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☆ An elite hedge fund bought 1 million GameStop shares before the meme stock's 400% surge
▼ + stars: | 2024-05-15 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +1 min

A top hedge fund built a GameStop stake from scratch last quarter ahead of the meme stock's surge. Renaissance Technologies' 1 million shares were briefly worth $65 million at Tuesday's high. AdvertisementA world-beating hedge fund revealed it built a GameStop stake from scratch last quarter, making it a potential winner from the meme stock's explosive leap this week. Renaissance Technologies owned 1 million shares of the video-game retailer at the end of March, a position worth $13 million at the time, its first-quarter portfolio update shows. GameStop stock was up more than 400% at its Tuesday high, briefly valuing RenTech's stake at $65 million if still intact.

Persons: Jim Simons, — Organizations: GameStop, Technologies, AMC, Nvidia, Service, Renaissance Technologies, Business

☆ Here's how big-name quants like Renaissance Technologies and D.E. Shaw performed in April despite choppy markets
▼ + stars: | 2024-05-15 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +1 min

Funds like Renaissance Technologies, Two Sigma, and D.E. RenTech founder Jim Simons died last week; the billionaire stepped down as chairman in 2021. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe last full month of returns Renaissance Technologies delivered during its founder's life were strong. The quant giant's two largest funds for outside investors, Renaissance Institutional Equities Fund and Renaissance Institutional Diversified Alpha, did well in April, before the firm lost its founder, 86-year-old billionaire Jim Simons, on Friday.

Persons: Shaw, Jim Simons, —, Simons — Organizations: Renaissance Technologies, Sigma, Service, Renaissance Institutional, Fund, Alpha, Business

☆ The CEO of a hedge fund that averaged a 66% return for 3 decades spoke about investing, hiring, and sleeping 2,000 nights in his office. Here are the 11 best quotes.
▼ + stars: | 2023-09-20 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +5 min

Brown had the idea for IBM's "Deep Blue," and has spent over 2,000 nights sleeping in his office. RenTech was founded by Jim Simons, a former MIT math professor and Cold War codebreaker. Peter Brown is the CEO of Renaissance Technologies, a quant fund founded by former Cold War codebreaker and MIT math professor Jim Simons. And the job is so demanding, I really don't see how I could do it otherwise." We don't know any economics.

Persons: Peter Brown, Brown, RenTech, Jim Simons, Goldman, he's, he'd, Peter, we're, we've Organizations: Renaissance, MIT, Service, Goldman Sachs Exchanges, Renaissance Technologies Locations: Wall, Silicon, York

☆ George Soros' fund snapped up Tesla stock, boosting its stake by nearly 50% as Elon Musk's Twitter antics weighed on the automaker's shares
▼ + stars: | 2023-02-14 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Billionaire investor George Soros's family office loaded up on Tesla stock in the last quarter of 2022. Soros Fund Management grew its stake in the EV maker by nearly 50%, a SEC filing showed this week. Concerns about CEO Elon Musk's fueled a Q4 selloff in Tesla, but its share price has risen 58% in 2023. Soros Fund Management bought about 42,000 Tesla shares in the three months ending December 31, lifting its stake by 47% to around 132,000 shares, according to a 13F filing published Monday. Soros Fund Management also snapped up 500,000 call options on ARK's Innovation ETF – the Cathie Wood-managed fund that tumbled in 2022 but lists Tesla as its biggest holding.

☆ Jim Simons' RenTech fund virtually eliminated its $500 million Tesla stake last quarter - and slashed its Twitter bet by 90%
▼ + stars: | 2022-11-16 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Renaissance Technologies eviscerated its Tesla and Twitter stakes last quarter. Jim Simons' quant fund also slashed the value of its Twitter bet from around $94 million to below $11 million. The quantitative fund pared its Tesla position from a split-adjusted 2.2 million shares valued at $504 million at the end of June, to only 1,400 shares worth less than $400,000 at the end of September. Moreover, it cut its Twitter stake from 2.5 million shares worth $94 million at the midpoint of this year, to 248,000 shares valued around $11 million on September 30. On the other hand, it boosted its Airbnb bet by 30% to 7.3 million shares, meaning the home-rental platform jumped from its 17th-largest holding to number four on the list.

☆ Carl Icahn, David Einhorn, and Dan Loeb bet big on Elon Musk ultimately buying Twitter - and likely raked in profits when the deal closed
▼ + stars: | 2022-11-15 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Carl Icahn, Dan Loeb, and David Einhorn built sizeable stakes in Twitter last quarter. Icahn and his team amassed 12.5 million Twitter shares, valued at $549 million on September 30. Similarly, Einhorn's Greenlight Capital scooped up 4.3 million shares, worth $188 million at the end of last quarter. It snapped up 5.5 million shares worth $241 million on September 30. It also purchased bullish call options on 34,000 shares, and bearish put options on 1.1 million shares.

☆ Fear and loathing on Wall Street: Inside the paranoid, hyper-competitive onslaught to prevent quant traders from defecting to rivals
▼ + stars: | 2022-07-31 | by ( Alex Morrell | ) www.businessinsider.com time to read: +23 min

Current and former employees at prominent quant trading operations spoke to Insider anonymously for this story, citing fear of legal reprisals. "At the NSA, the penalty for leaking is twenty-five years in prison," Simons liked to tell employees, according to Gregory Zuckerman's book "The Man Who Solved the Market." In the early 2000s, quant noncompetes were narrower and shorter — six to nine months was industry standard, quant recruiters who had to navigate these obstacles told Insider. But it has aggressively pursued employees it believes have crossed the firm, according to court filings and media reports. Absent such changes, quant noncompetes will likely continue to proliferate with little resistance from employees.

Persons: Ken Griffin, they'd, It's, Matt Moye, they've, David Marshall, Jim Simons, George Soros, John Paulson, Philip Falcone, Jonathan Ernst, RenTech, Simons, Gregory Zuckerman's, Moye, quant, Pavel Volfbeyn, Alexander Belopolsky, spooked, Eric Wepsic, Shaw, —, Izzy Englander, Rick Wastrom, Smith Hanley, Jane Street burgeoned, Peter Friedman, Brennan Hughes, Griffin —, They've, Friedman, Chase Lochmiller, Ray Dalio, Jane Street, Hughes, Samuel Estreicher, Estreicher, I'm, David, Wastrom, Marshall, noncompetes Organizations: Citadel Securities, Renaissance Technologies, Citadel, St John's Law School, Center for Labor, Employment, REUTERS, NSA, Fund, RenTech, Millennium Management, Millennium, D.E, Trading, Integra Advisors, Wall, Google, Sigma, Polychain, Getty, Bridgewater Associates, National Labor Relations Board, Schonfeld Strategic Advisors, Group, New York University, school's Center for Labor, John's Law, —, New Locations: America, Bridgewater, New York, Hudson, Riker's Island, Houston, Chicago, Connecticut, — California, St, New York , Illinois

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