MEDALLION FUND HITS A JACKPOT
Jim Simons, a man known for running one of the world's most secretive, expensive and successful hedge funds, is on track to wow investors with another year of double-digit returns.
Simons' $8 billion Medallion fund, the oldest of the three Renaissance Technologies funds, was up 48 percent at the end of July, net of fees, according to people familiar with the funds' returns.
Medallion, which is funded mostly by Renaissance insiders, charges a whopping 49 percent in fees, including a 5 percent management fee and 44 percent incentive fee....MORE
HT: 1440 Wall Street
The Hedge Funds World post (immediately below) got me thinking about Jim Simons, who is
a) not a parvenu
b) probably won't be attending HFW this year.
Richard Teitelbaum at Bloomberg wrote a wonderful story. Give yourself fifteen uninterrupted minutes to get an inside look at a pro.
On a hot afternoon in September, Renaissance Technologies LLC founder Jim Simons is too busy to take a phone call. It is, he says, from Cumrun Vafa, a preeminent Harvard University professor and expert on string theory, which describes the building blocks of the universe as extended one-dimensional filaments.
``Get another time when I can talk to him,'' Simons tells his assistant.
Then he mentions that the next day, he'll be meeting with Thomas Insel, director of the National Institute of Mental Health, to discuss autism research. And he's slated that Saturday to host a gala honoring Math for America, or MFA, a four-year-old nonprofit he started that provides stipends to New York City math teachers....MORE