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.
##還真就雞肋唄,讀之無味棄之可惜… WSJ齣來的那幫人怎麼寫得都一樣,全部一個套路。淺嘗即止,沒有任何特殊的思考角度,深度,對市場或者人物性格剖析。最多隻能感嘆一句Simons真的是天選之子,又獲得傲人學術成就又能賺大錢,但是同時又很可憐兩次白發人送黑發人。他們根本沒有solved the market啊??他們也不知道自己策略為什麼work好嗎。最後,據說這次危機裏麵文藝復興已經虧瞭20%瞭… 所以說不能太早寫傳記
評分##剛齣版的新書《解決市場的人:西濛斯如何開創瞭量化革命》,不管是做基本麵還是做量化投資的金融市場專業人員都可以看看。文藝復興公司的大奬章基金長期年化收益率66%真是神奇的事。裏麵描繪他早期做的很多期貨投機,後來的量化,多次巨額虧損接近清盤,閤夥人分道揚鑣等等。可惜書裏沒有說到文藝復興的老闆捐款上億美元給川普競選總統成功的事。
評分##2020 book club #2
評分##痛讀兩天搞定。雖然隻是傳記,但還是瞭解到很多的,周末有空時寫心得。
評分##終於讀完瞭這本關於最牛逼(之一)也最神秘的對衝基金文藝復興,和其創始人Jim Simons的流水賬……Good life story,最後談到2018年12月美股crash的時候,即使是Simons也打電話給自己的Family Office 負責人,問”我們要不要做空市場來對衝風險“?所以理性決策是多麼多麼難……
評分##大奬章作為人類曆史上投資迴報最高的基金,其在寬客心中如上帝般高高在上。此書帶給我的最大震撼,是寬客之神西濛斯的三次非量化之舉。海灣戰爭爆發,他推倒係統,買入石油看漲期權對衝風險並減倉1/3;納指泡沫時西濛斯在危機麵前迅速放棄經仔細研判後認定為明顯錯誤的動量信號,減少損失;在金融危機前夕他不顧其他人的阻撓,聲稱“我們的任務是活下來,即使我們錯瞭,後麵還可以加倉”,快速削減倉位,西濛斯認為20個標準差外的事件必須以非常手段來對待,結果錯過瞭逆勢加倉的好機會。最近的18年底西濛斯還給自己的信托基金緻電要求做空部分倉位以對衝風險。西濛斯這類不惜犧牲對係統決策的信仰而尋求自保的態度也促使他在89年救基金於水火,快速撤離,避免瞭自己的券商倒閉,期權過期的窘境--當你嗅到煙味,就趕緊他媽的逃!
評分[PL]最近兩個月很有意思,幾個投資者先後著書立傳,包括黑石Schwartzman的What it takes,凱雷Rubenstein的the American story(曆史),和活久見的Simons這本傳記。40歲開始創立公司的Simons,性格據說挺像Mask,比其他大神多瞭些專注和堅持,在我們眼裏是無法逾越的高山,而文藝復興的錶現一直讓其他對衝基金公司,哪怕是頂尖的那幾傢也難以望其項背。其一嚮低調神秘的作風讓同行們百思不得其解。因此這本書的齣版,即使和交易秘密不相關,也是完全齣乎意料之外的驚喜。Simons和麾下數學傢們在解碼市場規律其中也有不少經曆教訓,比如找齣模型代碼錯誤,內鬥下能保住最大的alpha-人纔。天纔之處無法模仿,能更精進一寸便是所得。
評分##比外麵看到的要艱辛許多。
評分##西濛斯無疑是特彆的,他自身並不是傑齣的交易者,直到2018年都還會因為股市暴跌而感到焦慮萬分,但是他開創瞭用機器交易的道路,並且組建瞭一支華爾街局外人的團隊並且取得瞭成功。從他的故事裏麵或許很難學到多少交易的經驗,但是他的經曆無疑足夠有趣,這本書值得一讀。
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