James Simons, Medallion Hedge Fund and Renaissance Technologies, president testifies about the risks that hedge funds pose in the financial markets, before the House Oversight Committee, and HEARING BEFORE THE SENATE PERMANENT SUBCOMMITTEE ON INVESTIGATIONS by Jonathan Mayers, Counsel on Behalf of Renaissance Technologies LLC... The most successful hedge fund in history describe their business model as a positive expected value game. The model developed by Renaissance for Medallion and Medallion with barrier options makes predictions that are profitable only slightly more often than not. Moreover, the predicted price movements can be easily overwhelmed by external events. To compensate for these factors, the model generates a large number of recommendations, so that by virtue of the mathematical principle known as the law of large numbers, the variability of the returns produced by the model is greatly reduced.

NEW YORK TIMES BESTSELLER Shortlisted for the Financial Times/McKinsey Business Book of the Year Award The unbelievable story of a secretive mathematician who pioneered the era of the algorithm--and made $23 billion doing it. 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.

Inside the House of Money lifts the veil on the typically opaque world of hedge funds, offering a rare glimpse at how today's highest paid money managers approach their craft. Author Steven Drobny demystifies how these star traders make billions for well-heeled investors, revealing their theories, strategies and approaches to markets. Drobny, cofounder of Drobny Global Advisors, an international macroeconomic research and advisory firm, has tapped into his network and beyond in order assemble this collection of thirteen interviews with the industry's best minds. Along the way, you'll get an inside look at firsthand trading experiences through some of the major world financial crises of the last few decades. Whether Russian bonds, Pakistani stocks, Southeast Asian currencies or stakes in African brewing companies, no market or instrument is out of bounds for these elite global macro hedge fund managers. Highly accessible and filled with in-depth expert opinion, Inside the House of Money is a must-read for financial professionals and anyone else interested in understanding the complexities at stake in world financial markets. "The ruminations of supposedly hush-hush hedge fund operators are richly illuminating." --New York Times

The ultimate behind-the-curtain look at the hedge fund industry, unlocking the most valuable stories, secrets, and lessons directly from those who have played the game best. Written by Maneet Ahuja, the hedge fund industry insider, The Alpha Masters brings the secretive world of hedge funds into the light of day for the first time. As the authority that the biggest names in the business, including John Paulson, David Tepper, and Bill Ackman, go to before breaking major news, Ahuja has access to the innermost workings of the hedge fund industry. For the first time, in Alpha Masters, Ahuja provides both institutional and savvy private investors with tangible, analytical insight into the psychology of the trade, the strategies and investment criteria serious money managers use to determine and evaluate their positions, and special guidance on how the reader can replicate this success themselves. There are few people with access to the inner chambers of the hedge fund industry, and as a result it remains practically uncharted financial territory. Alpha Masters changes all that, shedding light on star fund managers and how exactly they consistently outperform the market. The book: Contains easy-to-follow chapters that are broken down by strategy--Long/Short, Event Arbitrage, Value, Macro, Distressed, Quantitative, Commodities, Activist, pure Short, Fund of Funds. Includes insights from the biggest names in the trading game, including Ray Dalio, Marc Lasry, Jim Chanos, Sonia Gardner, Pierre Lagrange, and Tim Wong. Features contributions from industry icon Mohamed El-Erian Many of the subjects profiled in this groundbreaking new book have never spoken so candidly about their field, providing extremely provocative, newsworthy analysis of today's investing landscape.

A comprehensive guide to the burgeoning hedge fund industry Intended as a comprehensive reference for investors and fund and portfolio managers, Handbook of Hedge Funds combines new material with updated information from Francois-Serge L’habitant’s two other successful hedge fund books. This book features up-to-date regulatory and historical information, new case studies and trade examples, detailed analyses of investment strategies, discussions of hedge fund indices and databases, and tips on portfolio construction. Francois-Serge L’habitant (Geneva, Switzerland) is the Head of Investment Research at Kedge Capital. He is Professor of Finance at the University of Lausanne and at EDHEC Business School, as well as the author of five books, including Hedge Funds: Quantitative Insights (0-470-85667-X) and Hedge Funds: Myths & Limits (0-470-84477-9), both from Wiley.

The First Book from n+1—an Essential Chronicle of Our Financial Crisis HFM: Where are you going to buy protection on the U.S. government's credit? I mean, if the U.S. defaults, what bank is going to be able to make good on that contract? Who are you going to buy that contract from, the Martians? n+1: When does this begin to feel like less of a cyclical thing, like the weather, and more of a permanent, end-of-the-world kind of thing? HFM: When you see me selling apples out on the street, that's when you should go stock up on guns and ammunition.

After a long time of neglect, Artificial Intelligence is once again at the center of most of our political, economic, and socio-cultural debates. Recent advances in the field of Artifical Neural Networks have led to a renaissance of dystopian and utopian speculations on an AI-rendered future. Algorithmic technologies are deployed for identifying potential terrorists through vast surveillance networks, for producing sentencing guidelines and recidivism risk profiles in criminal justice systems, for demographic and psychographic targeting of bodies for advertising or propaganda, and more generally for automating the analysis of language, text, and images. Against this background, the aim of this book is to discuss the heterogenous conditions, implications, and effects of modern AI and Internet technologies in terms of their political dimension: What does it mean to critically investigate efforts of net politics in the age of machine learning algorithms?

How engineered materials and machines powered by living biological cells can tackle technological challenges in medicine, agriculture, and global security. You are a biological machine whose movement is powered by skeletal muscle, just as a car is a machine whose movement is powered by an engine. If you can be built from the bottom up with biological materials, other machines can be as well. This is the conceptual starting point for biofabrication, the act of building with living cells--building with biology in the same way we build with synthetic materials. In this volume in the MIT Press Essential Knowledge series, Ritu Raman offers an accessible introduction to biofabrication, arguing that it can address some of our greatest technological challenges. After presenting the background information needed to understand the emergence and evolution of biofabrication and describing the fundamental technology that enables building with biology, Raman takes deep dives into four biofabrication applications that have the potential to affect our daily lives: tissue engineering, organs-on-a-chip, lab-grown meat and leather, and biohybrid machines. Organs-on-a-chip (devices composed of miniature model tissues), for example, could be used to test new medicine and therapies, and lab-grown meat could alleviate environmental damage done by animal farming. She shows that biological materials have abilities synthetic materials do not, including the ability to adapt dynamically to their environments. Exploring the principles of biofabrication, Raman tells us, should help us appreciate the beauty, adaptiveness, and persistence of the biological machinery that drives our bodies and our world.

The Central Intelligence Agency (CIA) is one of the most fascinating yet least understood intelligence gathering organizations in the world

In a troubled world where millions die at the hands of their own governments and societies, some states risk their citizens' lives, considerable portions of their national budgets, and repercussions from opposing states to protect helpless foreigners. Dozens of Canadian peacekeepers have died in Afghanistan defending humanitarian reconstruction in a shattered faraway land with no ties to their own. Each year, Sweden contributes over $3 billion to aid the world's poorest citizens and struggling democracies, asking nothing in return. And, a generation ago, Costa Rica defied U.S. power to broker a peace accord that ended civil wars in three neighboring countries--and has now joined with principled peers like South Africa to support the United Nations' International Criminal Court, despite U.S. pressure and aid cuts. Hundreds of thousands of refugees are alive today because they have been sheltered by one of these nations. Global Good Samaritans looks at the reasons why and how some states promote human rights internationally, arguing that humanitarian internationalism is more than episodic altruism--it is a pattern of persistent principled politics. Human rights as a principled foreign policy defies the realist prediction of untrammeled pursuit of national interest, and suggests the utility of constructivist approaches that investigate the role of ideas, identities, and influences on state action. Brysk shows how a diverse set of democratic middle powers, inspired by visionary leaders and strong civil societies, came to see the linkage between their long-term interest and the common good. She concludes that state promotion of global human rights may be an option for many more members of the international community and that the international human rights regime can be strengthened at the interstate level, alongside social movement campaigns and the struggle for the democratization of global governance.