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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 .... Discover the D E White popular books. Find the top 100 most popular D E White books.
Best Seller D E White Books of 2024
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Emma
Jane AustenJane Austen’s unforgettable comedy of manners and matchmaking, now in a stunning deluxe package from Harper Perennial Modern Classics.“Emma Woodhouse, handsome, clever, and ri...
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Soldier Girls
Yolanda CelbridgeStripped of her uniform for 'sexual outrage' solier nurse Lise Gallard is forced to endure corporal punishment in the Foreign legion woman's prison. But she is spotted ...
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To Kill a Mockingbird
Harper LeeVoted America's BestLoved Novel in PBS's The Great American ReadHarper Lee's Pulitzer Prizewinning masterwork of honor and injustice in the deep Southand the heroism of one man in ...
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Lincoln on the Verge
Ted WidmerWINNER OF THE LINCOLN FORUM BOOK PRIZE “A Lincoln classic...superb.” The Washington Post “A book for our time.”Doris Kearns Goodwin Lincoln on the Verge tells the dramatic story o...
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Ellis D. Wheeler v. S. E. White
Supreme Court of TexasThis is a suit for damages brought by petitioner, Ellis D. Wheeler, against respondent, S. E. White. Wheeler alleged that White had breached a contract to secure a loan or furnish ...
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236 Pounds of Class Vice President
Jason MulgrewJason Mulgrew, popular blogger and author of Everything Is Wrong with Me, continues his depreciating yet hilarious selfreflection with 236 Pounds of Class Vice President. Set ...
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State Indiana v. Willis D. White
Supreme Court Of IndianaThe appellant in this case filed a "Petition For Instructions For Taking An Interlocutory Appeal From The Indiana Tax Courts Denial Of A Motion To Dismiss." The petition asks that ...
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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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Harry the Dirty Dog
Gene Zion & Margaret Bloy GrahamHarry is a white dog with black spots who loves everything . . . except baths. So one day before bath time, Harry runs away. He plays outside all day long, digging and sliding in e...
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Shelby White v. William E. Guarente Et Al.
Supreme Court of New YorkRespondent shall recover of appellant $60 costs and disbursements of this appeal. Kupferman, J. P., and Capozzoli, J., concur in the result in the following memorandum by Kupferman...
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Lincoln and the Fight for Peace
John AvlonA groundbreaking and “affecting and powerful” (The New York Times Book Review) history of Abraham Lincoln’s plan to secure a just and lasting peace after the Civil Wara vision that...
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If You Give a Mouse a Cookie
Laura Joffe NumeroffIf a hungry little traveler shows up at your house, you might want to give him a cookie. If you give him a cookie, he's going to ask for a glass of milk. He'll want to look in a mi...
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White as Silence, Red as Song
Alessandro D'AveniaHailed as Italy’s The Fault in Our Stars, this Italian bestseller is now available for the first time in English.“I was born on the first day of school, and I grew up and old ...
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The House at Sugar Beach
Helene CooperJournalist Helene Cooper examines the violent past of her home country Liberia and the effects of its 1980 military coup in this deeply personal memoir and finalist for the 2008 Na...
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Randy D. White v. State Indiana
Supreme Judicial Court of MassachusettsWe turn today to a question much debated in Indiana for the past five years: when a petition for postconviction relief alleges that a guilty plea was not made voluntarily and intel...
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Gerald White Et Al. v. Wesley E. Leonard
Supreme Court of New York[140 A.D.2d 518 Page 518] In a medical malpractice action, the defendant Wesley E. Leonard appeals (1), as limited by his brief, from so much of an order of the Supreme...
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A Christmas Carol
Charles DickensA beloved holiday classic at its best! With concise text and luminous illustrations, this promises to be the perfect addition to everyone′s Christmas list. For this true, unique pi...
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Anne of Green Gables
L.M. MontgomeryThe beloved classic story from L.M. Montgomery of the orphan who captured readers’ hearts around the worldnow includes an excerpt from Sarah McCoy’s novel Marilla of Green Ga...
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Zen and the Art of Motorcycle Maintenance
Robert M. PirsigTHE CLASSIC BOOK THAT HAS INSPIRED MILLIONSA penetrating examination of how we live and how to live betterFew books transform a generation and then establish themselves as touchsto...
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Anne of Green Gables Complete Text
L.M. MontgomeryGet ready for the new Anne of Green Gables Netflix series!Marilla and Mathew Cuthbert had planned to adopt a boy to help out around Green Gables farm. But waiting for Mathew a...
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Alice in Wonderland Complete Text
Lewis CarrollOne day Alice follows a rabbit into a large hole under the hedge, and a magical adventure begins. She meets the Mad Hatter and the March Hare at an unconventional tea party, the my...
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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 Lion, the Witch and the Wardrobe
C. S. LewisThe Lion, the Witch and the Wardrobe is the second book in C. S. Lewis's The Chronicles of Narnia, a series that has become part of the canon of classic literature, drawing readers...
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Middlemarch
George Eliot & Francine ProseGeorge Eliot’s beloved classic novelhailed by Virginia Woolf as “masterful”follows the life, loves, foibles, and politics of the residents of a fictional English town set amid the ...
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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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Biscuit
Alyssa Satin CapucilliSnuggle up at bedtime or anytime with Biscuit, the very first book about everyone's favorite little yellow puppy. It’s time for bed, but Biscuit doesn’t want to sleep! Before ...