Jim Simons, the billionaire investor, mathematician and philanthropist, died on Friday in New York City, according to his foundation, the Simons Foundation. Simons was 86 years old.
Simons, the founder of the hedge fund Renaissance Technologies, helped to pioneer quantitative investing, a market strategy that relies on mathematical and statistical models to identify investing opportunities. Later in life, Simons became a political donor and philanthropist. Simons had a love for math and numbers from an early age, according to his foundation’s website.
Simons left the academic world in the late ’70s, eventually founding Renaissance Technologies in 1982. “In looking at the patterns of prices, I could see that there was something we could study here and that there were ways to predict prices mathematically and statistically,” Simons said on the Numberphile podcast. “Gradually, we built models, and the models got better and better. Finally, the models replaced the fundamental stuff.
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