Forums  > Trading  > You Know Who - Renaissance Watch  
     
Page 1 of 35Goto to page: 1, 2, 3 ... 34, 35 Next
Display using:  

James
NP High Priest

Total Posts: 2024
Joined: May 2004
 
Posted: 2004-06-16 17:35

Jim Simons runs the sort of house I expect the majority of us would like to be in. His style appears to be high-frequency of only deeply liquid futures.


But in all my readings about him, I still am not sure what approach he takes as he looks at historical data. My guess is that he has constructed a very large database of correlations across the most deeply liquid contracts and moves in and out of them accordingly. But still am not sure.


I suppose we've all read this:


http://www.charttricks.com/Articles/jim_simons.pdf


So, what do you think he does, and how does he do it.


I will leave 'why aren't we doing it?' to a conversation on the 'party plane' for the first one of us to buy a jet. Wink


Prior to the publication of the Black-Scholes model in 1973, the quest for a valuation formula that would describe option prices reflected one of the most elusive goals in financial economics. Though much work was done in the 1960s, many of the insights and techniques used to solve the problem were presented or anticipated at the beginning of the twentieth century by Louis Bachelier, an obscure French mathematician. These innovations include the first graphical representation of option pricing, a mathematical description of stock prices utilizing Brownian motion and anticipating the efficient market hypothesis, and the first formal option pricing formula.

chiral3
Founding Member

Total Posts: 4566
Joined: Mar 2004
 
Posted: 2004-06-16 17:41
See James, I thought that was a place that everyone of us would like to work, where they have tea and colloquia every friday (reminds me of running to IAS for lectures).  Then everyone was like "Ah, HF.  You'd be a DB jockey".  They are very secretive, and I have never interviewed there.  I live on the north shore of long island, and the thought of commuting in the opposite direction is very appealing (Setauket), not to metion that I am trying to get to a fund now. Regardless, I guess people are torn on what they think they do out there. 

Recent BICEP2 data does not rule out the existence of Nonius.

Crassus


Total Posts: 1194
Joined: May 2004
 
Posted: 2004-06-16 18:03
I guess that he's not fooled by randomness.

DW


Total Posts: 507
Joined: Jun 2004
 
Posted: 2004-06-17 14:52

Whatever methodologies they are using it has certainly stirred some interest with their competitors. One rather well known hedge fund in chicago that I have undertaken some work for in the past was offering a sizeable bounty on anyone from Rentec, the same for the Timber Hill (Now part of IB) guys responsible for the automated equity vol trading systems.


DW


Total Posts: 507
Joined: Jun 2004
 
Posted: 2004-06-17 14:58
Also James - I dont suppose that in addition to the article you have on Jim Simmonds you might also have the Institutional Investor article on David Shaw? There is an equally interesting one on Ken Griffin too.

Johnny
Founding Member

Total Posts: 4332
Joined: May 2004
 
Posted: 2004-06-17 15:03
I've read the Ken Griffin article, but not the David Shaw one. I'd be interested to read it if you've got it.

kr
Founding Member
NP Raider
Total Posts: 3561
Joined: Apr 2004
 
Posted: 2004-06-17 15:32
is there a well-known hedge fund in chi whose name does NOT represent "a fortress in a commanding position in or near a city"?

my bank got pwnd

RFMontraz
NP Italian Stallion

Total Posts: 1991
Joined: Mar 2004
 
Posted: 2004-06-17 15:55

Could you also post the link to the Griffin article if you get hold of it? Thx dude.


Badabin badabum

James
NP High Priest

Total Posts: 2024
Joined: May 2004
 
Posted: 2004-06-17 16:08

I pulled these up from 'dogpile'

Looks like Ren is goin web-silent, there are even fewer articles now than six months ago.

http://www.olsen.ch/center/papers/hedgefuture.pdf

This guy who runs this site, "Turtle Trader," is a crook, according to the original Turtles, but he does quote Shaw (from the Lux article). Since he ripped-off the Lux article without attribution, I think the 'crook' case is well-proved:

http://www.turtletrader.com/trader-simons.html

This article is a little helpful:

http://articles.findarticles.com/p/articles/mi_m1511/is_n10_v19/ai_21145382

I will find my old pdfs of the Simons articles I collected and up load them here when I do.

 

 


"Reality is that which, when you choose not to believe in it, doesn't go away." Phillip K. Dick

chiral3
Founding Member

Total Posts: 4566
Joined: Mar 2004
 
Posted: 2004-06-17 16:18
The funny thing is that I recognize words in those three links 1) from that one story written and 2) from their *old* website.  That makes it two counted sources in history that I know of on rentec.  Now only one exists.

Recent BICEP2 data does not rule out the existence of Nonius.

DW


Total Posts: 507
Joined: Jun 2004
 
Posted: 2004-06-17 16:26

"is there a well-known hedge fund in chi whose name does NOT represent "a fortress in a commanding position in or near a city"?

Nope - you've hit the nail on the head.


chiral3
Founding Member

Total Posts: 4566
Joined: Mar 2004
 
Posted: 2004-06-17 16:28

I thought we agreed, only French HF - 20% + 10% of assets.  I am on my way to Paris.  My fund will be called

Maginot Investments.


Recent BICEP2 data does not rule out the existence of Nonius.

chiral3
Founding Member

Total Posts: 4566
Joined: Mar 2004
 
Posted: 2004-06-17 16:32
Oh, wait, that was an impenetrable wall too. Darn.

Recent BICEP2 data does not rule out the existence of Nonius.

LongTheta
The Snowman

Total Posts: 2959
Joined: Mar 2004
 
Posted: 2004-06-21 05:00
Does RenTec trade futures and only futures? I was told that RenTec makes its money in FX.

Time is on my side.

PanzerMeyer


Total Posts: 1381
Joined: May 2004
 
Posted: 2004-07-01 11:33

there was an article in ABsoluteREturn in April i guess or March, about a guy with a ?russian name, he is in chicago, is that him /

in this very same publication, same month, there was an article about the fact taht Simons sued a former trader or I expert for leaving and bringing out secrets from Renaissance, etc.


я, конечно, вернусь

secondMan


Total Posts: 98
Joined: May 2004
 
Posted: 2004-07-20 18:48
i think renaissance tries to exploit inefficiencies whereever they can find one. forex, stocks, options, commodites ... if i were them i had a team for each and every opportunity out there.

opmtrader
Founding Member

Total Posts: 1333
Joined: Mar 2004
 
Posted: 2004-07-21 19:15
It's good to be Jim Simons:

Three Hedge Fund Managers Made $500 Mln, Alpha Says (Update2)
2004-07-20 09:41 (New York)
Three Hedge Fund Managers Made $500 Mln, Alpha Says (Update2)
(Adds that Cohen declined to comment in 10th paragraph.)
By Samantha Lafferty
July 20 (Bloomberg) -- Three hedge fund managers made at least
$500 million last year, led by Hungarian-born George Soros and
David Tepper of Appaloosa Management, according to a survey by
Institutional Investor's Alpha magazine.
Soros earned an estimated $750 million, regaining the top spot
after failing to make the list of the 25 highest-paid managers in
2002, Institutional Investor said in a statement. Soros's flagship
$8.3 billion Quantum Endowment Fund climbed 15 percent in 2003.
Soros, 73, is the biggest investor in the Quantum fund.
Tepper, 46, a former Goldman Sachs Group Inc. junk bond trader
who founded Appaloosa in Chatham, New Jersey, made $510 million and
James Simons of New York-based Renaissance Technologies Corp.
pulled in about $500 million, Alpha reported.
``The wealth being created by hedge fund managers is simply
staggering,'' Institutional Investor said in the statement. ``Never
have so few made so much so fast.''
Seventeen managers earned more than $100 million in 2003, up
from seven in 2002, the magazine said. Institutional Investor said
it compiled the rankings from estimates of fees generated by the
funds that they manage, plus estimated gains from their own capital
in the funds.
Hedge funds tend to charge the highest fees in the asset
management industry, taking 20 percent of any investment gain, plus
1 percent of assets under management. The average take-home pay for
the top 25 managers in 2003 was $207 million, almost double that of
2002, Institutional Investor said.
Lampert and Kovner
Hedge funds, which can profit from falling as well as rising
market prices, attracted a record $60 billion of new investments
last year from clients including pension funds and insurers,
according to Tremont Capital Management in Rye, New York.
Edward Lampert, founder and chief executive of ESL Investments
Inc., made $420 million, ranking behind Soros, Tepper and Simons,
Institutional Investor said.
Bruce Kovner of New York-based Caxton Associates is tied in
fifth place with Steven Cohen of SAC Capital Advisors in Stamford,
Connecticut, with earnings of $350 million. In 2002, Kovner was the
biggest earner, Institutional Investor said.
Cohen declined to comment through a company spokesman, and the
rest of the money managers weren't available for comment.
Below is a table of the top 10 earners in the hedge fund
industry in 2003, according to Institutional Investor:
George Soros $750 million Soros Fund Management
David Tepper $510 million Appaloosa Management
James Simons $500 million Renaissance Technologies
Edward Lampert $420 million ESL Investments
Steven Cohen $350 million SAC Capital Advisors
Bruce Kovner $350 million Caxton Associates
Paul Tudor Jones $300 million Tudor Investment
Kenneth Griffin $230 million Citadel Investment
Daniel Och $150 million OCH-Ziff Capital Management
Leon Cooperman $145 million Omega Advisors

chiral3
Founding Member

Total Posts: 4566
Joined: Mar 2004
 
Posted: 2004-07-21 19:30
Fuck Me.  Fuck Me.  What the hell am I doing wasting my life where I am.  Damn, Damn, Damn, Damn, Damn, Damn, Damn, Damn, Damn, Damn, Damn, Damn, Damn, Damn, Damn

Recent BICEP2 data does not rule out the existence of Nonius.

NeroTulip


Total Posts: 879
Joined: May 2004
 
Posted: 2004-07-21 19:50
Don't be so harsh with yourself just because you couldn't make it into the top ten with your $144m...

Truck driver, Toxic Waste Capital Management LLC. Trash is our business.

chiral3
Founding Member

Total Posts: 4566
Joined: Mar 2004
 
Posted: 2004-07-21 19:57
I should have made 144mm.  Everyone on this board should.  We should rule the world.  This forum has more brains, education, experience, and ability than entire departments at banks.  FUK!!!!!!!!!!!!!!!!   500mm

Recent BICEP2 data does not rule out the existence of Nonius.

Martingale
NP House Mouse

Total Posts: 2598
Joined: Jun 2004
 
Posted: 2004-07-21 19:58
I just killed myself 1 million times Sad

chiral3
Founding Member

Total Posts: 4566
Joined: Mar 2004
 
Posted: 2004-07-21 20:33
No joke, this just fucked up my day.

Recent BICEP2 data does not rule out the existence of Nonius.

chiral3
Founding Member

Total Posts: 4566
Joined: Mar 2004
 
Posted: 2004-07-21 21:24
I just called them.  Some young woman with a very attractive voice, as well as a confidence that she knew why I was calling, informed me that they ar not hiring right now.

Recent BICEP2 data does not rule out the existence of Nonius.

Martingale
NP House Mouse

Total Posts: 2598
Joined: Jun 2004
 
Posted: 2004-07-21 21:25
Tongue out

chiral3
Founding Member

Total Posts: 4566
Joined: Mar 2004
 
Posted: 2004-07-21 21:27
Actually Martigale, there is a guy there publishing papers that sound suspiciously like your thesis.....  I think you have been robbed.

Recent BICEP2 data does not rule out the existence of Nonius.
Previous Thread :: Next Thread 
Page 1 of 35Goto to page: 1, 2, 3 ... 34, 35 Next