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Sysy0911
Sysy0911
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2021-06-25
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It Always Ends The Same Way: Crisis, Crash, Collapse
Risk has not been extinguished, it is expanding geometrically beneath the false stability of a monstrously manipulated market.
It Always Ends The Same Way: Crisis, Crash, Collapse
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Sysy0911
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2021-06-24
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Jim Simons' Success Story: Net Worth, Education, and Top Quotes
James Harris Simons, or Jim Simons, is known as the "Quant King" and one of the greatest investors o
Jim Simons' Success Story: Net Worth, Education, and Top Quotes
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","listText":"Good ","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/122841727","repostId":"1192734381","repostType":4,"repost":{"id":"1192734381","kind":"news","pubTimestamp":1624607687,"share":"https://ttm.financial/m/news/1192734381?lang=&edition=fundamental","pubTime":"2021-06-25 15:54","market":"us","language":"en","title":"It Always Ends The Same Way: Crisis, Crash, Collapse","url":"https://stock-news.laohu8.com/highlight/detail?id=1192734381","media":"zerohedge","summary":"Risk has not been extinguished, it is expanding geometrically beneath the false stability of a monstrously manipulated market.","content":"<blockquote>\n <i>Risk has not been extinguished, it is expanding geometrically beneath the false stability of a monstrously manipulated market.</i>\n</blockquote>\n<p><img src=\"https://static.tigerbbs.com/901d35cf67cdca7a9c9da3d17ddb2d83\" tg-width=\"500\" tg-height=\"456\"></p>\n<p><b>One of the most under-appreciated investment insights is courtesy of Mike Tyson: </b><b><i>\"Everybody has a plan until they get punched in the mouth.\"</i></b> At this moment in history, the plan of most market participants is to place their full faith and trust in the status quo's ability to keep asset prices lofting ever higher, essentially forever.</p>\n<p><b>In other words, the vast majority of punters are convinced they will never suffer the indignity of getting punched in the mouth by a market crash.</b> What makes this confidence so interesting is <b>massively distorted markets always end the same way: crisis, crash and collapse.</b></p>\n<p><b>The core dynamic here is distorted markets provide false feedback and misleading information which then lead to participants making catastrophically misguided decisions.</b> Investment decisions made on poor information will also be poor, leading participants to end up poor, to their very great surprise.</p>\n<p><b>The surprise comes from the falsity of the feedback, as those who are distorting markets want punters to believe \"the market\" is functioning transparently.</b> If you're manipulating the market, the last thing you want is for the unwary marks to discover that the market is generating false signals and misleading information on risk, as <i>knowing the market is being distorted would alert them to the extraordinary risks intrinsic to heavily distorted markets.</i></p>\n<p><b>The risks arise from the disconnect between the precariousness of the manipulated market and the extreme confidence punters have in its stability and predictability.</b> The predictability comes not from transparent feedback and market signals but from the manipulation. This stability is entirely fabricated and therefore it lacks the <i>dynamic stability of truly open markets.</i></p>\n<p>Markets that are being distorted/manipulated to achieve a goal that is impossible in truly open markets--for example, markets that only loft higher with near-zero volatility--lull participants into a dangerous perception that because markets are so stable, risk has dissipated.</p>\n<p><img src=\"https://static.tigerbbs.com/e420e77dbab689d93ea0a8d481793dd0\" tg-width=\"500\" tg-height=\"430\"></p>\n<p><b>In actuality, risk is skyrocketing beneath the surface of the artificial stability because the market has been stripped of the mechanisms of </b><b><i>dynamic stability</i></b><b>.</b> This artificial stability derived from sustained manipulation has the superficial appearance of low-risk markets, i.e., low levels of volatility, but this lack of volatility derives not from transparency but from behind-the-scenes suppression of volatility.</p>\n<p><b>Another source of risk in distorted markets is the </b><b><i>illusion of liquidity</i></b><b>:</b> in low-volume markets of suppressed volatility, participants are encouraged to believe that they can buy and sell whatever securities they want in whatever volumes they want without disturbing market pricing and liquidity. In other words, participants are led to believe that the market will always have a bid due to the near-infinite depth of liquidity: no matter how many billions of dollars of securities you want to sell, there will always be a bid for your shares.</p>\n<p><b>In actual fact, the bid is paper-thin and it vanishes altogether once selling rises above very low levels.</b> Heavily manipulated markets are exquisitely sensitive to selling because the entire point is to limit any urge to sell while encouraging the greed to increase gains by buying more.</p>\n<p><b>The illusions of low risk, essentially guaranteed gains for those who increase their positions and near-infinite liquidity generate overwhelming incentives to borrow more and leverage it to the hilt to maximize gains.</b> The blissfully delusional punter feels the decision to borrow the maximum available and leverage it to the maximum is entirely rational due to the \"obvious\" absence of risk, the \"obvious\" guaranteed gains offered by markets lofting ever higher like clockwork and the \"obvious\" abundance of liquidity, assuring the punter they can always sell their entire position at today's prices and lock in profits at any time.</p>\n<p><b>On top of all these grossly misleading distortions, punters have been encouraged to believe in the ultimate distortion: the Federal Reserve will never let markets decline again, ever.</b> This is the perfection of <i>moral hazard</i>: <b>risk has been disconnected from consequence.</b></p>\n<p>In this perfection of <i>moral hazard</i>, punters consider it entirely rational to increase extremely risky speculative bets because <b>the Federal Reserve will never let markets decline.</b> Given the abundant evidence behind this assumption, it would be irrational not to ramp up crazy-risky speculative bets to the maximum <b>because losses are now impossible thanks to the Fed's implicit promise to never let markets drop.</b></p>\n<p><b>This is why distorted, manipulated markets always end the same way:</b> first, in an unexpected emergence of risk, which was presumed to be banished; second, a market crash as the paper-thin bid disappears and prices flash-crash to levels that wipe out all those forced to sell by margin calls, and then the collapse of faith in the manipulators (the Fed), collapse of the collateral supporting trillions of dollars in highly leveraged debt and then the collapse of the entire delusion-based financial system.</p>\n<p><img src=\"https://static.tigerbbs.com/db208f6307ade39a0c0f27fcdf7aa080\" tg-width=\"500\" tg-height=\"609\"></p>\n<p><b>Gordon Long and I illuminate the many layers of distortion, manipulation and moral hazard in our new video presentation, It Always Ends The Same Way</b> (34:33). Amidst the ruins generated by well-meaning manipulation and distortion, the \"well meaning\" part will leave an extremely long-lasting bitter taste in all those who failed to differentiate between the false signals and distorted information of manipulated markets and the trustworthy transparency of signals arising in truly open markets.</p>\n<p><b>In summary: risk has not been extinguished, it is expanding geometrically beneath the false stability of a monstrously manipulated market.</b> As I often note here,<i>risk cannot be extinguished, it can only be transferred.</i> By distorting markets to create an illusion of low-risk stability, the Federal Reserve has transferred this fatal supernova of risk to the entire financial system.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>It Always Ends The Same Way: Crisis, Crash, Collapse</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIt Always Ends The Same Way: Crisis, Crash, Collapse\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-25 15:54 GMT+8 <a href=https://www.zerohedge.com/markets/it-always-ends-same-way-crisis-crash-collapse><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Risk has not been extinguished, it is expanding geometrically beneath the false stability of a monstrously manipulated market.\n\n\nOne of the most under-appreciated investment insights is courtesy of ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/it-always-ends-same-way-crisis-crash-collapse\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".SPX":"S&P 500 Index"},"source_url":"https://www.zerohedge.com/markets/it-always-ends-same-way-crisis-crash-collapse","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1192734381","content_text":"Risk has not been extinguished, it is expanding geometrically beneath the false stability of a monstrously manipulated market.\n\n\nOne of the most under-appreciated investment insights is courtesy of Mike Tyson: \"Everybody has a plan until they get punched in the mouth.\" At this moment in history, the plan of most market participants is to place their full faith and trust in the status quo's ability to keep asset prices lofting ever higher, essentially forever.\nIn other words, the vast majority of punters are convinced they will never suffer the indignity of getting punched in the mouth by a market crash. What makes this confidence so interesting is massively distorted markets always end the same way: crisis, crash and collapse.\nThe core dynamic here is distorted markets provide false feedback and misleading information which then lead to participants making catastrophically misguided decisions. Investment decisions made on poor information will also be poor, leading participants to end up poor, to their very great surprise.\nThe surprise comes from the falsity of the feedback, as those who are distorting markets want punters to believe \"the market\" is functioning transparently. If you're manipulating the market, the last thing you want is for the unwary marks to discover that the market is generating false signals and misleading information on risk, as knowing the market is being distorted would alert them to the extraordinary risks intrinsic to heavily distorted markets.\nThe risks arise from the disconnect between the precariousness of the manipulated market and the extreme confidence punters have in its stability and predictability. The predictability comes not from transparent feedback and market signals but from the manipulation. This stability is entirely fabricated and therefore it lacks the dynamic stability of truly open markets.\nMarkets that are being distorted/manipulated to achieve a goal that is impossible in truly open markets--for example, markets that only loft higher with near-zero volatility--lull participants into a dangerous perception that because markets are so stable, risk has dissipated.\n\nIn actuality, risk is skyrocketing beneath the surface of the artificial stability because the market has been stripped of the mechanisms of dynamic stability. This artificial stability derived from sustained manipulation has the superficial appearance of low-risk markets, i.e., low levels of volatility, but this lack of volatility derives not from transparency but from behind-the-scenes suppression of volatility.\nAnother source of risk in distorted markets is the illusion of liquidity: in low-volume markets of suppressed volatility, participants are encouraged to believe that they can buy and sell whatever securities they want in whatever volumes they want without disturbing market pricing and liquidity. In other words, participants are led to believe that the market will always have a bid due to the near-infinite depth of liquidity: no matter how many billions of dollars of securities you want to sell, there will always be a bid for your shares.\nIn actual fact, the bid is paper-thin and it vanishes altogether once selling rises above very low levels. Heavily manipulated markets are exquisitely sensitive to selling because the entire point is to limit any urge to sell while encouraging the greed to increase gains by buying more.\nThe illusions of low risk, essentially guaranteed gains for those who increase their positions and near-infinite liquidity generate overwhelming incentives to borrow more and leverage it to the hilt to maximize gains. The blissfully delusional punter feels the decision to borrow the maximum available and leverage it to the maximum is entirely rational due to the \"obvious\" absence of risk, the \"obvious\" guaranteed gains offered by markets lofting ever higher like clockwork and the \"obvious\" abundance of liquidity, assuring the punter they can always sell their entire position at today's prices and lock in profits at any time.\nOn top of all these grossly misleading distortions, punters have been encouraged to believe in the ultimate distortion: the Federal Reserve will never let markets decline again, ever. This is the perfection of moral hazard: risk has been disconnected from consequence.\nIn this perfection of moral hazard, punters consider it entirely rational to increase extremely risky speculative bets because the Federal Reserve will never let markets decline. Given the abundant evidence behind this assumption, it would be irrational not to ramp up crazy-risky speculative bets to the maximum because losses are now impossible thanks to the Fed's implicit promise to never let markets drop.\nThis is why distorted, manipulated markets always end the same way: first, in an unexpected emergence of risk, which was presumed to be banished; second, a market crash as the paper-thin bid disappears and prices flash-crash to levels that wipe out all those forced to sell by margin calls, and then the collapse of faith in the manipulators (the Fed), collapse of the collateral supporting trillions of dollars in highly leveraged debt and then the collapse of the entire delusion-based financial system.\n\nGordon Long and I illuminate the many layers of distortion, manipulation and moral hazard in our new video presentation, It Always Ends The Same Way (34:33). Amidst the ruins generated by well-meaning manipulation and distortion, the \"well meaning\" part will leave an extremely long-lasting bitter taste in all those who failed to differentiate between the false signals and distorted information of manipulated markets and the trustworthy transparency of signals arising in truly open markets.\nIn summary: risk has not been extinguished, it is expanding geometrically beneath the false stability of a monstrously manipulated market. As I often note here,risk cannot be extinguished, it can only be transferred. By distorting markets to create an illusion of low-risk stability, the Federal Reserve has transferred this fatal supernova of risk to the entire financial system.","news_type":1,"symbols_score_info":{".SPX":0.9,"SPY":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1262,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":128248606,"gmtCreate":1624521044605,"gmtModify":1703839174693,"author":{"id":"3582006663613381","authorId":"3582006663613381","name":"Sysy0911","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582006663613381","authorIdStr":"3582006663613381"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/128248606","repostId":"1180709423","repostType":4,"repost":{"id":"1180709423","kind":"news","pubTimestamp":1624520262,"share":"https://ttm.financial/m/news/1180709423?lang=&edition=fundamental","pubTime":"2021-06-24 15:37","market":"us","language":"en","title":"Jim Simons' Success Story: Net Worth, Education, and Top Quotes","url":"https://stock-news.laohu8.com/highlight/detail?id=1180709423","media":"Investopedia","summary":"James Harris Simons, or Jim Simons, is known as the \"Quant King\" and one of the greatest investors o","content":"<p>James Harris Simons, or Jim Simons, is known as the \"Quant King\" and one of the greatest investors of all time, after having started one of the most successfulquant fundsin the world, Renaissance Technologies (“Rentech”). Simons founded Rentech in 1982 at just 44 years old. He served as the chair and CEO until 2010 when he retired from his role. He still remains as a non-executive chair.</p>\n<p><b>KEY TAKEAWAYS</b></p>\n<ul>\n <li>Jim Simons is known as one of the greatest investors of all time, due to the long-term returns of his quant fund Renaissance Technologies and its flagship Medallion Fund.</li>\n <li>Simons served as CEO and chair of Renaissance Technologies from its founding in 1982 until 2010 when he stepped down. Prior to a career in finance, Simons was also a successful mathematician and taught at MIT, Harvard, as well as served as the chair of the mathematics department at Stony Brook University.</li>\n <li>As of 2021,<i>Forbes</i>estimated Jim Simons' net worth at $23.5 billion, making him the 23rd richest person in the United States.</li>\n</ul>\n<p><b>Early Life and Education</b></p>\n<p>Jim Simons was born in 1938 in Brookline, Mass., and discovered his love for mathematics at an early age. At the age of 14, Simons worked at a garden supply store as a floor sweeper after being demoted from a stock boy position due to his lack of memory of inventory location. However, Simons was astute and had the ambitious plan of becoming a mathematician at the Massachusetts Institute of Technology (MIT).</p>\n<p>In 1955, Simons was accepted into MIT and majored in mathematics. Upon graduating, Simons studied at the University of California at Berkeley for his doctorate in mathematics. His thesis focused on providing supporting proof of Berger's classification of the holonomy groups of Riemannian manifolds, and after just one year, he received his doctorate at the age of 23 in 1961.</p>\n<p>Later, Simons worked on important mathematical theories, including the Chern-Simons form, which later played a role in topological quantum field theory. He had an early and successful career in mathematics, winning multiple awards, and later was inducted into the U.S. National Academy of Sciences.1</p>\n<p>In 1964, Simons was recruited by The Institute for Defense Analyses (IDA), where he played a key role to break codes during the Vietnam War. Simons left IDA after four years and went on to teach mathematics at MIT and Harvard University.</p>\n<p>Eventually, he was appointed to become the chair of the mathematics department at Stony Brook University, where he helped develop the mathematics and physics programs while still being sought after by companies such as IBM for his consulting work. It wasn't until 1978 that he started delving into finance.</p>\n<p><b>Investment Philosophy & Success Story</b></p>\n<p>Despite already having successful careers as a prize-winning mathematician and a master code breaker for the IDA, Jim Simons decided to pursue a career in finance. In 1978, the mathematician started the hedge fund Monemetrics, which was the predecessor to the highly successful Renaissance Technologies.</p>\n<p>Simons didn't think to apply mathematics to his hedge fund at first; however, over time, he realized he could use mathematical andstatisticalmodels to interpret data by looking for non-random movements in financial data to predict future returns.</p>\n<p>By 1988, Simons decided to solely usequantitative analysisto decide which trades to enter. Simons only sought experts in mathematics, data analysis, and many other scientific-related fields to work with him at the fund. The Quant King filled the fund with programmers, mathematicians, physicists, and cryptographers. The company thrived due to the complex mathematical formulas these scientists developed.</p>\n<p>Since its inception, Renaissance Technologies' flagship fund, the Medallion hedge fund, has generated over $100 billion in trading profits with an average annual return of 71.8% before fees between 1994 and mid-2014.2 Unfortunately, the Medallion fund is only available for its employees and family members.</p>\n<blockquote>\n $165 billion, Renaissance Technologies' assets under management as of 2020.\n</blockquote>\n<p><b>Current Net Worth and Influence</b></p>\n<p>Jim Simons ranked 23rd on<i>Forbes</i>' wealthiest Americans list in 2020, with an estimated $23.5 billionnet worth. The Quant King also ranks first on the Forbes 2019 list of highest-earning hedge fund managers.3</p>\n<p>Simons has a great deal of influence in the scientific world and co-founded the Simons Foundation with his wife, Marilyn Simons, in 1994. The Simons Foundation is devoted to supporting scientific research, education, and health. Simons has contributed over $2.7 billion of his wealth to this cause as well as to support autism research.</p>\n<p>Additionally, Simons founded Math for America, which aims to encourage mathematics and science teachers to remain in their roles and advance their teaching abilities.</p>\n<p><b>Jim Simons Quotes</b></p>\n<p>Jim Simons is a big advocate of idea sharing and hiring the brightest people from various science-related fields. However, Simons frequently avoids the spotlight and doesn't give many interviews. The following quotes give just a sliver of insight into how he's managed and built Rentech.</p>\n<p>\"Great people. Great infrastructure. Open environment. Get everyone compensated roughly based on the overall performance...That made a lot of money.\"</p>\n<p>“We search through historical data looking for anomalous patterns that we would not expect to occur at random.”</p>\n<p>\"Past performance is the best predictor of success.\"</p>\n<p>\"We have three criteria: If it's publicly traded, liquid, and amenable to modeling, we trade it.\"</p>\n<p>\"Efficient market theory is correct in that there are no gross inefficiencies. But we look at anomalies that may be small in size and brief in time. We make our forecast. Then, shortly thereafter, we re-evaluate the situation and revise our forecast and our portfolio. We do this all day long. We're always in and out and out and in. So we're dependent on activity to make money.\"</p>\n<p>\"I disparage some for whom model-making was a part-time hobby,\" Simons once said as part of a speech at MIT in 2011. Simons made the remark when speaking about those who thought model-making was not useful in the real world.</p>\n<p><b>Jim Simons FAQs</b></p>\n<p>Is Jim Simons the Most Successful Investor of All Time?</p>\n<p>Jim Simons is the richest hedge fund manager and has been called the world's greatest investor by the<i>Wall Street Journal</i>. Although success is subjective, other investors such as Warren Buffett are considered amongthe world's greatest investors.</p>\n<p>What Is Jim Simons' Strategy?</p>\n<p>Jim Simons exclusively uses quantitative analysis to decide which trades to enter, based on market inefficiencies.</p>\n<p>Can I Invest in the Medallion Fund?</p>\n<p>Unfortunately, the Medallion fund is closed to outside investors and is only available to current and past employees of Renaissance Technologies.</p>\n<p>Who Is the Richest Hedge Fund Manager?</p>\n<p>According to<i>Forbes</i>, Jim Simons is the richest hedge fund manager in America.4</p>\n<p>How Much Do the Top Hedge Fund Managers Make?</p>\n<p>According to the latest data from<i>Forbes</i>, the top 10 hedge fund managers make well over $500 million a year, all the way up to $1 billion. Jim Simons is currently the richest hedge fund manager and made $1.6 billion in 2017.</p>\n<p><b>The Bottom Line</b></p>\n<p>An unlikely mathematician turned Wall Street on its head back in 1982. Since then, Jim Simons and his Renaissance Technologies quant fund have left a legacy that will forever change the world of finance. The numbers are hard to argue with after logging the Medallion Fund's skyrocketing returns.</p>","source":"lsy1606203311635","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Jim Simons' Success Story: Net Worth, Education, and Top Quotes</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nJim Simons' Success Story: Net Worth, Education, and Top Quotes\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-24 15:37 GMT+8 <a href=https://www.investopedia.com/articles/investing/030516/jim-simons-success-story-net-worth-education-top-quotes.asp><strong>Investopedia</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>James Harris Simons, or Jim Simons, is known as the \"Quant King\" and one of the greatest investors of all time, after having started one of the most successfulquant fundsin the world, Renaissance ...</p>\n\n<a href=\"https://www.investopedia.com/articles/investing/030516/jim-simons-success-story-net-worth-education-top-quotes.asp\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.investopedia.com/articles/investing/030516/jim-simons-success-story-net-worth-education-top-quotes.asp","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180709423","content_text":"James Harris Simons, or Jim Simons, is known as the \"Quant King\" and one of the greatest investors of all time, after having started one of the most successfulquant fundsin the world, Renaissance Technologies (“Rentech”). Simons founded Rentech in 1982 at just 44 years old. He served as the chair and CEO until 2010 when he retired from his role. He still remains as a non-executive chair.\nKEY TAKEAWAYS\n\nJim Simons is known as one of the greatest investors of all time, due to the long-term returns of his quant fund Renaissance Technologies and its flagship Medallion Fund.\nSimons served as CEO and chair of Renaissance Technologies from its founding in 1982 until 2010 when he stepped down. Prior to a career in finance, Simons was also a successful mathematician and taught at MIT, Harvard, as well as served as the chair of the mathematics department at Stony Brook University.\nAs of 2021,Forbesestimated Jim Simons' net worth at $23.5 billion, making him the 23rd richest person in the United States.\n\nEarly Life and Education\nJim Simons was born in 1938 in Brookline, Mass., and discovered his love for mathematics at an early age. At the age of 14, Simons worked at a garden supply store as a floor sweeper after being demoted from a stock boy position due to his lack of memory of inventory location. However, Simons was astute and had the ambitious plan of becoming a mathematician at the Massachusetts Institute of Technology (MIT).\nIn 1955, Simons was accepted into MIT and majored in mathematics. Upon graduating, Simons studied at the University of California at Berkeley for his doctorate in mathematics. His thesis focused on providing supporting proof of Berger's classification of the holonomy groups of Riemannian manifolds, and after just one year, he received his doctorate at the age of 23 in 1961.\nLater, Simons worked on important mathematical theories, including the Chern-Simons form, which later played a role in topological quantum field theory. He had an early and successful career in mathematics, winning multiple awards, and later was inducted into the U.S. National Academy of Sciences.1\nIn 1964, Simons was recruited by The Institute for Defense Analyses (IDA), where he played a key role to break codes during the Vietnam War. Simons left IDA after four years and went on to teach mathematics at MIT and Harvard University.\nEventually, he was appointed to become the chair of the mathematics department at Stony Brook University, where he helped develop the mathematics and physics programs while still being sought after by companies such as IBM for his consulting work. It wasn't until 1978 that he started delving into finance.\nInvestment Philosophy & Success Story\nDespite already having successful careers as a prize-winning mathematician and a master code breaker for the IDA, Jim Simons decided to pursue a career in finance. In 1978, the mathematician started the hedge fund Monemetrics, which was the predecessor to the highly successful Renaissance Technologies.\nSimons didn't think to apply mathematics to his hedge fund at first; however, over time, he realized he could use mathematical andstatisticalmodels to interpret data by looking for non-random movements in financial data to predict future returns.\nBy 1988, Simons decided to solely usequantitative analysisto decide which trades to enter. Simons only sought experts in mathematics, data analysis, and many other scientific-related fields to work with him at the fund. The Quant King filled the fund with programmers, mathematicians, physicists, and cryptographers. The company thrived due to the complex mathematical formulas these scientists developed.\nSince its inception, Renaissance Technologies' flagship fund, the Medallion hedge fund, has generated over $100 billion in trading profits with an average annual return of 71.8% before fees between 1994 and mid-2014.2 Unfortunately, the Medallion fund is only available for its employees and family members.\n\n $165 billion, Renaissance Technologies' assets under management as of 2020.\n\nCurrent Net Worth and Influence\nJim Simons ranked 23rd onForbes' wealthiest Americans list in 2020, with an estimated $23.5 billionnet worth. The Quant King also ranks first on the Forbes 2019 list of highest-earning hedge fund managers.3\nSimons has a great deal of influence in the scientific world and co-founded the Simons Foundation with his wife, Marilyn Simons, in 1994. The Simons Foundation is devoted to supporting scientific research, education, and health. Simons has contributed over $2.7 billion of his wealth to this cause as well as to support autism research.\nAdditionally, Simons founded Math for America, which aims to encourage mathematics and science teachers to remain in their roles and advance their teaching abilities.\nJim Simons Quotes\nJim Simons is a big advocate of idea sharing and hiring the brightest people from various science-related fields. However, Simons frequently avoids the spotlight and doesn't give many interviews. The following quotes give just a sliver of insight into how he's managed and built Rentech.\n\"Great people. Great infrastructure. Open environment. Get everyone compensated roughly based on the overall performance...That made a lot of money.\"\n“We search through historical data looking for anomalous patterns that we would not expect to occur at random.”\n\"Past performance is the best predictor of success.\"\n\"We have three criteria: If it's publicly traded, liquid, and amenable to modeling, we trade it.\"\n\"Efficient market theory is correct in that there are no gross inefficiencies. But we look at anomalies that may be small in size and brief in time. We make our forecast. Then, shortly thereafter, we re-evaluate the situation and revise our forecast and our portfolio. We do this all day long. We're always in and out and out and in. So we're dependent on activity to make money.\"\n\"I disparage some for whom model-making was a part-time hobby,\" Simons once said as part of a speech at MIT in 2011. Simons made the remark when speaking about those who thought model-making was not useful in the real world.\nJim Simons FAQs\nIs Jim Simons the Most Successful Investor of All Time?\nJim Simons is the richest hedge fund manager and has been called the world's greatest investor by theWall Street Journal. Although success is subjective, other investors such as Warren Buffett are considered amongthe world's greatest investors.\nWhat Is Jim Simons' Strategy?\nJim Simons exclusively uses quantitative analysis to decide which trades to enter, based on market inefficiencies.\nCan I Invest in the Medallion Fund?\nUnfortunately, the Medallion fund is closed to outside investors and is only available to current and past employees of Renaissance Technologies.\nWho Is the Richest Hedge Fund Manager?\nAccording toForbes, Jim Simons is the richest hedge fund manager in America.4\nHow Much Do the Top Hedge Fund Managers Make?\nAccording to the latest data fromForbes, the top 10 hedge fund managers make well over $500 million a year, all the way up to $1 billion. Jim Simons is currently the richest hedge fund manager and made $1.6 billion in 2017.\nThe Bottom Line\nAn unlikely mathematician turned Wall Street on its head back in 1982. Since then, Jim Simons and his Renaissance Technologies quant fund have left a legacy that will forever change the world of finance. The numbers are hard to argue with after logging the Medallion Fund's skyrocketing returns.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1108,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":true}