211–220 of 338 posts
Will be interesting to see how this affects math research. He has pumped unthinkable amounts of money into the field. The only first-class flights I've taken in my life were to get to Simons-funded conferences at super fancy hotels. (I found these conferences a bit ridiculous, but the luxury treatment did ensure that they could get together a lot of the biggest names in the field in one place.) Besides the conference…
Will be interesting to see how this affects math research. He has pumped unthinkable amounts of money into the field. The only first-class flights I've taken in my life were to get to Simons-funded conferences at super fancy hotels. (I found these conferences a bit ridiculous, but the luxury treatment did ensure that they could get together a lot of the biggest names in the field in one place.) Besides the conference…
His wife also helps run the foundation doesn’t she? Looks like she’s ~73 so hopefully has a few years left.
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No, because such returns aren't scalable. According to industry rumors, RenTech is somewhere between $10-20bn AUM (assets under management, i.e. the capital used for trading), and the profit that they make, they can't reinvest, they have to take it out as profit.
How come? Why do they have to take the profits out and can’t compound it? I know literally zero about this stuff!
I guess you will not be getting a job there
But in seriousness, when you become so big relative to the market, you become the market.
Sadly I've never been able to snag an interview with RenTech (and I've applied like a dozen times), but they're the ones that actually made me start taking finance a lot more seriously. Maybe if I ever finish my PhD they'll hire me. I had previously thought of HFT and Quant as a bunch of "finance bros", and kind of dismissed it as "not real CS" [1]. Reading about RenTech and Jim Simons made realize that there's actua…
His whole RenTech story was fascinating. Effectively an outsider in finance who gathered a bunch of other outsiders (aka big mathematicians), and decided to start a hedge fund that takes zero interest in the actual companies and trades solely on math. Which makes sense, since none of the main people involved in its creation had any corporate or finance experience, but tons of math experience and knowledge. This is ov…
Sometimes people act like guys like Bill Gates or Elon Musk are coming from deep personal scientific knowledge and accomplishment, but they're absolutely nothing compared to Simons. His contributions to geometry in the 60s and 70s, from minimal surfaces to Berger's classification of special holonomy to Chern-Simons theory, were fundamental and are still well-remembered. His name would be known even if he'd never gone…
Bill Gates did graduate study in math and computer science as a first-year undergraduate at Harvard College, and published the fastest pancake-sort algorithm (held the record for 30 years), before dropping not to start Microsoft. And of course he invented Microsoft's early technology, which advanced the state of the art. He was highly likely to be a great computer scientist if he chose to stay in school.
Sometimes people act like guys like Bill Gates or Elon Musk are coming from deep personal scientific knowledge and accomplishment, but they're absolutely nothing compared to Simons. His contributions to geometry in the 60s and 70s, from minimal surfaces to Berger's classification of special holonomy to Chern-Simons theory, were fundamental and are still well-remembered. His name would be known even if he'd never gone…
Bill gates did math 55. legit smart guy
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He wasn't really dictating anything. He was just in the casino playing a better game of poker (I don't mean that in a bad way).
https://en.wikipedia.org/wiki/Jim_Simons_(mathematician)#Pol... > Since 1990, Renaissance Technologies has contributed $59,081,152 to federal campaigns and since 2001, and has spent $3,730,000 on lobbying as of 2016. Let's not kid ourselves, people at this level of wealth and power can very much make their voice heard by the people who make policy. He's definitely not the only one in this position, but to frame him a…
Rentech is a bunch of gamblers gambling and spending their money no different to any other rich people.
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Hopefully the Simons empire has enough people who will keep executing his vision and stave off bureaucratic rot. Making money is one thing, but circulating so much of it back through math and science is a great legacy.
sadly, the trend for these sorts of things is to sour after the original founder leaves... There is an esoteric concept that has some dynamics that explain this phenomenon somewhat. Not to get to into the weeds (the origins of this concept are esoteric religious ideas - I mean this secularly, as it relates to business entities) but the concept is an 'egregore' https://en.wikipedia.org/wiki/Egregore#:~:text=An%20egreg…