Jim Simons Retiring From RenTec; Is The SPARCs' Domination Ending?
If this is indicative of the beginning of the end for Medallion, it raises many questions:
1) Medallion is the sterling example of a M/N quant trading system.
2) Medallion is up 20% YTD. That means someone was on the losing side of those trades.
3) RIEF done? Will anybody want to keep their money in RenTec with JS out, especially after this year's deplorable performance.
4) Did the SEC uncover impropriety?
Expect major changes in the electronic trading landscape
Update: Jimbo will be replaced by the firm's Co-Presidents, and former IBM TJW Research Center employees, Peter Brown and Robert Mercer. Bios below:
Peter Brown, PhD, Co-President and Co-head of Trading and Research Dr. Brown joined Renaissance in November 1993 as an Equity Portfolio Manager for Nova Fund. With Dr. Robert Mercer, he is responsible for all technical trading and research conducted by Renaissance. Dr. Brown has a BA in mathematics from Harvard College and a PhD in computer science from Carnegie-Mellon University.
Before joining Renaissance, Dr. Brown was a member of the research staff at IBM’s Thomas J. Watson Research Center from 1984 to 1993.
Robert Mercer, PhD, Co-President and Co-head of Trading and Research Dr. Mercer joined Renaissance in November 1993 as an Equity Portfolio Manager with primary responsibility for the management of Nova Fund. With Dr. Brown, he is responsible for all technical trading and research conducted by Renaissance. Dr. Mercer has a PhD in computer science from the University of Illinois. Before joining Renaissance, Dr. Mercer was a member of the research staff at IBM’s Thomas J. Watson Research Center from 1972 to 1993.
»
- Login or register to post comments
- Printer-friendly version
- Send to friend
on Thu, 10/08/2009 - 16:46
#93504
Holy Shit, i wonder if this will open capacity for Ren employees in Medallion to front run all the sheep in RIEF.
on Thu, 10/08/2009 - 16:49
#93511
Related to RenTec and its 'econophysics' models. For Cheeky et al: 'The Financial Simulacrum'
http://www.departments.bucknell.edu/management/apfa/Kilkenny%20Papers/Sc...
"The double virtualization (symbolic and technological) observed in the financial world
transforms the financial market in a cultural simulacrum, a hyper-reality which has no referent
anymore (but which still have some impacts on the economic reality).
In the last section, we have showed that this absence of referent allows a plurality of
theoretical interpretations of the financial reality. The fragmentation of knowledge that we can currently observe in financial economics can be considered as the epistemological consequence of the hyper-reality in finance."
Seems to fit the themes we've been observing of the market as exhibiting emergent behaviors of a complex system of hyper-reality.
on Thu, 10/08/2009 - 18:37
#93615
awesome paper, and thank you for posting the link here pinkboxtrader. good to see that Baudrillard is getting some worthy mention among academia members.
The problem with many of micro-narrations is their hyper-reality. Death is more real, pain is more real, money is more real, everything is so real, that surely the point where reality breaks into many surreal referents, and thus insures chaos, has, surely, already started to devour the horizon; and soon, it will devour us all .... Ultimately, when all is real, up to the point it is not; and there exist no meta-narrative referent; the darkness of post-modernity will be pitch black dark ... Man is dead, so is God, and seemingly the only thing that is in its full force of life; is a product if a dead Man in the form of exchangeable commodity; which will, surely be broken as a cultural narrative of the Western Civilization.
on Sat, 10/10/2009 - 12:19
#95320
When was this published?
on Sun, 10/11/2009 - 06:31
#95760
Thought-provoking stuff. Have you read Sokal's "Transformative Hermeneutics of Quantum Gravity" - I wonder if the authors were thinking along the same lines -
http://www.physics.nyu.edu/faculty/sokal/transgress_v2/transgress_v2_singlefile.html
on Tue, 10/13/2009 - 16:56
#98085
it certainly seems as if the original publishers of that sokal paper were thinking along the same lines as many of today's market participants...
on Thu, 10/08/2009 - 16:49
#93512
Wow
- Comfortably Smug
on Thu, 10/08/2009 - 17:06
#93539
Pequot cap redux?
on Thu, 10/08/2009 - 17:57
#93584
What is the surprise? Isn't GS and half a dozen others doing the same thing that Jim was doing for many years? Competition has heated up, and there is now a focus by the authorities on HFT. Jim can read the writing on the wall. It is like Bernanke retiring now, knowing what is going to happen. The only difference is that Jim has a clue and Ben doesn't.
on Fri, 10/09/2009 - 05:51
#93919
does this matter one bit ?
on Fri, 10/09/2009 - 09:03
#94032
All of a sudden the big boys are calling it quits....Simons, Lewis, Mack, Dimon....more to come? Coincidence?
on Fri, 10/09/2009 - 09:31
#94060
What is SPARCs? Are you referring to scalable processor architecture?
on Sat, 10/10/2009 - 12:18
#95319
When was this published?