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Shortlisted for the Financial Times/McKinsey Business Book of the Year Award The unbelievable story of a secretive mathematician who pioneered the era of the algorithm–and made $23 billion doing it. The greatest money maker in modern financial history, no other investor–Warren Buffett, Peter Lynch, Ray Dalio, Steve Cohen, or George Soros–has touched Jim Simons’ record. Since 1988, Renaissance’s signature Medallion fund has generated average annual returns of 66 percent. The firm has earned profits of more than $100 billion, and upon his passing, Simons left a legacy of investors who use his mathematical, computer-oriented approach to trading and building wealth. Drawing on unprecedented access to Simons and dozens of current and former employees, Zuckerman, a veteran Wall Street Journal investigative reporter, tells the gripping story of how a world-class mathematician and former code breaker mastered the market. Simons pioneered a data-driven, algorithmic approach that’s swept the world. As Renaissance became a market force, its executives began influencing the world beyond finance. Simons became a major figure in scientific research, education, and liberal politics. Senior executive Robert Mercer is more responsible than anyone else for the Trump presidency, placing Steve Bannon in the campaign and funding Trump’s victorious 2016 effort. Mercer also impacted the campaign behind Brexit. The Man Who Solved the Market is a portrait of a modern-day Midas who remade markets in his own image, but failed to anticipate how his success would impact his firm and his country. It’s also a story of what Simons’s revolution will mean for the rest of us long after his death in 2024.
NEW YORK TIMES BESTSELLER
Shortlisted for the Financial Times/McKinsey Business Book of the Year Award The unbelievable story of a secretive mathematician who pioneered the era of the algorithm–and made $23 billion doing it. The greatest money maker in modern financial history, no other investor–Warren Buffett, Peter Lynch, Ray Dalio, Steve Cohen, or George Soros–has touched Jim Simons’ record. Since 1988, Renaissance’s signature Medallion fund has generated average annual returns of 66 percent. The firm has earned profits of more than $100 billion, and upon his passing, Simons left a legacy of investors who use his mathematical, computer-oriented approach to trading and building wealth. Drawing on unprecedented access to Simons and dozens of current and former employees, Zuckerman, a veteran Wall Street Journal investigative reporter, tells the gripping story of how a world-class mathematician and former code breaker mastered the market. Simons pioneered a data-driven, algorithmic approach that’s swept the world. As Renaissance became a market force, its executives began influencing the world beyond finance. Simons became a major figure in scientific research, education, and liberal politics. Senior executive Robert Mercer is more responsible than anyone else for the Trump presidency, placing Steve Bannon in the campaign and funding Trump’s victorious 2016 effort. Mercer also impacted the campaign behind Brexit. The Man Who Solved the Market is a portrait of a modern-day Midas who remade markets in his own image, but failed to anticipate how his success would impact his firm and his country. It’s also a story of what Simons’s revolution will mean for the rest of us long after his death in 2024.
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Extraits-
From the book
Introduction
You do know— no one will speak with you, right?” I was picking at a salad at a fish restaurant in Cambridge, Massachusetts, in early September 2017, trying my best to get a British mathematician named Nick Patterson to open up about his former company, Renaissance Technologies. I wasn’t having much luck. I told Patterson that I wanted to write a book about how James Simons, Renaissance’s founder, had created the greatest moneymaking machine in financial history. Renaissance generated so much wealth that Simons and his colleagues had begun to wield enormous influence in the worlds of politics, science, education, and philanthropy. Anticipating dramatic societal shifts, Simons harnessed algorithms, computer models, and big data before Mark Zuckerberg and his peers had a chance to finish nursery school. Patterson wasn’t very encouraging. By then, Simons and his representatives had told me they weren’t going to provide much help, either. Renaissance executives and others close to Simons—even those I once considered friends—wouldn’t return my calls or emails. Even archrivals begged out of meetings at Simons’s request, as if he was a Mafia boss they dared not offend. Over and over, I was reminded of the iron-clad, thirty-page nondisclosure agreements the firm forced employees to sign, preventing even retirees from divulging much. I got it, guys. But come on. I’d been at the Wall Street Journal for a couple of decades; I knew how the game was played. Subjects, even recalcitrant ones, usually come around. After all, who doesn’t want a book written about them? Jim Simons and Renaissance Technologies, apparently. I wasn’t entirely shocked. Simons and his team are among the most secretive traders Wall Street has encountered, loath to drop even a hint of how they’d conquered financial markets, lest a competitor seize on any clue. Employees avoid media appearances and steer clear of industry conferences and most public gatherings. Simons once quoted Benjamin, the donkey in Animal Farm, to explain his attitude: “ ‘God gave me a tail to keep off the flies. But I’d rather have had no tail and no flies.’ That’s kind of the way I feel about publicity.” I looked up from my meal and forced a smile. This is going to be a battle. I kept at it, probing defenses, looking for openings. Writing about Simons and learning his secrets became my fixation. The obstacles he put up only added allure to the chase. There were compelling reasons I was determined to tell Simons’s story. A former math professor, Simons is arguably the most successful trader in the history of modern finance. Since 1988, Renaissance’s flagship Medallion hedge fund has generated average annual returns of 66 percent, racking up trading profits of more than $100 billion (see Appendix 1 for how I arrive at these numbers). No one in the investment world comes close. Warren Buffett, George Soros, Peter Lynch, Steve Cohen, and Ray Dalio all fall short (see Appendix 2). In recent years, Renaissance has been scoring over $7 billion annually in trading gains. That’s more than the annual revenues of brand- name corporations including Under Armour, Levi Strauss, Hasbro, and Hyatt Hotels. Here’s the absurd thing— while those other companies have tens of thousands of employees, there are just three hundred or so at Renaissance. I’ve determined that Simons is worth about $23 billion, making him wealthier than Elon Musk of Tesla Motors, Rupert...
Critiques-
September 16, 2019 A gripping biography of investment game changer Jim Simons arrives from journalist Zuckerman (The Greatest Trade Ever). With little experience in business before he started trading at age 40, Simons made for an unlikely innovator. Nonetheless, this book reveals, Simons created the “greatest money-making machine in financial history” with his company, Renaissance Technologies, founded in 1982, and particularly with the firm’s flagship Medallion hedge fund, founded in 1988. Showing a flair for the surprising and dramatic statement, Zuckerman proposes that Simons eclipses the more famous likes of Warren Buffett and George Soros as “arguably the most successful trader in the history of modern finance,” with a net worth of about $23 billion. A theoretical mathematician and former math professor, he was the first to take a mathematical, data-driven approach to investing. Gambling that computers using predictive mathematical models could beat human judgment, he won, and changed the industry. Zuckerman skillfully recounts Simons’s backstory—his comfortable childhood in Newton, Mass.; his time spent crafting code-breaking algorithms for the National Security Agency during the 1960s—the salient details of his revolutionary work, and his failures as well as his successes. With a potential recession looming, readers looking to understand how the economy got where it is should eat this up.
October 1, 2019 Accessible if sometimes-turbulent portrait of "arguably the most successful trader in the history of modern finance." James Simons, a math professor, founded Renaissance Technologies in 1982 and has since leveraged a battery of other mathematicians and machines to earn more than $7 billion per year in market gains--a sum that, Wall Street Journal writer Zuckerman (The Frackers: The Outrageous Inside Story of the New Billionaire Wildcatters, 2013, etc.) notes, is greater than the annual revenue of Levi Strauss and Hyatt Hotels. The firm does this with a staff that's markedly smaller than the usual investment house, all of them "quants" devoted to a scientific approach to playing the market. Whereas investors such as Warren Buffett followed a "value" strategy that, as the textbooks have it, "recommended buying when prices cheapened and taking money off the table when prices richened," Simons--who had earned his wings developing algorithms to break Soviet codes in the Cold War--followed trends closely, amassing historical price information and hiring people devoted to "foraging and cleaning data the rest of the world cared little about." Data can be cooked, of course; Zuckerman writes that Simons was impressed by the figures a rising investment manager named Bernard Madoff was posting, though he pulled his funds when he came to suspect them well before Madoff's vast Ponzi scheme was exposed. Simons' devotion to numbers and algorithms did not rule out gut instincts, as with the near-ruinous market crash of 1987, though, as Zuckerman notes, the quants did better than their nonquant counterparts--one reason why the quants now rule the market. Of more than passing interest are the liberal Simons' dealings with partner Robert Mercer, who applied quant methods to politics and came up with the likes of Donald Trump and Steve Bannon, a decision that brought enough heat on the house to force Mercer's resignation. Worthwhile reading for budding plutocrats and numerate investors alike.
COPYRIGHT(2019) Kirkus Reviews, ALL RIGHTS RESERVED.
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