Best The Man Who Solved the Market: How Jim Simons Launched the Quant Revolution By Gregory Zuckerman
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Ebook About NEW YORK TIMES BESTSELLERShortlisted for the Financial Times/McKinsey Business Book of the Year AwardThe unbelievable story of a secretive mathematician who pioneered the era of the algorithm--and made $23 billion doing it.Jim Simons is the greatest money maker in modern financial history. No other investor--Warren Buffett, Peter Lynch, Ray Dalio, Steve Cohen, or George Soros--can touch his record. Since 1988, Renaissance's signature Medallion fund has generated average annual returns of 66 percent. The firm has earned profits of more than $100 billion; Simons is worth twenty-three billion dollars.Drawing on unprecedented access to Simons and dozens of current and former employees, Zuckerman, a veteran Wall Street Journal investigative reporter, tells the gripping story of how a world-class mathematician and former code breaker mastered the market. Simons pioneered a data-driven, algorithmic approach that's sweeping the world.As Renaissance became a market force, its executives began influencing the world beyond finance. Simons became a major figure in scientific research, education, and liberal politics. Senior executive Robert Mercer is more responsible than anyone else for the Trump presidency, placing Steve Bannon in the campaign and funding Trump's victorious 2016 effort. Mercer also impacted the campaign behind Brexit.The Man Who Solved the Market is a portrait of a modern-day Midas who remade markets in his own image, but failed to anticipate how his success would impact his firm and his country. It's also a story of what Simons's revolution means for the rest of us.Book The Man Who Solved the Market: How Jim Simons Launched the Quant Revolution Review :
I listened to this new Gregory Zuckerman book and it was as I thought it would be, relatively low quality prose and mixed narrative with some history on how RenTech made and didn't make money since 1977, perhaps more history and details than one would expect given NDAs. As anybody who is in the weeds knows, RenTech success at scale is driven by very good implementation of equities statistical arbitrage supplemented with bank assisted dramatic leverage and tax strategies (you won't get much details on it from the book) which came to RenTech the same way it came to all others (DE shaw, Thorp, PDT, and 100 of spin-offs) via MS original source. Given a cast of disgruntled former employees and RenTech PR appear to be the primary source for the book and author inability to dig dipper, the narrative is very uneven, but the book does appear to reflect the messy story of RenTech in the early days and greed driven gyrations in the latter days. I would not recommend paper version of the book as it is thin on valuable content, but audio version is good enough to listen while commuting if you want to get some reaffirmation of how the trading world really works. I am afraid separating the wheat from the chaff might be a bit complicated for somebody who is not financial trading professional so I would not recommend this book to them. A completely engrossing book you will find hard to put down. Jim Simons used applied math to create the greatest money-making machine in Wall Street history. But this is really a rich human story of how Simons built a team of brilliant and fascinating personalities.SOME INTERESTING POINTS:• Simons is a true mathematician. He loves the elegance of math, the way theorems reveal truth, bringing order to chaos. When he was thirty-seven, he was awarded the top prize in geometry for his academic work.• In 1964 Simons left his teaching job at Harvard to break codes for the Institute for Defense Analyses. His experience there was KEY to his later success. First, his approach to investing would be like that for code-breaking: apply math to find hidden structure in chaotic data. Second, he was impressed with the way the Institute hired people. It didn’t look to fill specific skills; it looked for the smartest and most creative people it could find.• After code-breaking, Simons was hired to lead the struggling SUNY Stony Brook math department. In that job, he learned how to recruit and motivate superstar math professors. By the time he left academia to take on the challenge of investing, he had built a powerhouse department. And some of that talent would later join him and earn millions.• Simons didn’t allow researchers to work in silos. There was one combined trading system, and everyone could see the code. Simons thought it was vital for scientists to interact, debate, and share ideas.• Renaissance Technologies was not an overnight success. It took Simons ten years to put together the team and process that would go on to make so much money.• By 2002 the Medallion Fund was so successful that Simons, concerned that performance would fall if the fund grew too big, raised investor fees to 44% of profits.You don’t need to be a mathematician to read this book. It is simply a good tale. There are no formulas. And along with the story about Jim Simons, Zuckerman tells the history of the radical change in the investment world: “MBAs once scoffed at the thought of relying on a scientific and systematic approach to investing, confident they could hire coders if they were ever needed. Today, coders say the same thing about MBAs, if they think about them at all.” Read Online The Man Who Solved the Market: How Jim Simons Launched the Quant Revolution Download The Man Who Solved the Market: How Jim Simons Launched the Quant Revolution The Man Who Solved the Market: How Jim Simons Launched the Quant Revolution PDF The Man Who Solved the Market: How Jim Simons Launched the Quant Revolution Mobi Free Reading The Man Who Solved the Market: How Jim Simons Launched the Quant Revolution Download Free Pdf The Man Who Solved the Market: How Jim Simons Launched the Quant Revolution PDF Online The Man Who Solved the Market: How Jim Simons Launched the Quant Revolution Mobi Online The Man Who Solved the Market: How Jim Simons Launched the Quant Revolution Reading Online The Man Who Solved the Market: How Jim Simons Launched the Quant Revolution Read Online Gregory Zuckerman Download Gregory Zuckerman Gregory Zuckerman PDF Gregory Zuckerman Mobi Free Reading Gregory Zuckerman Download Free Pdf Gregory Zuckerman PDF Online Gregory Zuckerman Mobi Online Gregory Zuckerman Reading Online Gregory ZuckermanDownload Mobi Newsletter Ninja: How to Become an Author Mailing List Expert By Tammi L. Labrecque
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