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Zusammenfassung von The Man Who Solved the Market

Name: The Man Who Solved the Market
Rating: 4.3 (181 reviews)
Author: Gregory Zuckerman

Gregory Zuckerman

How Jim Simons Launched the Quant Revolution

4.3 (181 Bewertungen)

23 Min.

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Mathematik

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What’s in it for me? Delve into the life of an enigmatic hedge fund manager and mathematician.

Jim Simons likes to watch for patterns in the financial markets. He sees them as beautiful, mysterious forms, like great shoals of fish or the nebulae in the night sky. He knows that behind these patterns – like everything else in the universe – is mathematics. And by using mathematics, he knows that he can predict changes in these patterns. And by doing that, he can make money – and lots of it.

Jim Simons is the most successful investor in modern history. His hedge fund firm, Renaissance Technologies, is discussed in reverent tones in the business world – it sets the gold standard globally, with financial analysts trying to understand its secretive, ground-breaking methods.

But Jim Simons is much more than a Wall Street money man: an award-winning geometer, code-breaker, and philanthropist, he’s had a career that should span several lifetimes. To sample a little of his extraordinary life, start at these blinks.

You’ll find out

how Simons grasped Zeno’s paradox at the age of four;
why he named his hedge fund after a Joseph Conrad novel; and
what he didn’t wear when lecturing on mathematics.

Jim Simons was obsessed with math from a very early age.

Jim Simons loved numbers from the moment he understood what they were.

Born in 1938 to a middle-class American Jewish family in Brookline, Massachusetts, Jim was the only child of Matthew and Marcia Simons.

Like many people with an unusual talent for numbers, he began to show an interest in them very early. He learned to solve complex problems at the age of three. One day, his parents found him dividing numbers by two, all the way from 1024 downwards. For a toddler, this was an astonishing feat.

Another time, when out on a family drive, four-year-old Jim was baffled when his father had to stop to fill the car up with gas. Jim couldn’t work out why this was necessary, as he figured that the tank wouldn’t ever run out. He reasoned that if they used up half of what was in the tank, there would be another half remaining; then they could use half of that remaining half, leaving another, smaller half to be used, and so on.

Without knowing it, the four-year-old had started on a classic mathematical problem – one of the problems the Greek philosopher Zeno had addressed in his group of paradoxes. If you always have to travel half the remaining distance before reaching your destination, no matter how small, how can you ever reach your destination?

After school, he was encouraged to go into medicine by the family doctor, who thought it was a good job for “a bright Jewish boy.” Of course, Jim had other ideas.

He enrolled at MIT and studied for a bachelor’s degree in mathematics. After struggling initially and failing a few tests, he took time out one summer to really nail the more complex theorems. After that period, he began to blossom. He loved how complex formulae seemed to join up with other formulae across mathematics, seeming to hint at a universal system. He wondered if he was looking at a kind of code that could explain the world’s mystery. He was often seen around campus lying on his back, eyes closed, contemplating an equation.

One time he saw two of his professors, renowned mathematicians, Warren Ambrose and Isadore Singer, deep in discussion at midnight in a local café. At that moment, he decided that this was the kind of life he wanted: cigarettes, coffee, and mathematics at all hours.

Soon after his studies, Simons entered academia, but quit suddenly to crack Soviet codes for an intelligence agency.

After glittering academic achievements at MIT and Berkeley, Simons looked for a lecturing post.

At Berkeley, he’d completed his PhD in two years. It dealt with the geometry of multidimensional curved spaces. Its brilliance was enough to secure a teaching job at Harvard University.

Simons had enormous success in geometry and developed a new stock-trading system.

While trying to crack codes at IDA, employees had a great deal of time on their hands. Simons used his productively – to research and to ponder the world of global finance.

Meanwhile, while still at IDA, his research into geometry began to pay dividends. He focussed on theoretical questions, rather than those with immediate practical utility. This was what might be called pure math, absorbing him for days in abstract reflection. His area of research was on something called “minimal varieties” – a highly complex subject that dealt with the question of surface area.

After a second stint in academia, Simons founded the hedge fund management firm, Monemetrics.

In 1968, after revealing to colleagues that he opposed the Vietnam War, Jim was fired from his code-breaking role at IDA.

Stunned, he looked for another job and soon returned to academia. He was appointed chairman of the math department at Stony Brook University, New York. But still, the world beyond the lecture hall beckoned. To the bafflement of many of his academic colleagues, at the age of forty, he left and founded Monemetrics, a hedge fund management firm. He wanted to find the hidden pattern in the markets. Also, he had to admit to himself, he wanted to be very rich. Unlike his academic colleagues, he was attracted to money.

Simons named his Monemetrics fund after a character in a Joseph Conrad novel – and this was revealing.

Monemetrics was Simons’ first real venture into the world of finance. He began assembling a team of mathematicians around him and Baum, including old friends from college. After he’d convinced others to join him in this endeavor, he set up a hedge fund, where they’d manage their investments.

He named it “Nimroy.” This was an anagram of the Joseph Conrad novel Lord Jim and the Royal Bank of Bermuda, which handled the company’s money transfers for tax purposes (namely, avoiding them).

Simons introduced computers into the world of investment with great success.

Fortunately, the early losses that Monemetrics incurred would soon be overturned. But first, they had to develop a far more accurate system to read movements in the markets.

While other investors were relying on old-fashioned intuition and business news for their predictions, Simons decided that he would feed data through computers – a technology that was thin on the ground in the early 1980s. Renaming Monemetrics “Renaissance Technologies,” he looked ahead onto a brave new world of investing.

Simons’ career brought him into the ambit of a brilliant man who would go on to court great controversy.

As Renaissance expanded its investment activities it searched for more brainpower. One of these new recruits was a man named Robert Mercer, who’d been working for the computer giant IBM. He’d had great success at IBM, laying the groundwork for advances in speech-recognition technology.

A brilliant coder, he was exactly the kind of person that Renaissance were looking for. Mercer had spent his childhood and adolescence at a computer keyboard – or at least as much as he could during the 1960s and 70s. As a young man, he’d been particularly inspired by a meeting with Neil Armstrong, who’d come to give a talk to budding computer scientists at a youth science camp in the mountains of West Virginia.

When all is said and done, Jim Simons’ CV is an astonishing document.

The Medicis were a powerful banking family who determined the course of politics, art, and royal power in medieval Italy and beyond. It might be said, not without accuracy, that Jim Simons is something like a modern-day equivalent of a member of that dynasty. His achievements, when all is totted-up, are truly awe-inspiring.

First off, he’s the most successful trader in the history of modern finance.

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Worum geht es in The Man Who Solved the Market?

The Man Who Solved the Market (2019) traces the life of enigmatic hedge fund manager and mathematician Jim Simons. It chronicles his early life as a brilliant geometer who won awards for his math, to his work breaking Soviet codes, all the way through to his success with his hedge fund management firm Renaissance Technologies. Far more than just another investor, Simons changed the world with his math and methods.

Wer The Man Who Solved the Market lesen sollte

Anyone working in the world of finance
Business journalists
Mathematicians and geometers

Über den Autor

Gregory Zuckerman is a Special Writer at The Wall Street Journal. He’s a three-time winner of the Gerald Loeb award, which is the highest honor in business journalism. As well as The Man Who Solved The Market, he is the author of The Frackers and The Greatest Trade Ever.

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