently given a piece of plate, and kept a private madhouse of his
own; see Sharpe, Report and Min. of Ev. p. 14.

706.
Gray, chap. iv.; ibid. p. 26; Beach, p. 4.

707. S. W. Nicoll, An Enquiry into the Present State and Visitation of Asylums, p.
10, etc. London, 1828.

708.
Sharpe, p. 12; Gray, p. 23.

709.
Sharpe, Report and Min. of Ev. pp. 277, 290, 297.

710.
Ibid. p. 46.

711.
For instance, at Bethnal Green Asylum.—Beach, p. 12.

712.
As late as 1837.—Tuke, Hist. p. 81.

713.
Sharpe, p. 46.

714.
Ibid. p. 85.
715.
Ibid. p. 48.

716.
See Besant, London in the Eighteenth Century, where a print is given of this
prisoner in his cell at p. 375.

717. Treatment of the Insane, p. 28.

718.
Sharpe, Report and Min. of Ev. p. 120.

719.
Ibid. p. 59.

720.
Tuke, Hist. p. 153.

721.
Sharpe, Report and Min. of Ev. p. 68.

722.
For an account of some of these, especially as used in Portugal into later
times, see G. A. Tucker, Lunacy in Many Lands, pp. 16, 1346, etc. Sydney,
1887.

723.
John Haslam, Observations on Madness, p. 317. London, 1809.

724.
Besant, London in the Eighteenth Century, p. 377. There is also a
reproduction of Hogarth’s “Scene in Bedlam” from the “Rake’s Progress.”

725.
R. Gardner Hill, A Concise History of the Non-Restraint System, p. 139.
London, 1857.

726.
W. A. F. Browne, p. 119.

727. One large asylum is said to have made £400 a year from exhibiting lunatics,
but this would probably not include the keepers’ tips; see Tuke, Hist. p. 73.
728.
Conolly, p. 33. See also P. Pinel, Traité Médico-philosophique sur l’Aliénation
Mentale, p. 65. Paris, An IX.
J. B. Tuke, Ency. Brit. ninth ed. vol. xiii. p. 111.

729.
See E. Westermarck, Moral Ideas, i. p. 274.

730.
H. W. Carter, Principal Hospitals, p. 42. London, 1819.

731.
P. Pinel, Traité, p. 64.

732.
A. Halliday, Lunatic Asylums, p. 76.

733.
M. Esquirol, Mémoires de Charenton, pp. 46, 48.

734.
F. Beach, p. 11.
J. Conolly, p. 10.
R. Gardner Hill, Concise Hist. p. 141.

735.
Animadversions on the Present Government of York Asylum. York, 1788. It
deals mainly with the question of finance.
Edinburgh Review, vol. xxviii. p. 433.
These produced A Letter from a Subscriber to the York Lunatic Asylum. York,
1788, etc.

736.
He died in 1797, and an inscription was erected to him in Westminster
Abbey. See Dict. Nat. Biog., and Jonathan Gray, History of York Asylum, p.
18.

737. Samuel Tuke, Description of the Retreat, p. 22. York, 1813.

738.
The Description of the Retreat near York, already alluded to.
739.
To the York Herald, dated September 23, 1813. It was signed merely
“Evigilator,” but had been written by Dr. Best, the head of the York Asylum.
See J. Gray, Hist. p. 28; also D. H. Tuke, Hist. pp. 129, 148.

740.
Edinburgh Review, vol. xxviii. p. 433. Edinburgh, 1817.

741.
S. W. Nicoll, An Enquiry, p. 11; and see Jonathan Gray, Hist. p. 31.

742.
D. H. Tuke, Hist. p. 79.

743.
J. Gray, Hist. chap. vi.

744.
D. H. Tuke, p. 161.

745.
D. H. Tuke, p. 157.

746.
Nicoll, p. 21.

747. D. H. Tuke, Hist. p. 162.

748.
Ibid. p. 173.

749.
J. B. Tuke, Ency. Brit. ninth ed.; D. H. Tuke, Hist. p. 85; R. Gardner Hill,
Lunacy, p. 5.

750.
See, for instance, Hunterian Oration, 1891, etc.

751.
R. Gardner Hill, Lunacy, p. 42.

752.
Andrew Wynter, p. 100.
753.
Hill, pp. 87, 88.

754.
Halliday, Lunatic Asylums, p. 2.

755.
F. Willis, A Treatise on Mental Derangement, p. 6. London, 1823.

756.
Lunatic Asylums, p. 2.

757. W. A. F. Browne, p. 4.

758.
Borderland of Insanity, p. 11.

759.
Alexander Gibson, in Ency. Brit. ninth ed. art. “Insanity (Law).”

760.
“That” (kleptomania) “is one of the diseases I was sent here to cure,” a
certain judge is said to have observed; but he did not cure it.

761.
One of these legal tests had been a knowledge of the multiplication table. W.
A. F. Browne, p. 3.

762.
The “robust” attitude has been shown by Dickens. “That young Pitcher’s had
a fever.” “No!” exclaimed Mr. Squeers. “Damn that boy, he’s always at
something of that sort.” “Never was such a boy, I do believe,” said Mrs.
Squeers; “whatever he has is always catching too. I say it’s obstinacy, and
nothing shall ever convince me that it isn’t. I’d beat it out of him.”—Nicholas
Nickleby, chap. vii.

763.
D. H. Tuke, Hist. p. 96.

764.
W. Tallack, Penological and Preventive Principles, pp. 249, 250. London,
1896.

765.
Departmental Committee on Prisons Report, p. 8. London, 1895.
Transcriber’s Notes:
Missing or obscured punctuation was silently
corrected.
Typographical errors were silently corrected.
Inconsistent spelling and hyphenation were
made consistent only when a predominant
form was found in this book.
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