One time, when neither Simons nor Brown was around to greet representatives of a West Coast endowment, Mercer joined the meeting. Asked how the firm made so much money, Mercer offered an explanation. “So, we have a signal,” Mercer began, his colleagues nodding nervously. “Sometimes it tells us to buy Chrysler, sometimes it tells us to sell.” Instant silence and raised eyebrows. Chrysler hadn’t existed as a company since being acquired by German automaker Daimler back in 1998. Mercer didn’t seem to know; he was a quant, so he didn’t actually pay attention to the companies he traded. The
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