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Jim Simons (mathematician)

January 01, 1970

For other people named James Simons, see James Simons (disambiguation).

James Harris Simons (born 25 April 1938) is an American hedge fund manager, mathematician, and philanthropist.[3] He is 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 is described as the "greatest investor on Wall Street", and more specifically "the most successful hedge fund manager of all time".[4][5][6]

James Simons
Simons in 2007
Born (1938-04-25) April 25, 1938 (age 86)
Newton, Massachusetts, U.S.
EducationMassachusetts Institute of Technology (BS)
University of California, Berkeley (MS, PhD)
Occupation(s)Hedge fund manager, mathematician, philanthropist, financial analyst
Known forFounding and managing Renaissance Technologies
Simons formula
Chern–Simons form
Spouses
​
​
(m. 1959; div. 1974)​
  • Marilyn Hawrys[1]
Children5, including Nat[1]
AwardsOswald Veblen Prize (1976)[2]
Scientific career
FieldsCryptography, investing, quantitative analysis
Thesis On the Transitivity of Holonomy Systems  (1962)
Doctoral advisorBertram Kostant
Doctoral studentsJeff Cheeger

As reported by Bloomberg Billionaires Index in 2023, Simons's net worth is estimated to be $29.4 billion, making him the 52nd-richest person in the world.[7]

Simons is known for his studies on pattern recognition.[8] 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.[9]

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 is 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.[10][11]

In 2016, asteroid 6618 Jimsimons, discovered by Clyde Tombaugh in 1936, was named after Simons by the International Astronomical Union in honor of his contributions to mathematics and philanthropy.[12]

Early life and education edit

James Harris Simons was born on April 25, 1938[13] to an American Jewish family,[14] the only child of Marcia (née Kantor)[15] and Matthew Simons, and raised in Brookline, Massachusetts.[16]

He received a bachelor's degree in mathematics from MIT in 1958[17] and a PhD in mathematics from Berkeley under the supervision of Bertram Kostant in 1961 at the age of 23.[17] After graduating from MIT, Simons traveled from Boston to Bogotá, Colombia on a motor scooter.[18]

Academic and scientific career edit

Simons' mathematical work has 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 Shing-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.[19] In 2014, he was elected to the U.S. National Academy of Sciences.[20]

In 1964, Simons worked with the National Security Agency to break codes.[21] 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.[18] From 1968 to 1978, he served as chair of the math department at Stony Brook University.[22] Simons was asked by IBM in 1973 to attack the block cipher Lucifer, an early but direct precursor to the Data Encryption Standard (DES).[23] 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.[24]

Business career edit

Renaissance Technologies edit

Main article: Renaissance Technologies
External videos
 
  A Rare Interview with the Mathematician Who Cracked Wall Street, 23:03, TED Talks[25]
  The Carnegie Medal of Philanthropy Ceremony – 17th October 2013, 1:31:40 (Simons section at 52:00–1:05:30), Scottish Parliament[26]

For more than two decades, Simons' Renaissance Technologies' hedge funds, which trade in markets around the world, have employed mathematical models to analyze and execute trades, many automated. Renaissance uses computer-based models to predict price changes in financial instruments. These models are based on analyzing as much data as can be gathered, then looking for non-random movements to make predictions.

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.[27] 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.[27]

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).[28] 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.[29]

"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.[29]

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,[30] $2.8 billion in 2007,[31] $1.7 billion in 2006,[32] $1.5 billion in 2005[33] (the largest compensation among hedge fund managers that year),[34] 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.[35]

Wealth and personal life edit

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.[36] 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.[37] In 2018, he was ranked 23rd by Forbes,[38] and in October 2019, his net worth was estimated to be $21.6 billion.[39] In March 2019, he was named one of the highest-earning hedge fund managers and traders by Forbes.[40]

Simons shuns the limelight and rarely gives interviews, citing Benjamin the Donkey in Animal Farm for explanation: "'God gave me a tail to keep off the flies. But I'd rather have had no tail and no flies.' That's kind of the way I feel about publicity."[27][41]

In 1996, his son Paul, aged 34, was riding a bicycle, when he was killed by a car on Long Island.[21] In 2003, his son Nicholas, aged 24, drowned on a trip to Bali, Indonesia. His son Nat Simons is an investor and philanthropist and his daughter Liz Simons is an educator and philanthropist.[42][43]

Simons owns a motor yacht, named Archimedes. It was built at the Dutch yacht builder Royal Van Lent and delivered to Simons in 2008.[44][43]

Simons doesn't wear socks.[45][46][47]

Political and economic views edit

Simons is a major contributor to Democratic Party political action committees. According to OpenSecrets, Simons was ranked the #5 donor to federal candidates in the 2016 election cycle, coming behind Renaissance Technologies' co-CEO Robert Mercer, who ranked #1 and generally donates to Republicans.[48] Simons has donated $7 million to Hillary Clinton's Priorities USA Action,[49] $2.6 million to the House and Senate Majority PACs, and $500,000 to EMILY's List.[48] He also donated $25,000 to Republican senator Lindsey Graham's super PAC.[48] Since 2006 Simons has contributed about $30.6 million to federal campaigns.[48] Since 1990, Renaissance Technologies has contributed $59,081,152 to federal campaigns and since 2001, and has spent $3,730,000 on lobbying as of 2016.[50]

In August 2020, Simons donated $1.5 million to the Senate Majority PAC, a Democratic super-PAC.[51]

Controversies edit

According to The Wall Street Journal in May 2009, Simons was questioned by investors on the dramatic performance gap of Renaissance Technologies' portfolios. The Medallion Fund, which has been available exclusively to current and past employees and their families, surged 80% in 2008 in spite of hefty fees; the Renaissance Institutional Equities Fund (RIEF), owned by outsiders, lost money in both 2008 and 2009; RIEF declined 16% in 2008.[52]

On July 22, 2014, Simons was subject to bipartisan condemnation by the U.S. Senate Permanent Subcommittee on Investigations for the use of complex basket 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.[53]

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 IRS over a loophole that saved their fund an estimated $6.8 billion in taxes over roughly a decade."[54] In September 2021, it was announced that Simons and his colleagues would pay billions of dollars in back taxes, interest and penalties to resolve the dispute, one of the biggest in IRS history.[55][56]

Philanthropy edit

In total, Simons has given over $4 billion to philanthropic causes.[57] Simons and his wife, Marilyn Hawrys Simons, co-founded the Simons Foundation in 1994, a charitable organization that supports projects related to education and health, in addition to scientific research.[1] The Simons Foundation established the Simons Foundation Autism Research Initiative (SFARI) in 2003 as a scientific initiative within the Simons Foundation's suite of programs. SFARI's mission is to improve the understanding, diagnosis and treatment of autism spectrum disorders.[58]

In 2004, Simons founded Math for America with an initial pledge of $25 million from the Simons Foundation, a pledge he later doubled in 2006.[59] The foundation continues to fund its operations, contributing nearly $22 million in 2018.[60]

Simons is among the largest contributors to his undergraduate alma mater, MIT. The couple and their foundation have funded the renovation of the building housing the mathematics department, which in 2016 was named in their honor, and endowed the Simons Center for the Social Brain. Simons is a life member emeritus of the MIT Corporation.[61]

Simons is a major benefactor of his graduate alma mater, Berkeley. On July 1, 2012, the Simons Foundation pledged $60 million to Berkeley to establish the Simons Institute for the Theory of Computing, the world's leading institute for collaborative research in theoretical computer science.[62][63] In 2020, the foundation made separate grants to Berkeley totaling over $46 million to increase the institute's endowment and support its operations. In October of 2023, the university announced that Simons' foundation awarded the institute an additional $25 million as a matching pledge.[64][65][66] Simons and his wife also have made major grants to Berkeley affiliates, notably to the Simons Laufer Mathematical Sciences Institute and Berkeley Lab.[67][68][69]

The Simons Foundation established the Flatiron Institute in 2016, to house 5 groups of computational scientists (each with 60 or more PhD level researchers). The institute consists of four cores or departments: CCB (Center for Computational Biology), CCA (Center for Computational Astrophysics), CCQ (Center for Computational Quantum mechanics), CCM (Center for Computational Mathematics), and CCN (Center for Computational Neuroscience). The new institute is located in Manhattan and represents a major investment in basic computational science.

In memory of his son Paul, whom he had with his first wife, Barbara Simons, he established Avalon Park, a 130-acre (0.53 km2) nature preserve in Stony Brook. In 1996, 34-year-old Paul was killed by a car driver while riding a bicycle near the Simons home.

Another son, Nick Simons, drowned at age 24 while on a trip to Bali in Indonesia in 2003. Nick had worked in Nepal. The Simons have become large donors to Nepalese healthcare through the Nick Simons Institute.[70][71]

In 2006, Simons and his wife, Marilyn, donated $25 million to Stony Brook University through the Stony Brook Foundation, the largest donation ever to a State University of New York school at the time.[72] On February 27, 2008, then Gov. Eliot Spitzer announced a $60 million donation by the Simons Foundation to found the Simons Center for Geometry and Physics at Stony Brook, the largest gift to a public university in New York state history.[73] In 2011, the couple broke that record again with a $150 million donation to Stony Brook, which went to research in medical sciences, the construction of a life sciences building, the creation of a neurosciences institute and a center for biological imaging, the study of cancer and infectious diseases, 35 new endowed professorships and 40 fellowships for graduate students. In order to secure the donation, Stony Brook was allowed to raise its annual tuition in opposition to traditional New York state policy.[74] In 2023, the university announced that it had received a $500 million endowment gift from the Simons Foundation, the second-largest gift ever to a public university.[75][76]

Legacy and awards edit

In 2008, he was inducted into Institutional Investors Alpha's Hedge Fund Manager Hall of Fame.[77]

He was named by the Financial Times in 2006 as "the world's smartest billionaire".[78] He was elected to the American Philosophical Society in 2007.[79] In 2011, he was included in the 50 Most Influential ranking of Bloomberg Markets Magazine.[80]

A book about Simons and his investing methods, The Man Who Solved the Market: How Jim Simons Launched the Quant Revolution by Gregory Zuckerman was released November 5, 2019.[47] In 2018, Trinity College Dublin awarded him with an honorary doctorate.[81]

Publications and works edit

  • Simons, J. (August 1967). "Minimal Cones, Plateau's Problem, and the Bernstein Conjecture". Proc Natl Acad Sci U S A. 58 (2): 410–411. Bibcode:1967PNAS...58..410S. doi:10.1073/pnas.58.2.410. PMC 335649. PMID 16578656.
  • Chern, S.-S.; Simons, J. (April 1971). "Some Cohomology Classes in Principal Fiber Bundles and Their Application to Riemannian Geometry". Proc Natl Acad Sci U S A. 68 (4): 791–794. Bibcode:1971PNAS...68..791C. doi:10.1073/pnas.68.4.791. PMC 389044. PMID 16591916.
  • Bourguignon, J.-P.; Lawson, H. B.; Simons, J. (April 1979). "Stability and gap phenomena for Yang-Mills fields". Proc Natl Acad Sci U S A. 76 (4): 1550–1553. Bibcode:1979PNAS...76.1550B. doi:10.1073/pnas.76.4.1550. PMC 383426. PMID 16592637.
  • Simons, James (July 1968). "Minimal Varieties in Riemannian Manifolds". Annals of Mathematics. 88 (1): 62–105. doi:10.2307/1970556. hdl:10338.dmlcz/144360. JSTOR 1970556.
  • Chern, Shiing-Shen; Simons, James (January 1974). "Characteristic forms and geometric invariants". Annals of Mathematics. 99 (1): 48–69. doi:10.2307/1971013. JSTOR 1971013.

See also edit

References edit

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Further reading edit

  • D. T. Max, "The Numbers King: Algorithms made Jim Simons a Wall Street billionaire. His new research center helps scientists mine data for the common good", The New Yorker, 18 & 25 December 2017, pp. 72–76, 78–83.
  • Baker, Nathaniel (June 24, 2005). "Renaissance Readies Long-Biased Strat". Institutional Investor.
  • Zuckerman, Gregory. The Man Who Solved the Market: How Jim Simon's Launched the Quant Revolution. Portfolio, 2019.

External links edit

 
Wikiquote has quotations related to Jim Simons (mathematician).
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  • – September 2006 article in Seed Magazine.
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  • James Simons (1-hour interview, May 2015) – Numberphile
  • Speech at MIT
  • A rare interview with the mathematician who cracked Wall Street – TED Talk

January 01, 1970
simons, mathematician, other, people, named, james, simons, james, simons, disambiguation, james, harris, simons, born, april, 1938, american, hedge, fund, manager, mathematician, philanthropist, founder, renaissance, technologies, quantitative, hedge, fund, b. For other people named James Simons see James Simons disambiguation James Harris Simons born 25 April 1938 is an American hedge fund manager mathematician and philanthropist 3 He is 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 is described as the greatest investor on Wall Street and more specifically the most successful hedge fund manager of all time 4 5 6 James SimonsSimons in 2007Born 1938 04 25 April 25 1938 age 86 Newton Massachusetts U S EducationMassachusetts Institute of Technology BS University of California Berkeley MS PhD Occupation s Hedge fund manager mathematician philanthropist financial analystKnown forFounding and managing Renaissance TechnologiesSimons formulaChern Simons formSpousesBarbara Bluestein m 1959 div 1974 wbr Marilyn Hawrys 1 Children5 including Nat 1 AwardsOswald Veblen Prize 1976 2 Scientific careerFieldsCryptography investing quantitative analysisThesisOn the Transitivity of Holonomy Systems 1962 Doctoral advisorBertram KostantDoctoral studentsJeff Cheeger As reported by Bloomberg Billionaires Index in 2023 Simons s net worth is estimated to be 29 4 billion making him the 52nd richest person in the world 7 Simons is known for his studies on pattern recognition 8 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 9 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 is 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 10 11 In 2016 asteroid 6618 Jimsimons discovered by Clyde Tombaugh in 1936 was named after Simons by the International Astronomical Union in honor of his contributions to mathematics and philanthropy 12 Contents 1 Early life and education 2 Academic and scientific career 3 Business career 3 1 Renaissance Technologies 4 Wealth and personal life 5 Political and economic views 6 Controversies 7 Philanthropy 8 Legacy and awards 9 Publications and works 10 See also 11 References 12 Further reading 13 External linksEarly life and education editJames Harris Simons was born on April 25 1938 13 to an American Jewish family 14 the only child of Marcia nee Kantor 15 and Matthew Simons and raised in Brookline Massachusetts 16 He received a bachelor s degree in mathematics from MIT in 1958 17 and a PhD in mathematics from Berkeley under the supervision of Bertram Kostant in 1961 at the age of 23 17 After graduating from MIT Simons traveled from Boston to Bogota Colombia on a motor scooter 18 Academic and scientific career editSimons mathematical work has 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 Shing 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 19 In 2014 he was elected to the U S National Academy of Sciences 20 In 1964 Simons worked with the National Security Agency to break codes 21 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 18 From 1968 to 1978 he served as chair of the math department at Stony Brook University 22 Simons was asked by IBM in 1973 to attack the block cipher Lucifer an early but direct precursor to the Data Encryption Standard DES 23 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 24 Business career editRenaissance Technologies edit Main article Renaissance Technologies External videos nbsp nbsp A Rare Interview with the Mathematician Who Cracked Wall Street 23 03 TED Talks 25 nbsp The Carnegie Medal of Philanthropy Ceremony 17th October 2013 1 31 40 Simons section at 52 00 1 05 30 Scottish Parliament 26 For more than two decades Simons Renaissance Technologies hedge funds which trade in markets around the world have employed mathematical models to analyze and execute trades many automated Renaissance uses computer based models to predict price changes in financial instruments These models are based on analyzing as much data as can be gathered then looking for non random movements to make predictions 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 27 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 27 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 28 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 29 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 29 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 30 2 8 billion in 2007 31 1 7 billion in 2006 32 1 5 billion in 2005 33 the largest compensation among hedge fund managers that year 34 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 35 Wealth and personal life editIn 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 36 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 37 In 2018 he was ranked 23rd by Forbes 38 and in October 2019 his net worth was estimated to be 21 6 billion 39 In March 2019 he was named one of the highest earning hedge fund managers and traders by Forbes 40 Simons shuns the limelight and rarely gives interviews citing Benjamin the Donkey in Animal Farm for explanation God gave me a tail to keep off the flies But I d rather have had no tail and no flies That s kind of the way I feel about publicity 27 41 In 1996 his son Paul aged 34 was riding a bicycle when he was killed by a car on Long Island 21 In 2003 his son Nicholas aged 24 drowned on a trip to Bali Indonesia His son Nat Simons is an investor and philanthropist and his daughter Liz Simons is an educator and philanthropist 42 43 Simons owns a motor yacht named Archimedes It was built at the Dutch yacht builder Royal Van Lent and delivered to Simons in 2008 44 43 Simons doesn t wear socks 45 46 47 Political and economic views editSimons is a major contributor to Democratic Party political action committees According to OpenSecrets Simons was ranked the 5 donor to federal candidates in the 2016 election cycle coming behind Renaissance Technologies co CEO Robert Mercer who ranked 1 and generally donates to Republicans 48 Simons has donated 7 million to Hillary Clinton s Priorities USA Action 49 2 6 million to the House and Senate Majority PACs and 500 000 to EMILY s List 48 He also donated 25 000 to Republican senator Lindsey Graham s super PAC 48 Since 2006 Simons has contributed about 30 6 million to federal campaigns 48 Since 1990 Renaissance Technologies has contributed 59 081 152 to federal campaigns and since 2001 and has spent 3 730 000 on lobbying as of 2016 50 In August 2020 Simons donated 1 5 million to the Senate Majority PAC a Democratic super PAC 51 Controversies editAccording to The Wall Street Journal in May 2009 Simons was questioned by investors on the dramatic performance gap of Renaissance Technologies portfolios The Medallion Fund which has been available exclusively to current and past employees and their families surged 80 in 2008 in spite of hefty fees the Renaissance Institutional Equities Fund RIEF owned by outsiders lost money in both 2008 and 2009 RIEF declined 16 in 2008 52 On July 22 2014 Simons was subject to bipartisan condemnation by the U S Senate Permanent Subcommittee on Investigations for the use of complex basket 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 53 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 IRS over a loophole that saved their fund an estimated 6 8 billion in taxes over roughly a decade 54 In September 2021 it was announced that Simons and his colleagues would pay billions of dollars in back taxes interest and penalties to resolve the dispute one of the biggest in IRS history 55 56 Philanthropy editIn total Simons has given over 4 billion to philanthropic causes 57 Simons and his wife Marilyn Hawrys Simons co founded the Simons Foundation in 1994 a charitable organization that supports projects related to education and health in addition to scientific research 1 The Simons Foundation established the Simons Foundation Autism Research Initiative SFARI in 2003 as a scientific initiative within the Simons Foundation s suite of programs SFARI s mission is to improve the understanding diagnosis and treatment of autism spectrum disorders 58 In 2004 Simons founded Math for America with an initial pledge of 25 million from the Simons Foundation a pledge he later doubled in 2006 59 The foundation continues to fund its operations contributing nearly 22 million in 2018 60 Simons is among the largest contributors to his undergraduate alma mater MIT The couple and their foundation have funded the renovation of the building housing the mathematics department which in 2016 was named in their honor and endowed the Simons Center for the Social Brain Simons is a life member emeritus of the MIT Corporation 61 Simons is a major benefactor of his graduate alma mater Berkeley On July 1 2012 the Simons Foundation pledged 60 million to Berkeley to establish the Simons Institute for the Theory of Computing the world s leading institute for collaborative research in theoretical computer science 62 63 In 2020 the foundation made separate grants to Berkeley totaling over 46 million to increase the institute s endowment and support its operations In October of 2023 the university announced that Simons foundation awarded the institute an additional 25 million as a matching pledge 64 65 66 Simons and his wife also have made major grants to Berkeley affiliates notably to the Simons Laufer Mathematical Sciences Institute and Berkeley Lab 67 68 69 The Simons Foundation established the Flatiron Institute in 2016 to house 5 groups of computational scientists each with 60 or more PhD level researchers The institute consists of four cores or departments CCB Center for Computational Biology CCA Center for Computational Astrophysics CCQ Center for Computational Quantum mechanics CCM Center for Computational Mathematics and CCN Center for Computational Neuroscience The new institute is located in Manhattan and represents a major investment in basic computational science In memory of his son Paul whom he had with his first wife Barbara Simons he established Avalon Park a 130 acre 0 53 km2 nature preserve in Stony Brook In 1996 34 year old Paul was killed by a car driver while riding a bicycle near the Simons home Another son Nick Simons drowned at age 24 while on a trip to Bali in Indonesia in 2003 Nick had worked in Nepal The Simons have become large donors to Nepalese healthcare through the Nick Simons Institute 70 71 In 2006 Simons and his wife Marilyn donated 25 million to Stony Brook University through the Stony Brook Foundation the largest donation ever to a State University of New York school at the time 72 On February 27 2008 then Gov Eliot Spitzer announced a 60 million donation by the Simons Foundation to found the Simons Center for Geometry and Physics at Stony Brook the largest gift to a public university in New York state history 73 In 2011 the couple broke that record again with a 150 million donation to Stony Brook which went to research in medical sciences the construction of a life sciences building the creation of a neurosciences institute and a center for biological imaging the study of cancer and infectious diseases 35 new endowed professorships and 40 fellowships for graduate students In order to secure the donation Stony Brook was allowed to raise its annual tuition in opposition to traditional New York state policy 74 In 2023 the university announced that it had received a 500 million endowment gift from the Simons Foundation the second largest gift ever to a public university 75 76 Legacy and awards editIn 2008 he was inducted into Institutional Investors Alpha s Hedge Fund Manager Hall of Fame 77 He was named by the Financial Times in 2006 as the world s smartest billionaire 78 He was elected to the American Philosophical Society in 2007 79 In 2011 he was included in the 50 Most Influential ranking of Bloomberg Markets Magazine 80 A book about Simons and his investing methods The Man Who Solved the Market How Jim Simons Launched the Quant Revolution by Gregory Zuckerman was released November 5 2019 47 In 2018 Trinity College Dublin awarded him with an honorary doctorate 81 Publications and works editSimons J August 1967 Minimal Cones Plateau s Problem and the Bernstein Conjecture Proc Natl Acad Sci U S A 58 2 410 411 Bibcode 1967PNAS 58 410S doi 10 1073 pnas 58 2 410 PMC 335649 PMID 16578656 Chern S S Simons J April 1971 Some Cohomology Classes in Principal Fiber Bundles and Their Application to Riemannian Geometry Proc Natl Acad Sci U S A 68 4 791 794 Bibcode 1971PNAS 68 791C doi 10 1073 pnas 68 4 791 PMC 389044 PMID 16591916 Bourguignon J P Lawson H B Simons J April 1979 Stability and gap phenomena for Yang Mills fields Proc Natl Acad Sci U S A 76 4 1550 1553 Bibcode 1979PNAS 76 1550B doi 10 1073 pnas 76 4 1550 PMC 383426 PMID 16592637 Simons James July 1968 Minimal Varieties in Riemannian Manifolds Annals of Mathematics 88 1 62 105 doi 10 2307 1970556 hdl 10338 dmlcz 144360 JSTOR 1970556 Chern Shiing Shen Simons James January 1974 Characteristic forms and geometric invariants Annals of Mathematics 99 1 48 69 doi 10 2307 1971013 JSTOR 1971013 See also editBernstein s problem Chern Simons theory List of Massachusetts Institute of Technology alumni List of people and organizations named in the Paradise Papers List of University of California Berkeley alumni Plateau s problem Simons formula Simons theoremReferences edit a b c Teitelbaum Richard January 2008 The Code Breaker Bloomberg Markets Magazine Bloomberg LP Archived from the original on February 6 2009 Retrieved January 7 2010 Broad William J July 7 2014 A Billionaire Mathematician s Life of Ferocious Curiosity The New York Times Archived from the original on November 5 2015 Retrieved November 11 2017 Jim Simons Forbes Archived from the original on November 15 2018 Retrieved November 14 2018 Bitter Lawsuits Epic Meltdowns Vicious Arguments Jim Simons Renaissance Made Him Billions But It Came at a Price Institutional Investor November 6 2019 Stevens Pippa November 5 2019 The secret behind the greatest modern day moneymaker on Wall Street Remove all emotion CNBC Archived from the original on April 25 2020 Retrieved May 11 2020 Zuckerman Gregory November 2 2019 The Making of the World s Greatest Investor The Wall Street Journal Eastern Edition No Hedge Funds United States Dow Jones amp Company Inc ISSN 0099 9660 Archived from the original on November 6 2019 Retrieved November 7 2019 Bloomberg Billionaires Index James Simons Bloomberg L P June 25 2021 Whipple Tom February 5 2021 Meet Milo Beckman the whizz kid making maths supercool The Times Archived from the original on August 1 2022 Retrieved August 1 2022 a href Template Cite web html title Template Cite web cite web a CS1 maint bot original URL status unknown link More Money than God June 10 2010 Archived from the original on March 5 2016 Retrieved September 1 2017 a href Template Cite book html title Template Cite book cite book a website ignored help MSRI Mathematical Sciences Research Institute msri org Archived from the original on September 27 2010 Retrieved August 16 2019 About Simons Foundation Archived from the original on April 6 2019 Retrieved August 16 2019 IAU Minor Planet Center Archived October 8 2016 at the Wayback Machine RENAISSANCE INSTITUTIONAL MANAGEMENT UK LIMITED Companies House Archived from the original on October 27 2020 Retrieved November 26 2017 The Jewish Billionaires of Forbes jspace com March 14 2012 Archived from the original on March 28 2012 Retrieved September 7 2013 Boston Globe Marcia Kantor Simons Obituary Archived August 13 2014 at the Wayback Machine Retrieved March 31 2013 Bloomberg Simons at Renaissance Cracks Code Doubling Assets Update1 By Richard Teitelbaum Archived April 16 2012 at the Wayback Machine November 27 2007 a b James Simons Mathematics Genealogy Project AMS Archived from the original on July 24 2014 Retrieved August 8 2014 a b Schaffer Amanda October 18 2016 The Polymath Philanthropist MIT Technology Review Retrieved November 22 2021 Browse Prizes and Awards American Mathematical Society Archived from the original on June 5 2020 Retrieved May 10 2020 James H Simons Elected to the National Academy of Sciences Stony Brook University Newsroom stonybrook edu April 30 2014 Archived from the original on June 8 2015 Retrieved April 26 2015 a b Broad William July 7 2014 Seeker Doer Giver Ponderer A Billionaire Mathematician s Life of Ferocious Curiosity New York Times Archived from the original on May 19 2017 Retrieved February 22 2017 Simons Foundation Chair Jim Simons on His Career in Mathematics Simons Foundation www simonsfoundation org September 27 2012 Archived from the original on May 18 2017 Retrieved May 11 2017 Levy Steven 2001 Crypto secrecy and privacy in the new code war Penguin pp 356 ISBN 0 14 024432 8 Teitelbaum Richard November 27 2007 Simons at Renaissance Cracks Code Doubling Assets Bloomberg News Archived from the original on October 20 2012 A Rare Interview with the Mathematician Who Cracked Wall Street TED conference March 2015 Archived from the original on September 27 2015 Retrieved September 26 2015 Carnegie Medals of Philanthropy presented at the Scottish Parliament The Scottish Parliament October 2013 Archived from the original on September 27 2015 Retrieved September 26 2015 a b c Zuckerman Gregory 2019 The Man Who Solved the Market How Jim Simons Launched the Quant Revolution Penguin pp Appendix pgs 331 332 ISBN 9780735217980 Baker Nathaniel June 24 2005 Renaissance Readies Long Biased Strat Institutional Investor permanent dead link a b Zuckerman Gregory July 1 2005 Renaissance s Man James Simons Does The Math on Fund The Wall Street Journal pp C1 Archived from the original on August 19 2015 Retrieved August 6 2015 Taub Stephen February 22 2021 The 20th Annual Rich List the Definitive Ranking of What Hedge Fund Managers Earned in 2020 Institutional Investor Retrieved March 4 2021 Andersen Jenny April 16 2008 Wall Street Winners Get Billion Dollar Paydays The New York Times Archived from the original on November 12 2017 Retrieved January 7 2010 Anderson Jenny Creswell Julie April 24 2007 Make Less Than 240 Million You re Off Top Hedge Fund List The New York Times Archived from the original on May 22 2017 Retrieved February 22 2017 Shell Adam May 26 2006 363M is average pay for top hedge fund managers USA Today Archived from the original on March 1 2012 Retrieved August 15 2006 Top hedge fund manager had take home pay of 1 5 billion in 2005 on 5 fee and 44 of gains Finfacts com May 26 2006 Archived from the original on March 24 2012 Retrieved November 7 2006 Renaissance Founder Simons Computer Trading Pioneer to Retire Bloomberg October 9 2009 Archived from the original on March 21 2010 H Kent Baker Filbeck Greg July 26 2017 Hedge Funds Structure Strategies and Performance Oxford University Press pp 52 ISBN 978 0 19 060739 5 Archived from the original on March 7 2019 Retrieved September 22 2018 James Simons Forbes Archived from the original on August 31 2019 Retrieved February 19 2017 Forbes 400 2018 Forbes Archived from the original on October 7 2019 Retrieved April 3 2019 Forbes The World s Billionaires Jim Simons Archived November 15 2018 at the Wayback Machine October 2019 Vardi Nathan The Highest Earning Hedge Fund Managers And Traders Forbes Archived from the original on March 30 2019 Retrieved March 30 2019 Seed Interview James Simons Seed September 19 2006 Archived from the original on August 1 2013 Retrieved July 23 2013 a href Template Cite web html title Template Cite web cite web a CS1 maint unfit URL link The Quiet Hedge Fund Heir Who s Engaged in Massive Climate Giving Inside Philanthropy Archived from the original on November 20 2017 Retrieved November 11 2017 a b Liz Simons hsfoundation org Superyacht Archimedes SuperYachtFan Archived from the original on March 14 2014 Retrieved April 2 2014 Jim Simons Goes Sockless Like Einstein to Back Princeton Haven Bloomberg com March 18 2019 Retrieved July 11 2022 How Jim Simons Scored on His Math SAT Institutional Investor March 16 2019 Retrieved July 11 2022 a b The Man Who Solved the Market how Jim Simons built a moneymaking machine Financial Times November 1 2019 Retrieved July 11 2022 a b c d Bowers John June 7 2016 A hedge fund house divided Renaissance Technologies OpenSecrets Blog OpenSecrets Archived from the original on June 9 2016 Retrieved June 9 2016 Who are the Super PACs Biggest Donors Archived November 21 2013 at the Wayback Machine By Al Shaw ProPublica Updated December 7 2012 Organizations Renaissance Technologies OpenSecrets Archived from the original on December 3 2016 Retrieved June 9 2016 Allison Bill August 21 2020 Senate Leadership Fund Gets 10 Million Boost From Schwarzman Bloomberg Archived from the original on August 22 2020 Retrieved August 21 2020 Pulliam Susan Strasburg Jenny May 15 2009 Simons Questioned by Investors Disparity Is Seen in Running of Two Renaissance Funds The Wall Street Journal Archived from the original on November 26 2015 Retrieved December 29 2015 Hearings Homeland Security amp Governmental Affairs Committee HSGAC Senate gov Archived from the original on July 24 2014 Retrieved July 24 2014 Scheiber Noam Cohendec Patricia December 29 2015 For the Wealthiest a Private Tax System That Saves Them Billions The New York Times Archived from the original on December 29 2015 Retrieved December 29 2015 Jim Simons RenTech Insiders to Pay Billions in Back Taxes Bloomberg com September 2 2021 Retrieved September 14 2021 Jim Simons and RenTech execs to pay up to 7bn to settle tax dispute citywireusa com Retrieved September 14 2021 Jim Simons Forbes Retrieved October 19 2023 About SFARI SFARI org SFARI Archived from the original on December 20 2016 Retrieved December 18 2016 Roekbe Joshua September 19 2006 Putting his money where his math is Seed Archived from the original on February 17 2009 Retrieved March 4 2015 a href Template Cite news html title Template Cite news cite news a CS1 maint unfit URL link Math for America simonsfoundation org October 29 2013 MIT names historic Building 2 home of mathematics in honor of James 58 and Marilyn Simons MIT News Massachusetts Institute of Technology March 30 2016 Archived from the original on June 30 2016 Retrieved June 24 2016 Markoff John April 30 2012 California Chosen as Home for Computing Institute New York Times Archived from the original on September 14 2018 Retrieved April 21 2018 Top Five UC Berkeley Contributors bizjournals com sanfrancisco Simons Foundation Announces New 35 5 Million Grant to the Simons Institute for the Theory of Computing Simons Institute August 10 2020 Retrieved July 29 2021 Largest Contributions to UC Berkeley bizjournals com sanfrancisco Simons Institute for the Theory of Computing Announces 25 Million Matching Pledge by Simons Foundation International simons berkeley edu Simons Institute October 18 2023 Archived from the original on October 19 2023 Retrieved October 19 2023 Berkeley 10 million donated to math institute San Francisco Chronicle May 6 2007 Archived from the original on April 22 2018 Retrieved April 21 2018 Scientific American Hunt for Big Bang Gravitational Waves Gets 40 Million Boost scientificamerican com Archived from the original on April 22 2018 Retrieved March 5 2017 Mathematical Sciences Research Institute Receives 70M Gift Largest Unrestricted Endowed Gift to a U S Based Mathematics Institute Business Wire Press release May 19 2022 Nepalnews Mercantile Communications Pvt Ltd nepalnews com Retrieved November 11 2017 permanent dead link NSI Nick Simons Institute NICK NSI Nick Simons Institute nsi edu np Archived from the original on November 11 2017 Retrieved November 11 2017 Stony Brook Announces 25 Million Gift From Renowned Former Math Chair Jim Simons stonybrook edu Archived from the original on April 26 2007 Arenson Karen W February 27 2008 60 Million Gift for Stony Brook The New York Times Archived from the original on July 14 2014 Retrieved May 5 2010 Perez Pena Richard December 13 2011 Stony Brook University to Get 150 Million Gift The New York Times ISSN 0362 4331 Retrieved October 15 2021 Stack Liam June 1 2023 Stony Brook University to Receive 500 Million an Uncommonly Large Gift The New York Times Retrieved June 2 2023 Saul Derek June 1 2023 Billionaire Jim Simons Makes Second Largest Donation To Public College Ever Forbes Cohen Simons 12 Others Enter Hedge Fund Hall Institutional Investor Institutional Investor LLC September 23 2008 Archived from the original on June 16 2019 Retrieved June 16 2019 Alternative Rich List FT com September 22 2006 Archived from the original on April 23 2008 Retrieved November 8 2007 APS Member History search amphilsoc org Retrieved May 17 2021 Bloomberg Markets Most Influential 50 Bloomberg com September 8 2011 Archived from the original on June 11 2016 Retrieved May 11 2020 Registrar Trinity College Dublin the University of Dublin Ireland www tcd ie Archived from the original on October 30 2019 Retrieved January 6 2020 Further reading editD T Max The Numbers King Algorithms made Jim Simons a Wall Street billionaire His new research center helps scientists mine data for the common good The New Yorker 18 amp 25 December 2017 pp 72 76 78 83 Baker Nathaniel June 24 2005 Renaissance Readies Long Biased Strat Institutional Investor Zuckerman Gregory The Man Who Solved the Market How Jim Simon s Launched the Quant Revolution Portfolio 2019 External links edit nbsp Wikiquote has quotations related to Jim Simons mathematician Titan s Millions Stir Up Research Into Autism Jim Simons at the Mathematics Genealogy Project Putting His Money Where His Math Is September 2006 article in Seed Magazine James Simons on mathematics common sense and good luck my life and careers MIT Jim Simons Speaks Just No to Google and Goldman Sachs James Simons 1 hour interview May 2015 Numberphile Speech at MIT A rare interview with the mathematician who cracked Wall Street TED Talk Portals nbsp United Kingdom nbsp Biography nbsp United States Retrieved from https en wikipedia org w index php title Jim Simons mathematician amp oldid 1221667643, wikipedia, wiki, book, books, library,

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