Renaissance Technologies

Background

As I browsed the Internet, found out that Robert Mercer is giving up his day job as a CEO. And, returning to being a researcher.

Tradition

His trajectory follows that of some before him.

Notably Bill Gates, at 55 years old, self demoted from Microsoft CEO to Founder and Technology Advisor.

And, Larry Ellison at 70 years old, down promoted from Oracle CEO to Chief Technology Officer ( CTO ).

 

Renaissance Technologies

Will come back and talk about Robert Mercer in a later post.

Persons

James Simons

Wikipedia
Link

James was born to a jewish family.  He is an only child.

He received a BS degree in mathematics from MIT.  And, a PHD in mathematics from Berkeley at the age of 23.

In 1973, he was asked by IBM to attack the block cipher Lucifer; Lucifer is an earlier algorithm of Data Encryption Standard ( DES ).

James Simons founded Renaissance Technologies in 1982.

In 2004, he founded Math for America a nonprofit whose mission is to improve math education in the US.  It intends to do so by recruiting highly qualified teachers.

 

Personal Life

Simon shies from the shining camera and offers this quotation from Animal Farm – “God gave me a tail to keep off the flies. But I’d rather have had no tail and no flies“.

Progeny

  1. Paul
    • In 1996, his son, Paul, 34 at the time, was ran over while riding his bicycle
  2. Nicholas
    • In 2003, his son, Nicolas, drowned on a trip to Bali, Indonesia
  3. Nat
    • His son, Nat, follows after his father as an investor and philanthropist

Practices

Quantitative trading

Researchers collect decades of data in petabytes data warehouses.

The data is then trolled for statistical probabilities.

To facilitate this process efficient algorithms are trained at scalable technology architectures.

The scientific success is now commonly know as Big Data.

Investing without Investors

Renaissance hires scientist without financial training; it prefers those trained in the hard science such as mathematics, physics, statistics, and computational fields such as signal processing.

Quants: the maths geniuses running Wall Street

Sarfraz Manzoor
2013-July-23rd
Link
Of his 200 employees, ensconced in a fortress-like building in unfashionable Long Island, New York, a third have PhDs, not in finance, but in fields like physics, mathematics and statistics. Renaissance has been called “the best physics and mathematics department in the world” and, according to Weatherall, “avoids hiring anyone with even the slightest whiff of Wall Street bona fides. PhDs in finance need not apply; nor should traders who got their start at traditional investment banks or even other hedge funds. The secret to Simons’s success has been steering clear of the financial experts.”

Not surprisingly, old-style traders hate the quants. Not only have they pushed them off the top of the trading tree, there is also a basic clash of cultures. They are not flash and, invariably, rather awkward socially. As one anonymous software salesman who deals with hedge funds relates on a blog: “They don’t do small talk. When one of them picks me up from reception and we ride the elevator, I have learnt not to start chatting away about, say, the weather. They simply don’t seem to understand. They think you’re attempting to communicate something apparently important about meteorological conditions. Same thing with innocent jokes… blank stares.”

 

Timeline

  1. Taxes
    • 2014-July-22nd
      • On July 22, 2014, Simons was subject to bipartisan condemnation by the U.S. Senate Permanent Subcommittee on Investigations for the use of complex barrier options to shield day-to-day trading (usually subject to higher ordinary income tax rates) as long-term capital gains. “Renaissance Technologies was able to avoid paying more than $6 billion in taxes by disguising its day-to-day stock trades as long term investments,” said Sen. John McCain (R., Ariz.), the committee’s ranking Republican, in his opening statement. “Two banks and a handful of hedge funds developed a complex financial structure to engage in highly profitable trades while claiming an unjustified lower tax rate and avoiding limits on trading with borrowed money,” said Sen. Carl Levin (D., Mich.) in his prepared remarks.
      • US Senate
        • Abuse of Structured Financial Products: Misusing Basket Options to Avoid Taxes and Leverage Limits
          Link
    • An article published in the New York Times in 2015 said that Simons was involved in one of the biggest tax battles of the year, with Renaissance Technologies being “under review by the I.R.S. over a loophole that saved their fund an estimated $6.8 billion in taxes over roughly a decade.”
      • New York Times
        • For the Wealthiest, a Private Tax System That Saves Them Billions
          Link

Politics

Donations

OpenSecrets.org

Courtesy of opensecrets.org here are the top ten contributors for the 2016 Election cycle.

Tabulated

Link

 

Contributor Total Democratic Amount Republican Amount Democratic % Republican %
1 Steyer, Thomas & F. & Kathryn Ann
Fahr LLC/Tom Steyer
San Francisco, CA
91 million 91 million 100%
2 Adelson, Sheldon G. & Miriam O.
Las Vegas Sands/Adelson Drug Clinic
Las Vegas, NV
82 million 40 thousand 82 million 100%
3 Sussman, S. Donald
Paloma Partners
Ft Lauderdale, FL
40 million 40 million 100%
4 Eychaner, Fred
Newsweb Corp
Chicago, IL
37 million 37 million  100%
5 Moskovitz, Dustin & Cari, Tuna
Asana Inc
San Francisco, CA
27 million 25 million 100%
6 Simons, James H. & Marilyn H.
Renaissance Technologies/Simons Fdtn
New York, NY
26 million 26 million 100%
7 Singer, Paul
Elliott Management
New York, NY
26 million 26 million 100%
8 Mercer, Robert L. & Diana
Renaissance Technologies
East Setauket, NY
25 million 25 million  100%
9 Uihlein, Richard & Elizabeth
Uline Inc
Lake Forest, IL
23 million  23 million 100%
10 Bloomberg, Michael R.
City of New York, NY
New York, NY
23 million 23 million 100%

 

Explanation

  1. The 6th and 8th contributors are from Renaissance Technologies

References

  1. The Medallion Fund
    • Bloomberg
      • Katherine Burton
        • Inside a Moneymaking Machine Like No Other
          Link
  2. Quants
    • The Telegraph
      • Sarfraz Manzoor
        • Quants: the maths geniuses running Wall Street
          Link

Church in Society – 2016/Oct

  1. Donald Trump & Religious Leaders
    • Donald Trump Meets with Religious Leaders, Including Robert Jeffress
      Published On: 2016-Sept-30
      Link
  2. Praying for Trump at Black Church: Pastors Pray for Donald Trump in Cleveland to be US President
    • Donald Trump, Mike Pence campaign with Don King, Ben Carson at Cleveland Heights church. Donald Trump Remarks at Church in Cleveland Heights.
      There are just seven weeks until the November election, and Republican candidate Donald Trump is making another stop in Northeast Ohio Wednesday.
      Trump and vice presidential candidate Mike Pence will take part in a discussion with pastors at the sanctuary of New Spirit Revival Center in Cleveland Heights around 9 a.m.
      The church’s pastor, Dr. Darrell Scott, said the event was moved to Cleveland from Columbus on Sunday to provide adequate space for the taping of the Fox News town hall.
      Link
  3. Donald Trump in his own words
    • Donald Trump: “Two Corinthians…” (C-SPAN)
      Donald Trump at Liberty University
      2016-Jan-18
      Link
  4. Donald Trump, Mark Driscoll & Evangelicals Q&A John MacArthur & Al Mohler
    • Donald Trump, Mark Driscoll & Evangelicals Q&A John MacArthur & Al Mohler
      Published On: 2016-Mar-23
      Link
  5. Al Mohler
    • Mohler discusses Trump and evangelicals on CNN Tonight — October 11, 2016
      Published By : Southern Seminary
      Published On: 2016-Oct-11
      Link
  6. John MacArthur
    • John Macarthur | A Biblical response to Black Lives Matter & racism
      2016-Aug-18
      Link
  7. Dr. Russell Moore
    • Evangelical leader: Trump support hurts Christian credibi…
      In an interview with Jake Tapper, Dr. Russell Moore a prominent evangelical preacher said that top christian conservative leaders supporting Donald Trump are being hypocritical.
      Published On: Oct 10, 2016
      Link
  8. Perry Stone
    • Perry Stone – Announcing… I am leaving the Republican party! (October 11, 2016)
      2016-Oct-11
      Link
    • WHAT AMERICA SHOULD KNOW ABOUT A WOMAN PRESIDENT: THE BIBLE PROPHECY ABOUT AMERICA
      In this prophecy service, Perry Stone will speak on the spirit of “Ahab and Jezebel” from ancient Israel returning to Washington that came to pass under the administration of Bill Clinton and the prophetic parallels that occurred in America during his presidency. Interestingly, the bible mentions an “Ivory House” in ancient Israel that Ahab and Jezebel resided in during their reign. After they left the “Ivory House”, Jezebel ended up “living there.” At the time of this writing, Hillary Clinton is now running for president, and quite possibly, will be the next commander in chief. Amazingly, this prophetic clue in scripture seems to indicate that Hillary Clinton will eventually end up being the next President of America.Perry will also relate a vision by minister William Brannon who saw that in the end times, just before the Tribulation starts and the return of Christ occurs, that cars would be in the shape of an egg or have an oval shape to them. He will relate the part of Brannon’s vision that describes America sinking under the influence of a woman in a high position of supposed authority. A powerful and informative revelation for these last days.
      2016-Sept-13

      • On 2016-10-20, removed by Youtube due to Copywrite Violation
        Link
      • Added On 2016-10-20
        Link
    • God knows the Unknown Coming to America
      • How God Exposes The Corruption Of A Nation | Part 1
        Link
      • How God Exposes The Corruption Of A Nation | Part 2
        Link
      • When God Makes A King His Servant | Part 3
        Link
      • Why Is The Battle So Intense During An Election Year? | Part 4
        Link
  9. Max Lucado
    • Pastor Reveals His ‘Tipping Point’ About Donald Trump | ‘Dana’
      Pastor Max Lucado of Oak Hills Church in San Antonio, Texas, heard enough about Trump being “Christian” and has finally broken his silence in an op-ed discussing the importance of “decency”.
      2016-Feb-29
      Link
  10. Dr. Michael Brown
    • Why Evangelical Christians Should Have a Problem with Donald Trump
      2015-Nov-17th
      Link
  11. Jerry Falwell Jr., President of Liberty University
    • Falwell Jr.: I’m voting for Trump, despite allegations
      2016-Oct-13
      Link
    • Franklin Graham • The 2016 Election and Evangelical Christian Voters • 2/12/16 •
      2016-02-12
      Link
  12. Robert Jeffress
    • Pastor Robert Jeffress defends Trump after leaked 2005 audio
      2016-Oct-12
      Link
    • Dr. Robert Jeffress talks Trump’s evangelical appeal
      2016-Feb-27
      Link
    • Pastor Robert Jeffress Rallies For Donald Trump in Texas • 2/26/16
      Link
    • Pastor Robert Jeffress on Jesus’ Teachings
      2011-Oct-26th
      Link
    • Megachurch Pastor Likes Trump More Than Jesus!
      2016-07-21
      Link
    • “Pope should seek DONALD TRUMP’S forgiveness” – Robert Jeffress
      2016-Feb-18th
      Link
  13. Scott Burns
    • Trump surrogate confronted about faked biographical claims
      Donald Trump surrogate Pastor Mark Burns walks out of an interview with CNN’s Victor Blackwell when asked about false biographical claims. Burns later admitted that he “overstated” details of his biography.
      Link
  14. David Tepper
    • David Tepper slams Donald Trump for being selfish, calls him ‘father of lies’
      Added On : 2016-11-07
      Link

 

In-Depth

Dr. Russell Moore

  1. Hearing calls has to whether “Situation Ethics” and “Moral Relativism” has gone too far
  2. Mormons
    • Mormon never thought they were the majority
    • Cohesive community
      • What we believe
    • Might there be need for more Solid Community Building in the Bible Belt

Donald Trump, Mark Driscoll & Evangelicals Q&A John MacArthur & Al Mohler

  1. John MacAuthur
    • How much does morality matter to the Christian
  2. Al Mohler
    • EJ Dionne
      • Who is ruining the culture now?
    • Humiliation
      • We deserve the humilation
      • Evangelicals are demonstrating huge amount of lack of discernment
    • Mainline Commentaries have limited categories
      • The categories are Secular people, Catholics, Jews, Evangelicals
      • During Elections we counted millions of Americans represented us
      • But, it seems that number is not theologically or biblical defined
      • The Gospel according to Jesus just by itself demonstrated that
      • Counted on Cultural Christianity to give us a buffer, but now the division is showing up with a vengeance
      • Who are evangelical voting for Donald Trump
        • The evangelicals who are not going to Church
    • The Believing Church is much smaller than the numbers that we have been citing for a long time
    • Let us hope that God is doing it so that we can learn from it