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☆ Hedge fund CEO says staff installed mirrors around the office to stop him from crashing into them while he rode a unicycle
▼ + stars: | 2023-09-20 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +2 min

The CEO of hedge fund Renaissance Technologies used to ride a unicycle around the office. Peter Brown said staff once had to install mirrors in the office to stop him crashing into them. The hedge fund boss confirmed the story was true, before adding he no longer rode a unicycle anymore because he crashed and broke it. AdvertisementAdvertisementFounded in 1982, New York-based Renaissance Technologies is widely regarded as one of the world's most successful hedge funds. In the 45-minute podcast interview, Brown discussed some of his other working habits, including the amount of time he spent sleeping in the office and what he looks for in potential employees.

Persons: Peter Brown, Brown, Goldman Sachs, Raj Mahajan, Jim Simons, Bob Mercer, Simons Organizations: Technologies, Service, Goldman, IBM, Bloomberg Locations: Wall, Silicon, New York

☆ 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

A slew of recent hotter-than-expected economic data has eased recession concerns without raising fears of a September rate hike. "Further rate hikes would risk sending the economy into a hard landing," said Thomas Simons, U.S. economist at Jefferies. "Instead, the Fed can look to a strategy of maintaining current policy rates for a long time as the best way to administer restrictive monetary policy to the economy." ET, Dow e-minis were up 31 points, or 0.09%, S&P 500 e-minis were up 5.25 points, or 0.12%, and Nasdaq 100 e-minis were up 23 points, or 0.15%. Asset management firm Blackstone Inc (BX.N) and vacation rentals platform Airbnb (ABNB.O), which are set to join the S&P 500 before the bell on Monday, were down 0.5% and 0.1%, respectively.

Persons: Brendan McDermid, Blackstone, Thomas Simons, Goldman Sachs, Janus Henderson, Wells, Ankika Biswas, Shristi, Savio D'Souza, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Micron, Deutsche Bank, Airbnb, Dow, Nasdaq, Federal Reserve, Traders, Jefferies, Morgan Asset Management, Janus Henderson Investors, Bank of England, Bank of, Dow e, Micron Technology, Blackstone Inc, L3Harris Technologies, Thomson Locations: New York City, U.S, Bank of Japan, Bengaluru

In its 33-page report, an independent team commissioned by NASA cautioned that the negative perception surrounding UFOs poses an obstacle to collecting data. “We want to shift the conversation about UAPs from sensationalism to science," NASA Administrator Bill Nelson said. Instead, the group relied on unclassified data in an attempt to better understand unexplained sightings in the sky. The government refers to unexplained sightings as UAPs versus UFOs. ___The Associated Press Health and Science Department receives support from the Howard Hughes Medical Institute’s Science and Educational Media Group.

Persons: UAPs, Bill Nelson, Nelson, ” Nelson, doesn't, “, ”, Dan Evans, NASA's, Scott Kelly, David Spergel Organizations: — NASA, NASA, Simons Foundation, Associated Press Health, Science Department, Howard Hughes Medical Institute’s Science, Educational Media Group, AP Locations: CAPE CANAVERAL, Fla, “, U.S

LONDON (AP) — Beloved British electronic duo the Chemical Brothers released their 10th album on Friday, more than three decades into their career. Political Cartoons View All 1148 Images“I don’t know if it’s the right way to release an album," he smiled. The rave-ready “No Reason” became the lead single from the record — because it felt “fresh and different” and also “really fun to play live," says Rowlands. They were “the wrong people at the wrong place at the wrong time," Rowlands recalled. But as a band who are constantly looking forward, it isn't something Rowlands is quite ready to read.

Persons: Tom Rowlands, “, “ Everyone’s, Rowlands, Ed Simons, Beck, ”, —, Simons, aren’t, didn’t, Adam Smith, Marcus Lyall —, ” Rowlands, Robin Turner, “ I’m Organizations: Chemical, Audiences, “, Glastonbury Festival Locations: Ibiza, Glasgow

☆ Biden heads to Florida to survey storm damage, no DeSantis meeting set
▼ + stars: | 2023-09-02 | by ( Jeff Mason | Thomson Reuters | Jeff Mason Is A White House Correspondent For Reuters. He Has Covered The Presidencies Of Barack Obama | ) www.reuters.com time to read: +3 min

REUTERS/Cheney Orr/File Photo Acquire Licensing RightsWASHINGTON, Sept 2 (Reuters) - U.S. President Joe Biden heads to Florida on Saturday to survey damage caused by Hurricane Idalia and comfort people affected by the storm, but he will not be meeting Ron DeSantis, the state's Republican governor and a potential presidential rival. DeSantis, 44, is running for the 2024 Republican presidential nomination to oust Biden from the White House but trails former President Donald Trump in polls. Biden and DeSantis have spoken regularly through the week about the storm, which pummeled Florida's Big Bend region with Category 3 winds of nearly 125 mph (200 kph). DeSantis has been a sharp critic of Biden, and the two have clashed over COVID-19 vaccines, abortion and LGBT rights. DeSantis may not want to be photographed with Biden overlooking storm damage now as the Republican presidential primary race intensifies.

Persons: Dennis Buckley’s, Cheney Orr, Joe Biden, Hurricane Idalia, Ron DeSantis, Biden, Jeremy Redfern, Donald Trump, DeSantis, pummeled, Jill, Emilie Simons, Chris Christie, Barack Obama, superstorm Sandy, Jeff Mason, William Mallard Organizations: REUTERS, Rights, Republican, FEMA, Federal Emergency Management Agency, Former New Jersey, Democrat, Thomson Locations: Horseshoe Beach , Florida, U.S, Florida, Bend, COVID, Hurricane, Trump, Hawaii, Delaware

☆ Fed has done a nice job decreasing job openings without increasing layoffs: Envestnet’s Dana D’Auria
▼ + stars: | 2023-09-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFed has done a nice job decreasing job openings without increasing layoffs: Envestnet’s Dana D’AuriaTim Simons, Jefferies U.S. economist, and Dana D’Auria, Envestnet PMG co-CIO, join 'Squawk Box' to preview the August jobs report, the impact on markets and the Fed's rate hike decision, and more.

Persons: Envestnet’s Dana D’Auria Tim Simons, Dana D’Auria, Envestnet PMG Organizations: Fed, Jefferies U.S

U.S. President Joe Biden speaks about the destruction caused by Hurricane Ian and relief efforts as he visits Fisherman's Wharf while touring hurricane-damaged areas, joined by first lady Jill Biden, Florida Governor Ron DeSantis and his wife Casey DeSantis, in Fort Myers Beach, Florida, U.S., October 5, 2022. Biden, a Democrat who is running for re-election next year, told reporters at the White House on Friday that he would see DeSantis, who is running for the Republican presidential nomination to challenge Biden in 2024, during the trip. The White House said Biden and his wife, Jill, would meet with members of the community affected by the storm. This is about taking care of the people of his state," Biden told reporters on Wednesday. He plans to visit Florida before flying to his home state of Delaware for the weekend.

Persons: Joe Biden, Hurricane, Jill Biden, Ron DeSantis, Casey DeSantis, Evelyn Hockstein, Biden, Jeremy Redfern, Redfern, Jill, Emilie Simons, DeSantis, Chris Christie, Barack Obama, superstorm Sandy, Jeff Mason, Trevor Hunnicutt, Susan Heavey, Doina Chiacu, Jonathan Oatis Organizations: REUTERS, Rights, Republican, Democrat, White, FEMA, Federal Emergency Management Agency, Former New Jersey, Thomson Locations: Fisherman's, Florida, Fort Myers Beach , Florida, U.S, Washington, Delaware

In the past, he would have swiftly chopped 10% of the workers that run his bag-making machines, or about 15 people. Faced with the tightest job market in decades, many have become less trigger-happy with layoffs, even in the face of a cooling economy. But, so far, the economy has continued to grow, albeit more slowly, and the job market has powered onward. Reuters Graphics'HOLD ONTO YOUR LABOR FORCE'At least one major company has adopted a formal strategy of hoarding workers. "I don't think it's the case that many businesses are holding onto workers who are idle," she said.

Persons: Kevin Kelly, Nathan Frandino, Kelly, Alan H, Shaw, they're, Dana Peterson, Peterson, Arnold Kamler, Julia Pollak, Thomas Simons, We're, Timothy Aeppel, Dan Burns, Paul Simao Organizations: Emerald Packaging, REUTERS, Packaging, Employers, Federal Reserve, Labor, Reuters Graphics, Norfolk, Reuters, U.S, Survey, Labor Department, Conference Board, Business Council, Kent International, Jefferies, Thomson Locations: California, Union City , California, U.S, San Francisco, Norfolk Southern, downturns, Atlanta, New York, South Carolina, rehire, Los Angeles

The Fed last week raised its policy rate to the 5.25%-5.50% range, the 11th increase in the last 12 meetings. Core inflation is still pretty elevated," Powell said in a press conference after the end of the Fed's two-day policy meeting. We think we're going to need to hold policy at restrictive levels for some time. The Fed's policy rate influences the economy by changing what lenders charge consumers for credit card, auto, and home loans or what businesses pay on bonds or for credit lines. "Given that inflation is still sticky, they're going to end up with rates either too high or as high as they are for too long.

Persons: Antulio Bomfim, Bomfim, what's, Jerome Powell, Powell, Lindsay Owens, Thomas Simons, Howard Schneider, Dan Burns, Paul Simao Organizations: Trust Asset Management, Fed, Reuters Graphics Reuters, STAR, North Star, Open, Jefferies, Thomson Locations: U.S

☆ Brexit, the Disaster No One Wants to Talk About - The New York Times
▼ + stars: | 2023-07-21 | by ( Michelle Goldberg | ) www.nytimes.com time to read: +3 min

Seven years ago, Brexit was an early augur of the revolt against cosmopolitanism that swept Donald Trump into power. But while America can’t stop talking about Trump, many in the U.K. can scarcely stand to think about Brexit. “It’s so toxic,” Tobias Ellwood, a Tory lawmaker who has called on his colleagues to admit that Brexit was a mistake, told me. “Those voters do not want to have a conversation about Brexit,” said Joshua Simons, the director of Labour Together, a think tank close to Labour leadership. He cites a point that a mentor of his, the political philosopher Danielle Allen, made after the 2016 vote.

Persons: I’ve, Brexit, Donald Trump, Trump, —, “, Tobias Ellwood, ”, Sadiq Khan, “ I’m, Joshua Simons, Simons, there’s, Danielle Allen, ” Simons Organizations: Tory, London, Labour Party, Labour, European Union Locations: U.S, U.K, Midlands, Northern England

☆ Leipzig sign Dutch midfielder Simons on one-year loan from PSG
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +1 min

July 19 (Reuters) - Germany's RB Leipzig have signed Netherlands midfielder Xavi Simons on a one-year loan from French champions Paris St Germain, both clubs said on Wednesday. The 20-year-old returned to PSG on Wednesday, signing a four-year contract following a year at Eredivisie side PSV Eindhoven. In the Netherlands Simons was league's second-best scorer with 19 goals in 34 games, helping PSV to a second-place finish as well as to the 2022-23 KNVB Cup. "We have been able to sign an exceptional young talent in Xavi Simons," Leipzig's Board Member for Sport Max Eberl told the club website. "I was immediately impressed by RB Leipzig's style of play and I strongly believe that my qualities will be a good match for this team and we can achieve a lot together."

Persons: Xavi Simons, Netherlands Simons, Sport Max Eberl, Simons, Anita Kobylinska, Toby Davis Organizations: Leipzig, Paris St Germain, PSG, Wednesday, PSV Eindhoven, PSV, KNVB, Sport, Bundesliga, Champions League, RB, Thomson Locations: Netherlands, Europe, Barcelona, Leipzig, Qatar, United States, Gdansk

☆ Top Biden cyber official will not get permanent role due to personal debts
▼ + stars: | 2023-07-15 | by ( ) www.reuters.com time to read: +2 min

Kemba Walden, who has been acting director since mid-February, has received endorsements from Democrats and Republicans as well as her predecessor, former National Cyber Director Chris Inglis. As acting director, Walden has overseen the rollout of the administration's national cyber strategy and implementation plan. White House spokeswoman Emilie Simons said Walden "has demonstrated strong leadership overseeing the Office of the National Cyber Director (ONCD)." "The Biden-Harris Administration – and the American people – greatly appreciate Acting Director Walden's vision and service...," Simons said. Simons did not comment on Walden's personal debt issues and why she would not be considered for the role.

Persons: Kemba Walden, Chris Inglis, Jeff Zients, Walden, Julie Su, Emilie Simons, Harris, Harris Administration –, –, Simons, Nandita Bose, Franklin Paul Organizations: Republicans, National, White, U.S, Reuters, Biden, Harris Administration, Washington Post, Franklin Paul Our, Thomson Locations: Washington

☆ Britain’s Tories Expected to Face Election Losses - The New York Times
▼ + stars: | 2023-07-14 | by ( Michelle Goldberg | ) www.nytimes.com time to read: +2 min

A recent poll shows the Labour candidate ahead in Selby and Ainsty, where in 2019 Adams won more than 60 percent of the vote. In Somerton and Frome, the candidate of the centrist Liberal Democrat Party appears to have a strong chance of prevailing. Still, there’s a broad sense that, with national elections due sometime in the next 18 months, the Conservative Party is imploding. Yet in Britain, the right appears to be approaching something like free fall, with a recent poll showing Labour with a 21-point lead nationally. Less than four years ago, the party won its fourth consecutive national election by a staggering margin, leaving Labour, then led by the leftist Jeremy Corbyn, decimated.

Persons: Adams, ”, that’s, Joshua Simons, Emmanuel Macron, Le Pen, Jeremy Corbyn, Reed Organizations: Labour, Liberal Democrat, Conservative, BBC, Conservative Party, Financial, Conservatives, Labour Party, Tories Locations: Selby, Ainsty, Somerton, Frome, Europe, Italy, Spain, Sweden, Finland, Greece, Germany, Britain, Republic

☆ Why We Get Scammed and What to Do About It
▼ + stars: | 2023-07-07 | by ( Daniel Simons | Christopher Chabris | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/why-we-get-scammed-and-what-to-do-about-it-442c2b01

Persons: Dow Jones

☆ 'We are in uncharted territory': World records hottest day ever for the third time in just four days
▼ + stars: | 2023-07-07 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Unofficial data from U.S. researchers showed the planet's daily average temperature soared to 17.23 degrees Celsius (63.01 degrees Fahrenheit) on Thursday, surpassing two previous heat records registered in recent days. "The global temperature record smashed again yesterday," Bill McGuire, professor emeritus of geophysical and climate hazards at University College London, said via Twitter. The record was broken again on Tuesday, notching 17.18 degrees Celsius and remained at this record high level on Wednesday. climate researcher Leon Simons said via Twitter, citing the multiple heat records observed this week. A flurry of global heat records follows a series of mind-bending extreme weather events in recent months.

Persons: Yasin Demirci, El Niño, Bill McGuire, Leon Simons Organizations: Anadolu Agency, Getty, University College London, Twitter, University, Maine's Locations: Sarajevo, Bosnia, Herzegovina, U.S, Ankara, Turkiye

☆ Years After Iranian Missiles Downed a Passenger Jet, a Suit Seeks Answers
▼ + stars: | 2023-07-05 | by ( Marlise Simons | More About Marlise Simons | ) www.nytimes.com time to read: +1 min

On a clear January morning in 2020, Ukraine Airlines Flight 752 was struck by two Iranian missiles just three minutes after leaving an airport in Tehran, killing all 176 passengers. Ever since, families of the victims have asked for a credible explanation but have been rebuffed by the Iranian authorities. On Wednesday, four of the countries whose citizens perished in the disaster filed suit at the International Court of Justice in The Hague, requesting Iran provide a full account, to acknowledge its responsibility and pay “full compensation” for the material and moral damages. The four parties to the suit — Britain, Canada, Sweden and Ukraine — contend that Iran has failed “to conduct an impartial, transparent and fair criminal investigation” but instead has “withheld or destroyed evidence” and “threatened and harassed the families of the victims.”Iran had no immediate response to the lawsuit. For the family members, who have long complained that the case was being ignored, the filing meant a symbolic first day in court; or, rather, in the highest judicial forum of the United Nations, based in The Hague, which settles disputes between nations and is not a criminal court.

Organizations: International Court of Justice, United Locations: Ukraine, Tehran, The Hague, Iran, Britain, Canada, Sweden, United Nations

☆ World registers hottest day since records began — with fresh highs expected in the coming weeks
▼ + stars: | 2023-07-05 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Beijing recorded its third consecutive day of 40 degree Celsius weather, the first time since records began. The world's average temperature climbed to its highest level since records began on Tuesday, according to provisional data from U.S. researchers, underscoring the pressing need to slash greenhouse gas emissions fueling the climate emergency. The milestone comes just one day after global average temperatures topped 17 degrees Celsius for the first time in 44 years, when the data was first collected. The previous record of 16.92 degrees Celsius had stood since Aug. 14, 2016 — the warmest year ever recorded. "Do you remember yesterday's global surface air temperature record?

Persons: Bill McGuire, Leon Simons Organizations: Forbidden, University of Maine's, University College London, Twitter Locations: Beijing, U.S, China, Mexico

CNN —Wall Street bankers, investors and economists have for months waffled over whether a US recession is coming. But for some Americans, the unforgiving economic pain typical during recession has already set in. Consumer spending accounts for about two-thirds of economic output, so if more Americans are forced to cut back because they were laid off, that might throw the US economy into a recession. Bank of America Chief Executive Brian Moynihan told CNN last week that he expects a mild recession early next year, rather than the late 2022 recession many have predicted. That means that laid-off Americans were often able to find a new job quickly due to a hot job market.

Persons: Al Brown, Brown, it’s, ” Brown, That’s, Allison Joyce, haven’t, Nina McCollum, hasn’t, She’s, ” McCollum, ”, Thomas Simons, ” Simons, Eva Marie Uzcategui, —, Timothy A, Clary, Brian Moynihan, frustrates McCollum, Regina Walton, Walton, she’s, “ It’s, I’ve, ” Walton, “, I’m, Richard Murray, Murray, he’s, you’re Organizations: CNN, Wall, Flyers, New, New Hanover NCWorks, Workforce, Bloomberg, Getty, Investors, Jefferies, National Bureau of Economic Research, Traders, New York Stock Exchange, Bank of America, San Francisco Bay Area, Companies, Consolidated Omnibus Budget, Cascade Locations: Concord , North Carolina, America, New Hanover, Wilmington , North Carolina, Cleveland , Ohio, Miami , Florida, AFP, San Francisco Bay, “, Boston

The Education Department last week said loan payments would resume in October. Reuters GraphicsA White House source said Biden plans to announce new actions on Friday to protect student loan borrowers in the wake of the ruling. Another challenge to at least some of those who face student loan repayment: Managing new debt taken on when student loan payments were off the table. The New York Fed found the debt payment holiday boosted credit scores of student loan borrowers, opening the door to take on other debt. Delinquency rates on student loans plummeted from roughly 10% before the payment holiday to below 1% at the end of the first quarter of this year.

Persons: Joe Biden's, Biden, Thomas Simons, Simons, Morgan Stanley, forbearance, Michael S, Dan Burns, Andrea Ricci Organizations: U.S, Biden, White, Republicans, Department, New York Fed, Reuters, Federal Reserve, Jefferies, York Fed, New, University of Chicago, Derby, Thomson Locations: U.S, New York

☆ US jobless claims hold at 20-month high, existing home sales tick up in May
▼ + stars: | 2023-06-22 | by ( Dan Burns | ) www.reuters.com time to read: +6 min

The median expectation among economists polled by Reuters was for 260,000 new claims. The latest reading compared with a median economists' estimate of 1.782 million so-called continued claims. Existing home sales rose 0.2% to a seasonally adjusted annual rate of 4.3 million units last month, the National Association of Realtors said. Economists polled by Reuters had forecast home sales would fall to a rate of 4.25 million units. Home resales, which account for the largest share of U.S. housing sales, tumbled 20.4% on a year-on-year basis in May.

Persons: Thomas Simons, Simons, Jerome Powell, Lawrence Yun, Dan Burns, Chizu Organizations: Bureau of Labor Statistics, Reuters, Jefferies, Investors, National Association of Realtors, Economists, Mortgage, Association, Thomson Locations: Massachusetts, South, West, Northeast, Midwest

☆ US retail sales rose in May
▼ + stars: | 2023-06-15 | by ( Bryan Mena | ) edition.cnn.com time to read: +4 min

Retail sales at stores, online and in restaurants grew 0.3% in May from April, the Commerce Department reported on Thursday. Retail sales data is adjusted for seasonality but not for inflation. Excluding sales at gasoline stations, retail spending increased by a faster clip of 0.6%. From a year ago, overall retail sales rose 1.6% in May. Impact of the labor marketWhile retail sales held up in May, spending has erred on the weaker side after a big jump in January.

Persons: Brian Field, ”, Joshua Shapiro, Maria Fiorini Ramirez, Jerome Powell, Thomas Simons, Deborah Weinswig Organizations: DC CNN, Commerce Department, Sensormatic Solutions, CNN, Federal Reserve, Jefferies, “, Coresight Locations: Washington

☆ The Federal Reserve paused its interest-rate hikes after 10 consecutive increases
▼ + stars: | 2023-06-14 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +7 min

The Federal Reserve announced it's pausing interest-rate hikes at its Wednesday meeting. This comes after 10 consecutive interest-rate increases in 15 months. The Federal Open Market Committee (FOMC) announced it's holding interest rates steady at its Wednesday meeting, putting a pause on the central bank's 10 consecutive increases in 15 months. "Without a meaningful downside surprise in both jobs and inflation, a final interest-rate hike remains in the cards for July." Following the failures of Silicon Valley Bank and First Republic Bank, credit conditions tightened, in part pushing the Fed to skip this month's rate hike amid a lending pullback.

Persons: —, Jerome Powell, Powell, Seema Shah, Shah, Thomas Simons, Simons, Marta Norton, Kathy Gramling, Gramling, Norton, there's, Price Organizations: Federal Reserve, Service, Market, Fed, Asset Management, Jefferies, Valley Bank, First Republic Bank, Morningstar Wealth's America, EY, Consumer, Morningstar Wealth, Norton

☆ US services sector softens, factory orders boosted by defense
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +5 min

"Momentum had been very strong in the services sector since the reopening process began, but the sector is clearly cooling down now," Thomas Simons, U.S. economist at Jefferies, wrote in a note. The services sector is at the center of the battle against inflation, as services prices tend to be stickier and less responsive to rate hikes. ISM services PMISome economists view the ISM services prices paid gauge as a good predictor of personal consumption expenditures (PCE) inflation. Excluding the defense sector, orders were down 0.4%, and excluding transportation orders - where military orders again had the largest footprint - bookings were down 0.2%. With consumer spending shifting more toward services, consumer goods orders slid for a third straight month to their lowest level since February 2022.

Persons: Thomas Simons, Simons, Lucia Mutikani, Dan Burns, Chizu Nomiyama, Paul Simao Organizations: Federal, Institute for Supply Management, Reuters, PMI, ISM, Fed, Jefferies, U.S, Services, Commerce Department, Factory, Thomson Locations: U.S

☆ Stony Brook University to Receive $500 Million, an Uncommonly Large Gift
▼ + stars: | 2023-06-01 | by ( Liam Stack | ) www.nytimes.com time to read: +1 min

Stony Brook University, a public school on Long Island, received a donation of $500 million on Thursday from a foundation formed by an alumnus and a former faculty member, making it the recipient of one of the largest gifts to a university in American history. The school said it hopes the gift will spur other donations that could amount to hundreds of millions of dollars. Gifts of that size are rare for universities, and especially so for public institutions like Stony Brook, which is one of the flagship schools of the State University of New York. The donation plus the state matching funds amount to nearly twice the amount of Stony Brook’s current endowment of $370 million, the university president, Maurie McInnis, said in an interview. The donation was made by the Simons Foundation, which was formed in 1994 by Jim Simons, a former Stony Brook math professor who later made billions as a hedge fund manager, and his wife Marilyn Simons, who received her bachelor’s degree and doctorate at Stony Brook.

Persons: Maurie McInnis, Jim Simons, Marilyn Simons Organizations: Stony Brook University, New York State, State University of New, Simons Foundation, Brook Locations: Long, Stony, State University of New York, Stony Brook

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