The Man Who Solved the Market: How Jim Simons Launched the Quant Revolution

by Gregory Zuckerman

“Bad ideas is good, good ideas is terrific, no ideas is terrible.”

No one ever made a decision because of a number. They need a story. Daniel Kahneman, economist

“We can teach you about money,” Patterson explains. “We can’t teach you about smart.”

A key one: Scientists and mathematicians need to interact, debate, and share ideas to generate ideal results.

It didn’t matter if staffers uncovered new signals, cleaned data, or did other lower-profile tasks; if they distinguished themselves, and Medallion thrived, they were rewarded with bonus points, each of which represented a percentage of Renaissance’s profit pool and was based on clear, understood formulas.

Even big-name recruits had to pass a coding test, a requirement that sent a message that everyone was expected to program computers and do tasks deemed menial at other firms. They’d also have to get along with each other.

“There’s no data like more data,” Mercer told a colleague, an expression that became the firm’s hokey mantra.

“Eventually, equal,” Simons said.