Gregory Zuckerman, the bestselling author of The Greatest Trade Ever and The Frackers, answers the question investors have been asking for decades: How did Jim Simons do it?
Shortlisted for the Financial Times/McKinsey Business Book of the Year Award
Jim Simons is the greatest money maker in modern financial history. No other investor--Warren Buffett, Peter Lynch, Ray Dalio, St...
Gregory Zuckerman, the bestselling author of The Greatest Trade Ever and The Frackers, answers the question investors have been asking for decades: How did Jim Simons do it?
Shortlisted for the Financial Times/McKinsey Business Book of the Year Award
Jim Simons is the greatest money maker in modern financial history. No other investor--Warren Buffett, Peter Lynch, Ray Dalio, Steve Cohen, or George Soros--can touch his 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; Simons is worth twenty-three billion dollars.
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 sweeping 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 means for the rest of us.
作者简介
· · · · · ·
Gregory Zuckerman is a Special Writer at The Wall Street Journal. He writes about big financial trades, firms and personalities, among other investing and business topics, and regularly pens the widely read "Heard on the Street" column.
He's a three-time winner of the Gerald Loeb award, the highest honor in business journalism. Greg won the Loeb Award in 2015 for a series of st...
Gregory Zuckerman is a Special Writer at The Wall Street Journal. He writes about big financial trades, firms and personalities, among other investing and business topics, and regularly pens the widely read "Heard on the Street" column.
He's a three-time winner of the Gerald Loeb award, the highest honor in business journalism. Greg won the Loeb Award in 2015 for a series of stories revealing discord between Bill Gross, founder of bond powerhouse Pimco, and others at the firm, stories that led to his departure. In 2012, Greg broke news about huge, disastrous trades by the J.P. Morgan trader nicknamed the "London Whale," trades that resulted in $6.2 billion losses for the bank.
Greg appears regularly on CNBC, Fox Business and other networks and he makes appearances on radio stations around the globe.
Greg joined the Journal in 1996 after writing about media companies for the New York Post. He graduated from Brandeis University in 1988. Greg lives with his wife and two sons in West Orange, N.J., where they enjoy the New York Yankees in the summer, root for the Giants in the fall, and reminisce about Linsanity in the winter.
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最近这本书实在太火，周末抽空读了一下，还是比较有意思。当然为了好卖这本书很多部分透露出浓浓的地摊文学风。不过关于投资交易的部分，其实还是比较有见地。至少通过这本书，做FOF的可以知道正经的量化策略长什么样子，什么是正道，减少被忽悠的概率。考虑到很多朋友懒得看英文，我就把一些干货总结一下。
第一章～第二章
主要讲了西蒙斯（Simons）个人经历。
从小他就爱思考，并且在数学上展现了不俗的天赋。但是与普通数学家不同，他也很爱钱，不是他奢侈，而是喜欢金钱带给他的力量。他第一任老婆说：
“Jim understood at an early age that money is power. He didn’t want people to have power over him.”。
拿到PhD后他先去哈佛教书，后来生活所迫并且觉得无聊就跑去国防分析研究所IDA工作，专门破解苏联密文。这段经历对他影响很大：
1. 这是段很纯粹的经历，每天就是想点子破解密文；
2. 从加密过的信息还原信息自己与从股市中找信号有点类似；
3. 国防分析研究所虽然对外隔绝，但内部环境开放，鼓励相互交流，促使他未来管理公司采取鼓励交流的态度；
4. 认识了数学家Baum等好友，日后跟他合作很深；
5. Simons展现了极好的与人合作的能力，比如喜社交，爱聆听；
6. 工作内容不饱和，自己搞研究搞出了大成果，同时做了个股票模型，通过市场行为把市场分成8个状态（虽然没啥实际用处），为日后的投资打下基础。
Simons的方法在当时很有先驱性，当然还有爱德华比他更早（索普是首先关注到21点里的条件概率并以此在概率上打败了赌场）。
在当时主流炒股模式是基本面分... (查看原文)
Each week, Simons decided, Brown, Mercer, and other senior executives would be assigned three papers to read, digest and present - a book club for quants with a passion for money rather than sex or murder. After reading several hundred papers, Simons and his colleagues gave up...Reading so many disappointing papers reinforced a certain cynicism within the firm about the ability to predict financial moves. "Anytime you hear financial experts talking about how the market went up because of such and such - remember it's all nonsense, " Brown later would say. (查看原文)
why average investors think that they can beat the stock mkt while a group of mit math and physics genius, machine leaning and coding experts consistently working hard to try so in RenTec? Maybe a nic...why average investors think that they can beat the stock mkt while a group of mit math and physics genius, machine leaning and coding experts consistently working hard to try so in RenTec? Maybe a niche of pie.(展开)
why average investors think that they can beat the stock mkt while a group of mit math and physics genius, machine leaning and coding experts consistently working hard to try so in RenTec? Maybe a nic...why average investors think that they can beat the stock mkt while a group of mit math and physics genius, machine leaning and coding experts consistently working hard to try so in RenTec? Maybe a niche of pie.(展开)
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0 有用 流浪剑客 2019-11-18 10:54:50
这个十年，最好的一本写对冲基金经理/数学家的书
0 有用 毛呢 2020-07-28 15:30:17
why average investors think that they can beat the stock mkt while a group of mit math and physics genius, machine leaning and coding experts consistently working hard to try so in RenTec? Maybe a nic... why average investors think that they can beat the stock mkt while a group of mit math and physics genius, machine leaning and coding experts consistently working hard to try so in RenTec? Maybe a niche of pie. (展开)
0 有用 Sylvia 2021-05-04 15:10:53
Do what you like in life, not what you should do.
0 有用 麦克疯 2021-05-06 22:47:08
有点长……几个要点吧：文艺复兴的预测也只超过50%一点点的时候是正确的； 几个章节要读，Mercer如何帮Trump上台的，Simons的慈善事业-自闭症cure以及宇宙起源-并且都有可能较快会看到成果
0 有用 桃桃乌龙 2021-12-03 21:47:34
为什么没有中译本…英语阅读大作战🤦♀️
0 有用 桃桃乌龙 2021-12-03 21:47:34
为什么没有中译本…英语阅读大作战🤦♀️
0 有用 麦克疯 2021-05-06 22:47:08
有点长……几个要点吧：文艺复兴的预测也只超过50%一点点的时候是正确的； 几个章节要读，Mercer如何帮Trump上台的，Simons的慈善事业-自闭症cure以及宇宙起源-并且都有可能较快会看到成果
0 有用 Sylvia 2021-05-04 15:10:53
Do what you like in life, not what you should do.
0 有用 毛呢 2020-07-28 15:30:17
why average investors think that they can beat the stock mkt while a group of mit math and physics genius, machine leaning and coding experts consistently working hard to try so in RenTec? Maybe a nic... why average investors think that they can beat the stock mkt while a group of mit math and physics genius, machine leaning and coding experts consistently working hard to try so in RenTec? Maybe a niche of pie. (展开)
0 有用 流浪剑客 2019-11-18 10:54:50
这个十年，最好的一本写对冲基金经理/数学家的书