I recommend it enthusiastically to anyone interested in the story of how a geometer ended up being worth $ 23 billion. Zuckerman brings the reader so close to the firm’s inner workings that you can almost catch a whiff of the billionaire’s Merit cigarettes, even if he doesn’t completely lay bare the secrets of how Ren Tech’s black box actually works. The Magerman chapter covers his upbringing as an insecure and troubled child with a penchant for picking fights. And not to mention, he is arguably the world’s most successful investor and one of its wealthiest inhabitants. The aftermath of Mercer’s political activities resulted in an uprising within the firm from David Magerman, one of the creators of the hedge fund’s trading system. non-correlated source of return by exploiting macro trend inefficiencies in futures markets. Gregory Zuckerman. http://www.toptradersunplugged.com/about/. More By and About This Author. One Renaissance employee, David Magerman, was fired for objecting strongly to Mercer’s politics, an episode that paradoxically shone a bright light on the pot of organizational glue that held Renaissance together: the ability of employees to invest in Medallion, perhaps the greatest employment perk known to humankind. When Magerman sued the firm over his discharge, it settled by granting him the effortless wealth offered by access to Medallion. Better focus on those CTAs, less outstanding than RT, but nevertheless expected to generate There are more great details of the episode -- and many others -- in the book, with Zuckerman providing an even-handed account of what has so far been an event that the tight-lipped firm and its reticent former co-CEO have declined to talk about. Whatever capital it generates is debited from other participants, yielding an attendant fearsome concentration of the nation’s wealth, a process of which Jim Simons is the master. Later, he’s depicted equally as a world-class programmer who became a “pet” of the mathematical heavyweights that stalked Ren Tech’s hallways and as someone who would occasionally unleash chaos around the office in his attempts to prove himself. For investment professionals, Zuckerman’s work will go down like a generous serving of chocolate mousse — at once both pleasurable and satisfying — but not for the reason that will attract them to the book. Save my name, email, and website in this browser for the next time I comment. Select articles are eligible for Professional Learning (PL) credit. I recommend it enthusiastically to anyone interested in the story of how a geometer ended up being worth \$23 billion. Written by Wall Street Journal reporter Greg Zuckerman, it is a history of Simons and the secretive hedge-fund firm he founded, … Cambridge Analytica proved far more powerful on the conservative side, arguably appeal to both charterholders and a general audience. © 2020 CFA Institute. Finally, the attendant strategies were executed with simultaneous trades in numerous securities. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this. Zuckerman provides the closest thing readers may ever get to a definitive account of how Jim Simons, a mathematics prodigy turned code-breaking savant, built Renaissance Technologies into the greatest money-making machine in Wall Street history. more information Accept. The Man Who Solved the Market: How Jim Simons Launched the Quant Revolution. Simons pioneered a data-driven, algorithmic approach that's sweeping the world. Thereafter, the fund became the exclusive preserve of Renaissance’s owners and employees. If one can fault the author for anything, it is for failing to answer the ultimate conundrum involving modern financial capitalism’s most rarefied heights, as epitomized by Renaissance: Exactly what purpose does it serve? As known, for them tried and true systematic trend following is still “an ancient tale with no empirical support.”, Thus encouraged by Jim, many talented quants developed a truly alternative, i.e. 2019. "The Man Who Solved the Market: How Jim Simons Launched the Quant Revolution" is just such a book. Don’t miss our podcast with Greg where we asked him a bunch of questions about the book and how he got some of his information: Talk Your Book: Greg Zuckerman on Jim Simons & Renaissance Technologies. Before it's here, it's on the Bloomberg Terminal. Or might the world be a better place without them? If you liked this post, don’t forget to subscribe to the Enterprising Investor. It could have been his open criticism of Rebekah Mercer’s work for the fund’s trading group. Trying to draw trading wisdom from Renaissance’s success is akin to improving your basketball handling and perimeter behavior by watching videos of LeBron James — the main problem being you are not LeBron James.

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