Bestselling author and veteran Wall Street Journal reporter Gregory Zuckerman answers the question investors have been asking for decades: How did Jim Simons do it?
Jim Simons is the greatest money maker in modern financial history. His track record bests those of legendary investors including Warren Buffett, Peter Lynch, Ray Dalio, and George Soros. Yet Simons and his strategies are shrouded in mystery. Wall Street insiders have long craved a view into Simons's singular mind, as well as the definitive account of how his secretive hedge fund, Renaissance Technologies, came to dominate financial markets. Bestselling author and Wall Street Journal reporter Gregory Zuckerman delivers the goods.
After a legendary career as a mathematician at MIT and Harvard, and a stint breaking Soviet code for the U.S. government, Simons set out to conquer financial markets with a radical approach. He hired mathematicians, physicists, and computer scientists, most of whom knew little about finance. Experts scoffed as Simons built Renaissance Technologies from a dreary Long Island strip mall. He amassed piles of data and developed algorithms to hunt for deeply hidden patterns in the numbers--patterns that reveal rules governing all markets.
Simons and his colleagues became some of the richest individuals in the world and their data-driven approach launched a quantitative revolution on Wall Street. They also anticipated dramatic shifts in society. Eventually, governments, sports teams, hospitals, and businesses in almost every industry embraced Simons's methods.
Simons and his team used their newfound wealth to upend society. Simons has become a major influence in scientific research, education, and politics, while senior executive Robert Mercer is more responsible than anyone else for Donald Trump's victorious presidential campaign. The Renaissance team's models didn't prepare executives for the ensuing backlash.
The Man Who Solved the Market is the dramatic story of how Jim Simons and a group of unlikely mathematicians remade Wall Street and transformed the world.
##大奖章作为人类历史上投资回报最高的基金,其在宽客心中如上帝般高高在上。此书带给我的最大震撼,是宽客之神西蒙斯的三次非量化之举。海湾战争爆发,他推倒系统,买入石油看涨期权对冲风险并减仓1/3;纳指泡沫时西蒙斯在危机面前迅速放弃经仔细研判后认定为明显错误的动量信号,减少损失;在金融危机前夕他不顾其他人的阻挠,声称“我们的任务是活下来,即使我们错了,后面还可以加仓”,快速削减仓位,西蒙斯认为20个标准差外的事件必须以非常手段来对待,结果错过了逆势加仓的好机会。最近的18年底西蒙斯还给自己的信托基金致电要求做空部分仓位以对冲风险。西蒙斯这类不惜牺牲对系统决策的信仰而寻求自保的态度也促使他在89年救基金于水火,快速撤离,避免了自己的券商倒闭,期权过期的窘境--当你嗅到烟味,就赶紧他妈的逃!
评分##欧美经管人物传记类基本上都是流水账,哪怕是乔布斯的也一样。这本前半可以,干货新知以及作为经验教训先例的旁观者都有的看。后半有一些味同嚼蜡,合伙人中晚年享受退休生活,要么参与政治献金要么撕破脸。一家资产管理投资基金公司,招人从不认“大难临头最容易各自飞”的华尔街“人才”,面试只要写论文做演讲以及测试是否接受得了“刁难”。“我能教会他们所有金融知识,但无法直接让他们变聪明。”
评分##...main takeaway: they're not flash boys.
评分##讲Jim Simons成立文艺复兴前的那一段很有意思,Mercer的政治影响也有意思。不要期待有太多量化干货,但看上去也还靠谱。超级多的小八卦和趣闻轶事。
评分##COVID read
评分##“Simons could be remembered for what he did with his fortune, as well as how he made it.”
评分##【第三十三本】要读一本英文原著真是费时间啊,前前后后读了三周时间。像文艺复兴基金,西蒙斯这样的高频量化基金的故事总是充满了神秘和向往,打败市场对传奇和量化高频交易的鼻祖,让很多人神往。但是真的读了这本书后才发现,整个公司的创始和发展历程充满了波折和变化,即使是西蒙斯这样的学术大拿也不是说轻松搞定市场的,何况最大的调整不仅仅是模型,而是如何管理手下这么多天才和科学家,让大家能在同一个平台为同一个目标一起努力,这远比西蒙斯研究数学问题要来的复杂的多。从Baum到Ax到Berlecamp到Mercier和Brown,从最初的趋势交易到指标交易,慢慢过渡到后来完全机器自动交易,即使取得巨大的成功,但是碰到了2008年金融危机时西蒙斯还是不能完全信任程序判断,要人为干预仓位,所以投资真是一项反人性的事
评分##“Simons could be remembered for what he did with his fortune, as well as how he made it.”
评分##痛读两天搞定。虽然只是传记,但还是了解到很多的,周末有空时写心得。
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