Graham Simons Popular Books

Graham Simons Biography & Facts

James Harris Simons (April 25, 1938 – May 10, 2024) was an American hedge fund manager, mathematician, and philanthropist. He was the founder of Renaissance Technologies, a quantitative hedge fund based in East Setauket, New York. He and his fund are known to be quantitative investors, using mathematical models and algorithms to make investment gains from market inefficiencies. Due to the long-term aggregate investment returns of Renaissance and its Medallion Fund, Simons was described as the "greatest investor on Wall Street," and more specifically "the most successful hedge fund manager of all time". At the time of his death, Simons's net worth was estimated to be $31.4 billion, making him the 51st-richest person in the world. Simons was known for his studies on pattern recognition. He developed the Chern–Simons form (with Shiing-Shen Chern), and contributed to the development of string theory by providing a theoretical framework to combine geometry and topology with quantum field theory. In 1994, Simons and his wife, Marilyn, founded the Simons Foundation to support research in mathematics and fundamental sciences. The foundation is the top benefactor of Stony Brook University, Marilyn's alma mater, and is a major contributor to his alma maters, the Massachusetts Institute of Technology and the University of California, Berkeley. Simons was a member of the boards of the Stony Brook Foundation, the MIT Corporation, and the Simons Laufer Mathematical Sciences Institute in Berkeley, as well as chair of boards of Math for America, the Simons Foundation, and Renaissance Technologies. In 2023, the Simons Foundation gave $500 million to Stony Brook University, the second-largest donation to a public university in American history. In 2016, the International Astronomical Union named asteroid 6618 Jimsimons, which Clyde Tombaugh discovered in 1936, after Simons in honor of his contributions to mathematics and philanthropy. Early life and education James Harris Simons was born on April 25, 1938, to an American Jewish family, the only child of Marcia (née Kantor) and Matthew Simons, and raised in Brookline, Massachusetts. He received a bachelor's degree in mathematics from MIT in 1958 and a PhD in mathematics from Berkeley under the supervision of Bertram Kostant in 1961 at the age of 23. After graduating from MIT, Simons traveled from Boston to Bogotá, Colombia, on a motor scooter. Academic and scientific career Simons's mathematical work primarily focused on the geometry and topology of manifolds. His 1962 Berkeley PhD thesis, written under the direction of Bertram Kostant, gave a new proof of Berger's classification of the holonomy groups of Riemannian manifolds. He subsequently began to work with Shiing-Shen Chern on the theory of characteristic classes, eventually discovering the Chern–Simons secondary characteristic classes of 3-manifolds. Later, mathematical physicist Albert Schwarz discovered early topological quantum field theory, which is an application of the Chern–Simons form. It is also related to the Yang-Mills functional on 4-manifolds, and has had an effect on modern physics. These and other contributions to geometry and topology led to Simons becoming the 1976 recipient of the American Mathematical Society (AMS) Oswald Veblen Prize in Geometry. In 2014, he was elected to the U.S. National Academy of Sciences. In 1964, Simons worked with the National Security Agency to break codes. Between 1964 and 1968, he was on the research staff of the Communications Research Division of the Institute for Defense Analysis (CRD of IDA) and taught mathematics at the Massachusetts Institute of Technology and Harvard University. After being forced to leave the IDA due to his public opposition to the Vietnam War, he joined the faculty at Stony Brook University. From 1968 to 1978, he served as chair of the math department at Stony Brook University. Simons was asked by IBM in 1973 to attack the block cipher Lucifer, an early but direct precursor to the Data Encryption Standard (DES). Simons founded Math for America, a nonprofit organization, in January 2004 with a mission to improve mathematics education in United States public schools by recruiting more highly qualified teachers. Business career Renaissance Technologies Simons founded a hedge fund management firm called Monemetrics, which he later renamed to Renaissance Technologies. He gradually realized that it should be possible to make mathematical models of the data he was collecting. After hiring mathematicians such as Leonard E. Baum and James Ax, Renaissance established the Medallion Fund in 1988. Medallion, the main fund which is closed to outside investors, has earned over $100 billion in trading profits since its inception in 1988. This translates to a 66.1% average gross annual return or a 39.1% average net annual return between 1988 – 2018. Renaissance Technologies manages three other funds – Renaissance Institutional Equities Fund (RIEF), Renaissance Institutional Diversified Alpha (RIDA) and Renaissance Institutional Diversified Global Equity Fund – which, as of April 2019, totalled approximately $55 billion in combined assets and were open to outside investors. Renaissance employs specialists with non-financial backgrounds, including mathematicians, physicists, signal processing experts and statisticians. The firm's latest fund is the Renaissance Institutional Equities Fund (RIEF). RIEF has historically trailed the firm's better-known Medallion fund, a separate fund that contains only the personal money of the firm's executives. "It's startling to see such a highly successful mathematician achieve success in another field," says Edward Witten, professor of physics at the Institute for Advanced Study in Princeton, New Jersey and considered by many of his peers to be the most accomplished theoretical physicist alive.In 2006, Simons was named Financial Engineer of the Year by the International Association of Financial Engineers. In 2020, he was estimated to have personally earned $2.6 billion, $2.8 billion in 2007, $1.7 billion in 2006, $1.5 billion in 2005 (the largest compensation among hedge fund managers that year), and $670 million in 2004. On October 10, 2009, Simons announced he would retire on January 1, 2010, but remain at Renaissance as nonexecutive chairman. Wealth and personal life In 2014, Simons reportedly earned US$1.2 billion, including a share of his firm's management and performance fees, cash compensation and stock and option awards. According to Forbes magazine, Simons had a net worth of $30 billion in 2023, making him the 25th richest person on the Forbes 400 list. In 2018, he was ranked 23rd by Forbes, and in October 2019, his net worth was estimated to be $21.6 billion. In March 2019, he was named one of the highest-earning hedge fund managers and traders by Forbes. Simons shunned the limelight and rarely gave interviews, citing Benjamin the Donkey in Animal Farm for explanation: ".... Discover the Graham Simons popular books. Find the top 100 most popular Graham Simons books.