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Jim Simons Net Worth 2022, Career, House, Trading Strategy

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Jim Simons Net Worth

What is Jim Simons Net Worth?

Jim Simons Net Worth 202228.6 billion USD
Date of birth25 April 1938
Full nameJames Harris Simons
Occupationmathematician, hedge fund manager
NationalityAmerican
Table showing the summary of Jim Simons net worth

Jim Simons Net Worth and Biography

Jim Simons Net Worth 2022 is estimated at $$28.6 billion making him one of the richest people in America. Simons 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.

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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.

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What Jim Simons known for?

Simons is known for his studies on pattern recognition. He developed the Chern–Simons form, and contributed to the development of string theory by providing a theoretical framework to combine geometry and topology with quantum field theory. In 1994, Simons founded the Simons Foundation with his wife to support researches in mathematics and fundamental sciences.

He is one of the biggest donors to the University of California, Berkeley, establishing the Simons Institute for the Theory of Computing in 2012, and to Berkeley’s Mathematical Sciences Research Institute, where he serves as a member of the board of trustees.

Early life and education

James Harris Simons was born on April 25, 1938 to an American Jewish family, the only child of Marcia  and Matthew Simons, and raised in Brookline, Massachusetts.

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He received a bachelor’s degree in mathematics from the Massachusetts Institute of Technology in 1958 and a PhD in mathematics from the University of California, Berkeley under supervision of Bertram Kostant in 1961 at the age of 23. After graduating from MIT, Simons traveled from Boston to Bogotá, Colombia on a motor scooter.

Academic and scientific career

Jim Simons has had a lot of accomplishments in the field of mathematics. 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, a mathematical physicist Albert Schwarz discovered early topological quantum field theory, which is an application of the Chern–Simons form.

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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 AMS Oswald Veblen Prize in Geometry.

Investment career

Jim Simons is the founder of Renaissance Technologies’ hedge funds.

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.

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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% gross return or a 39.1% average net return between 1988 – 2018.

 Renaissance Technologies manages three other funds – Renaissance Institutional Equities Fund (RIEF), Renaissance Institutional Diversified Alpha (RIDA) and Renaissance Institutional Diversified Global Equity Fund.

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). 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.

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Jim Simons Net Worth

Jim Simons has been named the one of the highest-earning hedge fund managers and traders by Forbes. He currently has net worth of $28.6 billion. In total, Simons has given over $2.7 billion to philanthropic causes.

Simons and his second 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.

 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.

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Source: Glusea

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