Renaissance Technologies | Wikipedia audio article
Channel: wikipedia tts
Date: 14/01/2019

This is an audio version of the Wikipedia Article:
https://en.wikipedia.org/wiki/Renaissance_Technologies


00:02:23 1 Academia and research
00:03:11 2 Quantitative trading
00:05:07 3 "Quants" with non-financial background
00:08:03 4 Monemetrics
00:09:41 4.1 Medallion Fund
00:14:32 4.2 Medallion as a retirement fund
00:16:12 4.3 Renaissance Institutional Equities Fund (RIEF)
00:18:21 5 Governmental affairs
00:18:30 5.1 Tax avoidance investigation 2014
00:20:03 5.2 Campaign contributions
00:21:56 6 See also



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- Socrates


SUMMARY
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Renaissance Technologies LLC is an American hedge fund firm based in East Setauket, New York,  on Long Island, which specializes in systematic trading using quantitative models derived from mathematical and statistical analyses. The company was founded in 1982 by James Simons, an award-winning mathematician and former Cold War code breaker.
In 1988, the firm established its most profitable portfolio, the Medallion Fund, which used an improved and expanded form of Leonard Baum's mathematical models, improved by algebraist James Ax, to explore correlations from which they could profit. Simons and Ax started a hedge fund and named it Medallion in honor of the math awards that they had won.Renaissance's flagship Medallion fund, which is run mostly for fund employees, "is famed for one of the best records in investing history, returning more than 35 percent annualized over a 20-year span". From 1994 through mid-2014 it averaged a 71.8% annual return. Renaissance offers two portfolios to outside investors—Renaissance Institutional Equities Fund (RIEF) and Renaissance Institutional Diversified Alpha (RIDA).Simons ran Renaissance until his retirement in late 2009. The company is now run by Peter Brown (after Robert Mercer resigned), both of them were  computer scientists specializing in computational linguistics who joined Renaissance in 1993 from IBM Research. Simons continues to play a role at the firm as non-executive chairman and remains invested in its funds, particularly the secretive and consistently profitable black-box strategy known as Medallion. Because of the success of Renaissance in general and Medallion in particular, Simons has been described as the best money manager on earth. By October 2015, Renaissance had roughly $65 billion worth of assets under management, most of which belong to employees of the firm.