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D. E. Shaw & Co., L.P. is a multinational investment management firm founded in 1988 by David E. Shaw and based in New York City. The company is known for developing complicated mathematical models and computer programs to exploit anomalies in financial markets. As of December 1, 2023, D. E. Shaw has $60 billion in AUM, including alternative investments and long strategies. History 1988–1996: Founding and early years The company was founded by David E. Shaw, a former Columbia University computer science professor with a PhD from Stanford University. D. E. Shaw began investing in June 1989, having secured $28 million in capital from Donald Sussman's Paloma Partners and several private investors. The company's first office was small and located above a bookstore near New York University. By 1990, the company had moved to a loft on Park Avenue South; it relocated the following year to Tower 45 on West 45th Street, and to 1166 Sixth Avenue in 2010.The company carefully protected its proprietary trading algorithms. Many of its early employees were scientists, mathematicians, and computer programmers. The focus of recruiting broadened to include liberal arts graduates in early 1992.David Shaw placed heavy emphasis on risk management and the preservation of capital. Eventually, the company would charge an executive committee and a chief risk officer with using scenario analysis and stress-testing to analyze risk at both the strategy and portfolio levels.In 1994, the company's net return was 26 percent. It managed several hundred million dollars in "market-neutral strategies, including statistical arbitrage, Japanese warrant arbitrage, convertible-bond arbitrage and fixed-income trading." Its non-hedge fund activities in the mid-90s included setting up a broker-dealer subsidiary, founding the email provider Juno Online Services, launching an online banking and brokerage firm, and opening an office in India focused on developing software and systems to support the company's trading operations and online businesses. 1997: Strategic alliance with Bank of America In 1997, the firm returned capital to most of its early investors in favor of a structured credit facility of nearly $2 billion from Bank of America, with terms that allowed D. E. Shaw & Co. to keep a higher fraction of profits than hedge fund investors normally allow. In effect, Bank of America provided an infusion of $1.4 billion to D. E. Shaw, hoping to benefit from the latter's investment expertise. One year later, Russia defaulted on its debt, resulting in large losses for D. E. Shaw's fixed-income portfolio. As a result, Bank of America lost $570 million due to its investment in D. E. Shaw, and paid out an additional $490 million to settle associated shareholder lawsuits.Following the collapse of this alliance, D. E. Shaw laid off employees, reducing its workforce from 540 employees in 1999 to 180. The company's capital shrank from $1.7 billion to $460 million. 2002: Management transfer David E. Shaw directed the company from 1988 to 2001. In 2002, he removed himself from day-to-day involvement in order to focus on D. E. Shaw Research and transitioned leadership of day-to-day activities to a team of six of the firm's senior managing directors. The same six-member Executive Committee of Anne Dinning, Julius Gaudio, Louis Salkind, Stuart Steckler, Max Stone, and Eric Wepsic remained intact until 2012 when Steckler retired. 2007: Financial crisis Multi-strategy fund At the beginning of the financial crisis in August 2007, D. E. Shaw's multi-strategy fund had assets of $20 billion. A third of the fund's exposure was to the equity markets and equity-linked quantitative strategies. As a result, the fund lost five percent of its assets and had its worst-performing month to that point in time. By September 2008, the company's capital was four times leveraged. In the final months of 2008, gains on its then $15 billion multi-strategy funds were lost. Credit strategies Twenty percent of the company's assets under management were in its credit strategies and were the hardest hit during the financial crisis. Redemptions To avoid further loss of portfolio value and asset fire sales, D. E. Shaw temporarily halted withdrawal of funds. This displeased some investors as there were time delays when they requested return of their funds. By 2009, D. E. Shaw had returned about $2 billion at clients' requests. One year later, the Financial Times reported that investors estimated the company had honored an additional $7 billion in client redemption requests. Overall impact D. E. Shaw's total assets under management fell from a high of $34 billion in 2007 to $21 billion in 2010. The company had 1,300 employees, a reduction of 10% of its workforce. 2019: Non-compete agreements In September 2019, D. E. Shaw required all of its employees to sign non-compete agreements, which was common among asset management companies but not previously required at the firm. This was not received favorably by some employees. Investment strategy The company manages a variety of investment funds that make extensive use of quantitative methods and proprietary computational technology to support fundamental research. The company also uses qualitative analysis to make private equity investments in technology, wind power, real estate, financial services firms, and distressed company financing. D. E. Shaw & Co. has also provided private equity capital to technology-related business ventures. Examples include Juno Online Services, an Internet access provider, and Farsight, an online financial services platform that was acquired by Merrill Lynch. Assets under management The company had $40 billion in aggregate capital and $15.6 billion in hedge fund AUM as of 2011. As of June 1, 2021, the company move than tripled in size with $55 billion in AUM, $35 billion of which are alternative investments and the remaining $20 billion long investments. It was ranked as the 21st-largest hedge fund by Institutional Investor in 2011. By 2020, D. E. Shaw & Co. was ranked as the 10th-largest hedge fund globally by discretionary AUM. Private equity U.S. In 2004, a subsidiary of one of the company's funds acquired the toy store FAO Schwarz after it had filed for bankruptcy. FAO Schwarz reopened for business in New York and Las Vegas in the fall of 2004. In the same year, D. E. Shaw affiliate Laminar Portfolios acquired the online assets of KB Toys, which continued operating as eToys.com.In 2006, the Financial Times reported the firm's involvement as a potential financing and investment partner for Penn National Gaming (the casino and racetrack company) as an example of the breadth of Wall Street firms' involvement in the "private equity boom," describing D. E. Shaw as "a hedge fund group." The financing was required as Penn National Gaming had a market value of $3.3 billion (2006) and $1.4 billion in annual revenues and wanted to acquire Harrah's Entertainment, a .... Discover the D E E L popular books. Find the top 100 most popular D E E L books.
Best Seller D E E L Books of 2024
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Birthday Dance
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Emilia Romagna
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Nick Fury, Agent of S.H.I.E.L.D. Classic Vol. 3
Doug Murray, D.G. Chichester & Scott LobdellNick Fury and his poker buddies Thing, Mr. Fantastic and Captain America play for high stakes against the Mandarin...but it could soon be Baron Strucker's Hydra that holds all the ...
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D.I.S.C.I.P.L.E.R.S Daily Devotional
Dean De CastroThese 365 daily devotional guides are an indepth, stimulating, instructive, and balanced reflection on the fundamental areas of the Christian life. The author shares his solid bibl...
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Agents Of S.H.I.E.L.D. Vol. 2
Marc GuggenheimAgent Coulson and his crew are caught in the middle of Civil War II, and opinions are split among them. But they remain Agents of S.H.I.E.L.D. and have a job to do: Protect the inn...
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Mockingbird
Various AuthorsDiscover how Barbara Morse became the Avenger known as Mockingbird! She's a S.H.I.E.L.D. scientist who's trained for action and destined for greatness, and she's hunting down the M...
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Cornelius Jubb
Peter RobinsonFrom the New York Times bestselling author comes a riveting collection of short fiction, marked by the piercing psychological insight and brilliant characterization that are hallma...
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Going Back
Peter RobinsonFrom the New York Times bestselling author comes a riveting collection of short fiction, marked by the piercing psychological insight and brilliant characterization that are hallma...
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F l i e h e n d e F a u n e
Jürgen SteinbachNach einem Roman und einer Novelle legt Jürgen Steinbach jetzt eine Sammlung von Texten vor, die eine klassische Einordnung nicht erlaubt. Geschichten, auf wenige Seiten, manchmal ...
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Deadpool Vol. 4
Gerry DugganCollects Deadpool (2012) #2025. S.H.I.E.L.D. makes a grievous tactical error when they stiff Deadpool on a bill, and you can bet that they’re going to regret it! Deadpool declares ...
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Blue Christmas
Peter RobinsonFrom the New York Times bestselling author comes a riveting collection of short fiction, marked by the piercing psychological insight and brilliant characterization that are hallma...
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La spia intoccabile
Giacomo PaciniLa storia di un uomo dallo straordinario potere, esercitato in modo felpato, in un cono d'ombra, in Italia, a partire dal dopoguerra. Di Federico Umberto D'Amato è stato detto che ...
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S.H.I.E.L.D
Jonathan HickmanCollects S.H.I.E.L.D. #16. Leonardo Da Vinci was an agent of S.H.I.E.L.D. So was Issac Newton. And many other geniuses throughout time. They were the first heroes to defeat Galact...
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Without a Word
Carol Lea BenjaminPrivate investigator Rachel Alexander and her pit bull Dashiell return in this stylish, dark, emotionally complex seventh mystery from former detective and noted dog trainer Carol ...
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Nick Fury vs S.H.I.E.L.D.
Bob Harras & Paul NearyAlla guida della più grande agenzia antiterrorismo del mondo, Nick Fury ha combattuto le forze del male innumerevoli volte. Allora perché, all’improvviso, l’organizzazione a cui ha...
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Storie di magliari
Marcello Anselmo & Pietro MarcelloGiovani che per sottrarsi alla miseria e alla precarietà esistenziale provavano ad ascendere la gerarchia sociale attraverso una pratica del commercio senza fissa dimora che li tra...
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S.H.I.E.L.D. Vol. 1
Julian Totino TedescoHightech weapons. Highstakes missions. Highoctane adventure! Special Agent Phil Coulson and his S.H.I.E.L.D. team bring together the best and the brightest, the gifted and the elit...
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The Price of Love
Peter RobinsonFrom the New York Times bestselling author comes a riveting collection of short fiction, marked by the piercing psychological insight and brilliant characterization that are hallma...
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Venezia
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L.E.A.D.ership
John LogginsA “practice” of leadership that intentionally develops Love, Empathy, and Awareness as a method to create change. Whatever that change may be, this practice of leadersh...
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Agents of S.H.I.E.L.D. Vol. 1
Marc GuggenheimIt's highstakes espionage in the Marvel Universe in this brandnew series inspired by the hit television show Marvel's Agents of S.H.I.E.L.D. The good news for Phil Coulson is that ...
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The Odyssey of Homer
Richmond LattimoreHomer’s great epic The Odysseyone of Western literature’s most enduring and important workstranslated by Richmond LattimoreA classic for the ages, The Odyssey recounts Odysseus’ jo...
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Walking the Dog
Peter RobinsonFrom the New York Times bestselling author comes a riveting collection of short fiction, marked by the piercing psychological insight and brilliant characterization that are hallma...
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The Professor and the Madman
Simon WinchesterA New York Times Notable Book The Professor and the Madman is an extraordinary tale of madness, genius, and the incredible obsessions of two remarkable men that led to t...
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The Complete Poetical Works of John Milton
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Napoli e il Golfo
AA. VV.«Napoli è così fulminante che gli dei si contendono il possesso della sua primogenitura»: così Polibio duemila anni or sono per primo descrisse quel formidabile impasto di incanto ...
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Like a Virgin
Peter RobinsonFrom the New York Times bestselling author comes a riveting collection of short fiction, marked by the piercing psychological insight and brilliant characterization that are hallma...
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The Iliad
Homer & Caroline AlexanderWith her virtuoso translation, classicist and bestselling author Caroline Alexander brings to life Homer’s timeless epic of the Trojan WarComposed around 730 B.C., Homer’s Iliad re...
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The Price of Love and Other Stories
Peter RobinsonThe awardwinning author of the New York Times bestselling Inspector Alan Banks novels, Peter Robinson dazzles with his first collection of short fiction, The Price of Love and Othe...
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S.H.I.E.L.D.
Kathryn Immonen, Jody Houser, David F. Walker, Patrick Kindlon, Chelsea Cain, Matthew Rosenberg & Stan LeeCollects Agent Carter: S.H.I.E.L.D. 50th Anniversary #1, The Cavalry: S.H.I.E.L.D. 50th Anniversary #1, Fury: S.H.I.E.L.D. 50th Anniversary #1, Mockingbird: S.H.I.E.L.D. 50th Anniv...
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DEI C.R.E.D.E.N.T.I.A.L
Jarvis W SamCorporations around the world are actively developing strategies and programs aimed at rostering a culture of inclusion and belonging, for both employees and consumerswith the desi...
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S.H.I.E.L.D.
Scott Lobdell, Eliot R. Brown, Robert Sharp & Gregory WrightCollects Nick Fury, Agent of S.H.I.E.L.D. (1989) #3647; Fury (1994) #1. Director no more, Nick Fury is a plain ol' Agent of S.H.I.E.L.D. but that won't stop him from calling the s...
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S.H.I.E.L.D. by Steranko
Jim SterankoCollects Strange Tales (1951) #151168, Nick Fury, Agent of S.H.I.E.L.D. (1968) #13 & 5. Rarely before and rarely since has comics seen a talent as innovative as Jim Steranko. ...
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S.H.I.E.L.D.
Bob HarrasCollects Nick Fury vs. S.H.I.E.L.D. #16. S.H.I.E.L.D. faces its greatest threat from within! All that stands in the way of its enigmatic inner agenda is Nick Fury himself…but Fury...
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Firenze
AA. VV.Una concentrazione di bellezza con pochi eguali al mondo, una grazia architettonica e ambientale che si diffonde sui colli e nelle campagne: a Firenze l’arte esce dai musei, pervad...