Jim Simons

{{Short description|American mathematician and billionaire (1938–2024)}}

{{other people|James Simons}}

{{Use mdy dates|date=May 2024}}

{{Infobox person

| name = James Simons

| image = Jim Simons at MSRI.jpg

| caption = Simons in 2007

| birth_date = {{birth date|1938|4|25}}

| birth_place = Cambridge, Massachusetts, U.S.

| death_date = {{death date and age|2024|5|10|1938|4|25}}

| death_place = New York City, U.S.

| education = Massachusetts Institute of Technology (BS)
University of California, Berkeley (MS, PhD)

| occupation = Hedge fund manager, investor, mathematician, philanthropist

| spouse = {{plainlist|

  • {{marriage|Barbara Bluestein|1959|1974|end=divorced}}
  • {{marriage|Marilyn Hawrys|1977}}{{Cite web |url=https://www.bloomberg.com/news/articles/2019-04-11/meet-marilyn-simons-bricklayer-s-daughter-now-a-philanthropist |title=Meet Marilyn Simons, the Bricklayer's Daughter Who Became a Philanthropist |date=April 11, 2019 |work=Bloomberg Businessweek |last=Coy |first=Peter |archive-url=https://archive.today/20200520224857/https://www.bloomberg.com/news/articles/2019-04-11/meet-marilyn-simons-bricklayer-s-daughter-now-a-philanthropist |archive-date=May 20, 2020 |url-status=live |url-access=subscription}}

}}

| children = 5, including Nat{{cite web |url=https://www.bloomberg.com/news/marketsmag/mm_0108_story1.html |title=The Code Breaker |last=Teitelbaum |first=Richard |date=January 2008 |work=Bloomberg Markets Magazine |publisher=Bloomberg LP |archive-url=https://web.archive.org/web/20090206233518/http://www.bloomberg.com/news/marketsmag/mm_0108_story1.html |archive-date=February 6, 2009|access-date=January 7, 2010 |url-status=live }}

| awards = Oswald Veblen Prize (1976){{cite web |url=https://www.nytimes.com/2014/07/08/science/a-billionaire-mathematicians-life-of-ferocious-curiosity.html?_r=0 |title=A Billionaire Mathematician's Life of Ferocious Curiosity |work=The New York Times |date=July 7, 2014 |accessdate=November 11, 2017 |archive-date=November 5, 2015 |archive-url=https://web.archive.org/web/20151105140238/http://www.nytimes.com/2014/07/08/science/a-billionaire-mathematicians-life-of-ferocious-curiosity.html?_r=0 |url-status=live |last1=Broad |first1=William J.}}

| known for = Founding and managing Renaissance Technologies
Simons formula
Chern–Simons form
Simons cone

| module = {{Infobox scientist

| fields = Differential geometry, cryptography, quantitative financial analysis

| child=yes

| thesis_year = 1962

| thesis_title = On the transitivity of holonomy systems

| thesis_url = https://doi.org/10.2307/1970273

| doctoral_advisor = Bertram Kostant

| doctoral_students = Jeff Cheeger

}}

}}

James Harris Simons (April 25, 1938 – May 10, 2024) was an American hedge fund manager, investor, mathematician, and philanthropist.{{Cite web|url=https://www.forbes.com/profile/jim-simons/|title=Forbes Profile: Jim Simons|website=Forbes|access-date=May 10, 2024|archive-date=May 10, 2024|archive-url=https://web.archive.org/web/20240510220611/https://www.forbes.com/profile/jim-simons/?sh=29dafdb13b6a|url-status=live}} At the time of his death, Simons's net worth was estimated to be $31.4 billion, making him the 55th-richest person in the world. He was the founder of Renaissance Technologies, a quantitative hedge fund based in East Setauket, New York. He and his fund are known to be quantitative investors, using mathematical models and algorithms to make investment gains from market inefficiencies. Due to the long-term aggregate investment returns of Renaissance and its Medallion Fund, Simons was called the "greatest investor on Wall Street" and more specifically "the most successful hedge fund manager of all time".{{Cite web|url=https://www.institutionalinvestor.com/article/b1hxhbvc55xtfq/Bitter-Lawsuits-Epic-Meltdowns-Vicious-Arguments-Jim-Simons-Renaissance-Made-Him-Billions-But-It-Came-at-a-Price|title=Bitter Lawsuits. Epic Meltdowns. Vicious Arguments. Jim Simons' Renaissance Made Him Billions – But It Came at a Price.|website=Institutional Investor|date=November 6, 2019|access-date=January 23, 2021|archive-date=January 1, 2021|archive-url=https://web.archive.org/web/20210101195444/https://www.institutionalinvestor.com/article/b1hxhbvc55xtfq/Bitter-Lawsuits-Epic-Meltdowns-Vicious-Arguments-Jim-Simons-Renaissance-Made-Him-Billions-But-It-Came-at-a-Price|url-status=live}}{{Cite web|title=The secret behind the greatest modern day moneymaker on Wall Street: Remove all emotion|url=https://www.cnbc.com/2019/11/05/how-jim-simons-founder-of-renaissance-technologies-beats-the-market.html|last=Stevens|first=Pippa|date=November 5, 2019|website=CNBC|language=en|access-date=May 11, 2020|archive-date=April 25, 2020|archive-url=https://web.archive.org/web/20200425123810/https://www.cnbc.com/2019/11/05/how-jim-simons-founder-of-renaissance-technologies-beats-the-market.html|url-status=live}}{{cite news|last1=Zuckerman|first1=Gregory|title=The Making of the World's Greatest Investor|journal=The Wall Street Journal. Eastern Edition|url=https://www.wsj.com/articles/the-making-of-the-worlds-greatest-investor-11572667202|access-date=November 7, 2019|agency=Dow Jones & Company Inc|issue=Hedge Funds|date=November 2, 2019|location=United States|language=en|url-access=subscription|issn=0099-9660|archive-date=November 6, 2019|archive-url=https://web.archive.org/web/20191106164135/https://www.wsj.com/articles/the-making-of-the-worlds-greatest-investor-11572667202|url-status=live}}

Simons developed the Chern–Simons form (with Shiing-Shen Chern), and contributed to the development of string theory by providing a theoretical framework to combine geometry and topology with quantum field theory.{{cite book|url=https://www.amazon.com/More-Money-Than-God-Making/dp/B004HILSZ2 |title=More Money than God|date=June 10, 2010 |publisher=Penguin Press |access-date=September 1, 2017|archive-date=March 5, 2016|archive-url=https://web.archive.org/web/20160305020624/http://www.amazon.com/More-Money-Than-God-Making/dp/B004HILSZ2|url-status=live}}

In 1994, Simons and his wife, Marilyn, founded the Simons Foundation to support research in mathematics and fundamental sciences. The foundation is the top benefactor of Stony Brook University, Marilyn's alma mater, and is a major contributor to his alma maters, the Massachusetts Institute of Technology and the University of California, Berkeley. Simons was a member of the boards of the Stony Brook Foundation, the MIT Corporation, and the Simons Laufer Mathematical Sciences Institute in Berkeley, and chaired the boards of Math for America, the Simons Foundation, and Renaissance Technologies.{{Cite web|url=http://www.msri.org/|title=Mathematical Sciences Research Institute|last=MSRI|website=msri.org|access-date=August 16, 2019|archive-date=September 27, 2010|archive-url=https://web.archive.org/web/20100927124029/http://www.msri.org/|url-status=live}}{{Cite web|url=https://www.simonsfoundation.org/mathematics-physical-sciences/about/|title=About|website=Simons Foundation|language=en-US|access-date=August 16, 2019|archive-date=April 6, 2019|archive-url=https://web.archive.org/web/20190406055452/https://www.simonsfoundation.org/mathematics-physical-sciences/about|url-status=live}} In 2023, the Simons Foundation gave $500 million to Stony Brook University, the second-largest donation to a public university in U.S. history. In 2016, the International Astronomical Union named asteroid 6618 Jimsimons, which Clyde Tombaugh discovered in 1936, after Simons in honor of his contributions to mathematics and philanthropy.[http://www.minorplanetcenter.net/db_search/show_object?utf8=%E2%9C%93&object_id=6618 IAU Minor Planet Center]. {{Webarchive|url=https://web.archive.org/web/20161008003435/http://www.minorplanetcenter.net/db_search/show_object?utf8=%E2%9C%93&object_id=6618 |date=October 8, 2016 }}.

Early life and education

James Harris Simons was born on April 25, 1938,{{cite web|title=RENAISSANCE INSTITUTIONAL MANAGEMENT (UK) LIMITED|url=https://beta.companieshouse.gov.uk/company/05730810/officers|website=Companies House|access-date=November 26, 2017|archive-date=October 27, 2020|archive-url=https://web.archive.org/web/20201027160521/https://find-and-update.company-information.service.gov.uk/company/05730810/officers|url-status=live}} to an American Jewish family,{{cite web|title=The Jewish Billionaires of Forbes |date=March 14, 2012 |url=http://www.jspace.com/news/articles/the-jewish-billionaires-of-forbes/8044 |website=jspace.com |access-date=September 7, 2013 |url-status=dead |archive-url=https://web.archive.org/web/20120328103300/http://www.jspace.com/news/articles/the-jewish-billionaires-of-forbes/8044 |archive-date=March 28, 2012 }} the only child of Marcia (née Kantor)[http://www.legacy.com/obituaries/bostonglobe/obituary.aspx?page=Lifestory&pid=92086417#fbLoggedOut Boston Globe: "Marcia (Kantor) Simons Obituary"]. {{Webarchive|url=https://web.archive.org/web/20140813195751/http://www.legacy.com/obituaries/bostonglobe/obituary.aspx?page=Lifestory&pid=92086417#fbLoggedOut |date=August 13, 2014 }}. Retrieved March 31, 2013. and Matthew Simons, and raised in Brookline, Massachusetts.[https://www.bloomberg.com/apps/news?pid=newsarchive&sid=aq33M3X795vQ Bloomberg: "Simons at Renaissance Cracks Code, Doubling Assets (Update1)" By Richard Teitelbaum]. {{Webarchive|url=https://web.archive.org/web/20120416225233/https://www.bloomberg.com/apps/news?pid=newsarchive&sid=aq33M3X795vQ |date=April 16, 2012 }}. November 27, 2007.

He received a bachelor's degree in mathematics from the Massachusetts Institute of Technology in 1958 and a PhD in mathematics from the University of California, Berkeley under the supervision of Bertram Kostant in 1961, at age 23.{{cite web|title=James Simons|url=http://www.genealogy.ams.org/id.php?id=32049|website=Mathematics Genealogy Project|publisher=AMS|access-date=August 8, 2014|archive-date=July 24, 2014|archive-url=https://web.archive.org/web/20140724102904/http://www.genealogy.ams.org/id.php?id=32049|url-status=live}} After graduating from MIT, Simons traveled from Boston to Bogotá, Colombia, on a motor scooter.{{Cite web|title=The Polymath Philanthropist|url=https://www.technologyreview.com/2016/10/18/156740/the-polymath-philanthropist/|access-date=November 22, 2021|website=MIT Technology Review|language=en|date=October 18, 2016|last=Schaffer|first=Amanda|archive-date=November 22, 2021|archive-url=https://web.archive.org/web/20211122104815/https://www.technologyreview.com/2016/10/18/156740/the-polymath-philanthropist/|url-status=live}}

Academic and scientific career

Simons's mathematical work primarily focused on the geometry and topology of manifolds. His 1962 Berkeley PhD thesis, written under the direction of Bertram Kostant, gave a new proof of Berger's classification of the holonomy groups of Riemannian manifolds. He subsequently began to work with Shiing-Shen Chern on the theory of characteristic classes, eventually discovering the Chern–Simons secondary characteristic classes of 3-manifolds. Later, mathematical physicist Albert Schwarz discovered early topological quantum field theory, an application of the Chern–Simons form. It is also related to the Yang-Mills functional on 4-manifolds, and has had an effect on modern physics. These and other contributions to geometry and topology led to Simons becoming the 1976 recipient of the American Mathematical Society (AMS) Oswald Veblen Prize in Geometry.{{Cite web|title=Browse Prizes and Awards|url=https://www.ams.org/prizes-awards/pabrowse.cgi?parent_id=34&year=Year|website=American Mathematical Society|language=en|url-status=live|archive-url=https://web.archive.org/web/20200605102145/http://www.ams.org/prizes-awards/pabrowse.cgi?parent_id=34&year=Year|archive-date=June 5, 2020|access-date=May 10, 2020}} In 2014, he was elected to the U.S. National Academy of Sciences.{{cite web|url=http://sb.cc.stonybrook.edu/news/general/140430JamesSimon.php|title=James H. Simons Elected to the National Academy of Sciences – Stony Brook University Newsroom|work=stonybrook.edu|date=April 30, 2014|access-date=April 26, 2015|archive-date=June 8, 2015|archive-url=https://web.archive.org/web/20150608172326/http://sb.cc.stonybrook.edu/news/general/140430JamesSimon.php|url-status=live}}

In 1964, Simons worked with the National Security Agency to break codes.{{cite news|title=Seeker, Doer, Giver, Ponderer: A Billionaire Mathematician's Life of Ferocious Curiosity|url=https://www.nytimes.com/2014/07/08/science/a-billionaire-mathematicians-life-of-ferocious-curiosity.html|first=William|last=Broad|newspaper=New York Times|date=July 7, 2014|access-date=February 22, 2017|archive-date=May 19, 2017|archive-url=https://web.archive.org/web/20170519012307/https://www.nytimes.com/2014/07/08/science/a-billionaire-mathematicians-life-of-ferocious-curiosity.html|url-status=live}} Between 1964 and 1968, he was on the research staff of the Communications Research Division of the Institute for Defense Analysis (CRD of IDA) and taught mathematics at the Massachusetts Institute of Technology and Harvard University. Simons also tried starting a trading company named iStar with colleagues including Richard Leibler, but was discovered by management, and the effort failed.{{Cite book |last=Zuckerman |first=Gregory |title=The man who solved the market |date=2019 |publisher=Portfolio / Penguin |isbn=978-0-7352-1798-0 |location=New York, NY |pages=26}} After being forced to leave the IDA due to his public opposition to the Vietnam War, he joined the faculty at Stony Brook University. From 1968 to 1978, he chaired Stony Brook's math department.{{Cite web|title=Simons Foundation Chair Jim Simons on His Career in Mathematics {{!}} Simons Foundation|url=https://www.simonsfoundation.org/features/foundation-news/simons-foundation-chair-jim-simons-talks-about-his-career-in-mathematics/|access-date=May 11, 2017|website=www.simonsfoundation.org|date=September 27, 2012|language=en-US|archive-date=May 18, 2017|archive-url=https://web.archive.org/web/20170518215045/https://www.simonsfoundation.org/features/foundation-news/simons-foundation-chair-jim-simons-talks-about-his-career-in-mathematics/|url-status=live}} In 1973, IBM asked Simons to attack the block cipher Lucifer, an early but direct precursor to the Data Encryption Standard (DES).{{cite book|last=Levy|first=Steven|title=Crypto: secrecy and privacy in the new code war|url=https://archive.org/details/crypto00stev|url-access=limited|year=2001|publisher=Penguin|isbn=0-14-024432-8|pages=[https://archive.org/details/crypto00stev/page/356 356]}} In 2004, Simons founded Math for America, a nonprofit organization with a mission to improve mathematics education in U.S. public schools by recruiting more highly qualified teachers.{{cite news|last1=Teitelbaum|first1=Richard|title=Simons at Renaissance Cracks Code, Doubling Assets|url=https://www.bloomberg.com/apps/news?pid=newsarchive&sid=ayjImYcoCiH8&refer=home|work=Bloomberg News|date=November 27, 2007|archive-url=https://web.archive.org/web/20121020152232/http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ayjImYcoCiH8&refer=home|archive-date=October 20, 2012}}

Business career

=Renaissance Technologies=

{{main|Renaissance Technologies}}

{{external media|width=210px|float=right|headerimage=210px|video1=[https://www.youtube.com/watch?v=U5kIdtMJGc8 A Rare Interview with the Mathematician Who Cracked Wall Street], 23:03, TED Talks{{cite web|title=A Rare Interview with the Mathematician Who Cracked Wall Street|publisher=TED (conference)|date=March 2015|url=https://www.ted.com/talks/jim_simons_a_rare_interview_with_the_mathematician_who_cracked_wall_street?language=en|access-date=September 26, 2015|archive-date=September 27, 2015|archive-url=https://web.archive.org/web/20150927175642/https://www.ted.com/talks/jim_simons_a_rare_interview_with_the_mathematician_who_cracked_wall_street?language=en|url-status=live}}

|video2=[https://www.youtube.com/watch?v=1s6JKdSo_jQ#t=52m20s The Carnegie Medal of Philanthropy Ceremony – 17th October 2013], 1:31:40 (Simons section at 52:00–1:05:30), Scottish Parliament{{cite web|title=Carnegie Medals of Philanthropy presented at the Scottish Parliament|publisher=The Scottish Parliament|date=October 2013|url=http://www.scottish.parliament.uk/newsandmediacentre/68913.aspx|access-date=September 26, 2015|archive-date=September 27, 2015|archive-url=https://web.archive.org/web/20150927040523/http://www.scottish.parliament.uk/newsandmediacentre/68913.aspx|url-status=live}}}}

Simons founded the hedge fund management firm Monemetrics, which he later renamed Renaissance Technologies. He gradually realized that it should be possible to make mathematical models of the data he was collecting. After hiring mathematicians such as Leonard E. Baum and James Ax, Renaissance established the Medallion Fund in 1988.{{cite magazine |last=Zuckerman |first=Gregory |author-link=Gregory Zuckerman |date=November 8, 2019 |title=How Billionaire Jim Simons Learned To Beat The Market—And Began Wall Street's Quant Revolution |url=https://www.forbes.com/sites/forbesdigitalcovers/2019/11/08/jim-simons-the-man-who-solved-the-market-gregory-zuckerman-book-excerpt/ |url-status=live |archive-url=https://web.archive.org/web/20210204081039/https://www.forbes.com/sites/forbesdigitalcovers/2019/11/08/jim-simons-the-man-who-solved-the-market-gregory-zuckerman-book-excerpt/?sh=3627ef2613b6 |archive-date=February 4, 2021 |magazine=Forbes}}{{cite news |last=Teitelbaum |first=Richard |date=October 27, 2008 |title=Simons at Renaissance Cracks Code, Doubling Assets |url=https://www.bloomberg.com/apps/news?pid=20601213&sid=aq33M3X795vQ&refer=home |url-status=dead |archive-url=https://web.archive.org/web/20071202081120/https://www.bloomberg.com/apps/news?pid=20601213&sid=aq33M3X795vQ&refer=home |archive-date=December 2, 2007 |access-date=June 2, 2009 |publisher=Bloomberg}}{{cite magazine |last=Zuckerman |first=Gregory |author-link=Gregory Zuckerman |date=November 8, 2019 |title=How Billionaire Jim Simons Learned To Beat The Market—And Began Wall Street's Quant Revolution |url=https://www.forbes.com/sites/forbesdigitalcovers/2019/11/08/jim-simons-the-man-who-solved-the-market-gregory-zuckerman-book-excerpt/ |url-status=live |archive-url=https://web.archive.org/web/20210204081039/https://www.forbes.com/sites/forbesdigitalcovers/2019/11/08/jim-simons-the-man-who-solved-the-market-gregory-zuckerman-book-excerpt/?sh=3627ef2613b6 |archive-date=February 4, 2021 |magazine=Forbes}}

The Medallion Fund, which is closed to outside investors, has earned over $100 billion in trading profits since its inception in 1988. This is a 66.1% average gross annual return or a 39.1% average net annual return between 1988 and 2018.{{Cite book|last=Zuckerman|first=Gregory|title=The Man Who Solved the Market: How Jim Simons Launched the Quant Revolution|publisher=Penguin|year=2019|isbn=9780735217980|pages=Appendix{{!}} pgs. 331–332}} Renaissance Technologies manages three other funds—Renaissance Institutional Equities Fund (RIEF), Renaissance Institutional Diversified Alpha (RIDA), and Renaissance Institutional Diversified Global Equity Fund—that as of April 2019 had approximately $55 billion in combined assets and were open to outside investors.

Renaissance employs specialists with non-financial backgrounds, including mathematicians, physicists, signal processing experts and statisticians. The firm's latest fund is the Renaissance Institutional Equities Fund (RIEF).{{cite news|last=Baker|first=Nathaniel|title=Renaissance Readies Long-Biased Strat|publisher=Institutional Investor|date=June 24, 2005|url=http://www.iialternatives.com/?page=1&SID=520382&ISS=17199}}{{dead link|date=November 2017 |bot=InternetArchiveBot |fix-attempted=yes }} RIEF has historically trailed the Medallion fund, a separate fund that contains only the personal money of the firm's executives.{{cite news|last=Zuckerman|first=Gregory|title=Renaissance's Man: James Simons Does The Math on Fund|pages=C1|work=The Wall Street Journal|date=July 1, 2005|url=https://www.wsj.com/articles/SB112018150042875023|access-date=August 6, 2015|archive-date=August 19, 2015|archive-url=https://web.archive.org/web/20150819124902/http://www.wsj.com/articles/SB112018150042875023|url-status=live}}

"It's startling to see such a highly successful mathematician achieve success in another field," says Edward Witten, professor of physics at the Institute for Advanced Study in Princeton, New Jersey and considered by many of his peers to be the most accomplished theoretical physicist alive.
In 2006, Simons was named Financial Engineer of the Year by the International Association of Financial Engineers. In 2020, he was estimated to have personally earned $2.6 billion,{{cite news|last=Taub|first=Stephen|title=The 20th Annual Rich List, the Definitive Ranking of What Hedge Fund Managers Earned in 2020|url=https://www.institutionalinvestor.com/article/b1qmsgpxhz0lpt/The-20th-Annual-Rich-List-the-Definitive-Ranking-of-What-Hedge-Fund-Managers-Earned-in-2020|publisher=Institutional Investor|access-date=March 4, 2021|date=February 22, 2021|archive-date=March 3, 2021|archive-url=https://web.archive.org/web/20210303200538/https://www.institutionalinvestor.com/article/b1qmsgpxhz0lpt/The-20th-Annual-Rich-List-the-Definitive-Ranking-of-What-Hedge-Fund-Managers-Earned-in-2020|url-status=live}} $2.8 billion in 2007,{{cite news|url=https://www.nytimes.com/2008/04/16/business/16wall.html?_r=1&hp|title=Wall Street Winners Get Billion-Dollar Paydays|last=Andersen|first=Jenny|date=April 16, 2008|work=The New York Times|access-date=January 7, 2010|archive-date=November 12, 2017|archive-url=https://web.archive.org/web/20171112021332/http://www.nytimes.com/2008/04/16/business/16wall.html?_r=1&hp|url-status=live}} $1.7 billion in 2006,{{cite news|title=Make Less Than $240 Million? You're Off Top Hedge Fund List|first1=Jenny|last1=Anderson|first2=Julie|last2=Creswell|date=April 24, 2007|work=The New York Times|url=https://www.nytimes.com/2007/04/24/business/24hedge.html|access-date=February 22, 2017|archive-date=May 22, 2017|archive-url=https://web.archive.org/web/20170522151247/http://www.nytimes.com/2007/04/24/business/24hedge.html|url-status=live}} $1.5 billion in 2005{{cite news|last=Shell|first=Adam|title=$363M is average pay for top hedge fund managers|work=USA Today|date=May 26, 2006|url=https://www.usatoday.com/money/perfi/funds/2006-05-26-hedge-funds-usat_x.htm|access-date=August 15, 2006|archive-date=March 1, 2012|archive-url=https://web.archive.org/web/20120301093311/http://www.usatoday.com/money/perfi/funds/2006-05-26-hedge-funds-usat_x.htm|url-status=live}} (the largest compensation among hedge fund managers that year),{{cite web|title=Top hedge fund manager had take-home pay of $1.5 billion in 2005 on 5% fee and 44% of gains|date=May 26, 2006|publisher=Finfacts.com|url=http://www.finfacts.com/irelandbusinessnews/publish/article_10005996.shtml|access-date=November 7, 2006|archive-date=March 24, 2012|archive-url=https://web.archive.org/web/20120324102009/http://www.finfacts.com/irelandbusinessnews/publish/article_10005996.shtml|url-status=live}} and $670 million in 2004. On October 10, 2009, Simons announced he would retire on January 1, 2010, but remain at Renaissance as nonexecutive chairman.{{cite news|date=October 9, 2009|title=Renaissance Founder Simons, Computer Trading Pioneer, to Retire|work=Bloomberg|url=http://bloomberg.com/apps/news?pid=20601087&sid=aiQopQ6Y0WRE|url-status=dead|archive-url=https://web.archive.org/web/20100321154128/http://www.bloomberg.com/apps/news?pid=20601087|archive-date=March 21, 2010}}

File:Jim simons hedge fund manager 1 by bill cramer.jpg

Wealth and personal life

In 2014, Simons reportedly earned $1.2 billion, including a share of his firm's management and performance fees, cash compensation, and stock and option awards.{{cite book|author1=H. Kent Baker|first2=Greg|last2=Filbeck|title=Hedge Funds: Structure, Strategies, and Performance|url=https://books.google.com/books?id=qYwtDwAAQBAJ&pg=PT52|date=July 26, 2017|publisher=Oxford University Press|isbn=978-0-19-060739-5|pages=52–|access-date=September 22, 2018|archive-date=March 7, 2019|archive-url=https://web.archive.org/web/20190307063004/https://books.google.com/books?id=qYwtDwAAQBAJ&pg=PT52|url-status=live}} According to Forbes magazine, Simons had a net worth of $30 billion in 2023, making him the 25th-richest person on the Forbes 400 list.{{Cite news|url=https://www.forbes.com/profile/james-simons/|title=James Simons|newspaper=Forbes|access-date=February 19, 2017|language=en|archive-date=August 31, 2019|archive-url=https://web.archive.org/web/20190831224516/https://www.forbes.com/profile/james-simons/|url-status=live}} In 2018, he was ranked 23rd by Forbes,{{Cite web|url=https://www.forbes.com/forbes-400/|title=Forbes 400 2018|website=Forbes|language=en|access-date=April 3, 2019|archive-date=October 7, 2019|archive-url=https://web.archive.org/web/20191007224410/https://www.forbes.com/forbes-400/|url-status=live}} and in October 2019, his net worth was estimated at $21.6 billion.[https://www.forbes.com/profile/jim-simons/#523be9093b6a Forbes: "The World's Billionaires: Jim Simons"] {{Webarchive|url=https://web.archive.org/web/20181115031555/https://www.forbes.com/profile/jim-simons/#523be9093b6a |date=November 15, 2018 }} October 2019 In March 2019, he was named one of the highest-earning hedge fund managers and traders by Forbes.{{Cite web|url=https://www.forbes.com/sites/nathanvardi/2019/03/20/the-highest-earning-hedge-fund-managers-and-traders/|title=The Highest-Earning Hedge Fund Managers And Traders|first=Nathan|last=Vardi|website=Forbes|access-date=March 30, 2019|archive-date=March 30, 2019|archive-url=https://web.archive.org/web/20190330205258/https://www.forbes.com/sites/nathanvardi/2019/03/20/the-highest-earning-hedge-fund-managers-and-traders/|url-status=live}} At the time of his death, Simons's net worth was estimated to be $31.4 billion, making him the 55th-richest person on Forbes{{'}}s 2024 The World's Billionaires list.

Simons shunned the limelight and rarely gave interviews, citing Benjamin the Donkey in Animal Farm: {{"'}}God gave me a tail to keep off the flies. But I'd rather have had no tail and no flies.' That's kind of the way I feel about publicity."{{cite web|url=http://seedmagazine.com/content/article/seed_interview_james_simons/|title=Seed Interview: James Simons|date=September 19, 2006|work=Seed|access-date=July 23, 2013|archive-date=August 1, 2013|archive-url=https://web.archive.org/web/20130801115243/http://seedmagazine.com/content/article/seed_interview_james_simons |url-status=dead}}

Simons was married twice and had five children. In 1996, his son Paul, aged 34, was killed in a car accident while riding his bicycle in Long Island. In 2003, his son Nicholas, aged 24, drowned on a trip to Bali, Indonesia. Simons's three surviving children all run charities of their own: Liz Simons founded the Heising-Simons Foundation, Nathaniel Simons founded the Sea Change Foundation, and Audrey Simons founded the Foundation For A Just Society.{{Cite web |last=Savchuk |first=Katia |title=Two Generations Of Givers: How The Simons Family Passed On The Philanthropy Gene |url=https://www.forbes.com/sites/katiasavchuk/2016/10/05/two-generations-of-givers-how-the-simons-family-passed-on-the-philanthropy-gene/ |date=2016-10-05 |website=Forbes |language=en}}{{cite web|url=https://www.insidephilanthropy.com/wall-street-wallets/2014/4/3/the-quiet-hedge-fund-heir-whos-engaged-in-massive-climate-gi.html|title=The Quiet Hedge Fund Heir Who's Engaged in Massive Climate Giving|website=Inside Philanthropy|access-date=November 11, 2017|archive-date=November 20, 2017|archive-url=https://web.archive.org/web/20171120181050/https://www.insidephilanthropy.com/wall-street-wallets/2014/4/3/the-quiet-hedge-fund-heir-whos-engaged-in-massive-climate-gi.html|url-status=live}}{{cite web |title=Liz Simons |url=https://www.hsfoundation.org/person/liz-simons |website=hsfoundation.org |access-date=July 14, 2022 |archive-date=June 18, 2022 |archive-url=https://web.archive.org/web/20220618192854/https://www.hsfoundation.org/person/liz-simons/ |url-status=live }}

Simons owned a motor yacht named Archimedes. It was built at the Dutch yacht builder Royal Van Lent and delivered to Simons in 2008.{{cite web|title=Superyacht Archimedes|url=http://www.superyachtfan.com/superyacht/superyacht_archimedes.html|work=SuperYachtFan|access-date=April 2, 2014|archive-date=March 14, 2014|archive-url=https://web.archive.org/web/20140314050533/http://www.superyachtfan.com/superyacht/superyacht_archimedes.html|url-status=live}}

Simons did not wear socks.{{Cite news |date=March 18, 2019 |title=Jim Simons Goes Sockless Like Einstein to Back Princeton Haven |language=en |website=Bloomberg.com |url=https://www.bloomberg.com/news/articles/2019-03-18/jim-simons-goes-sockless-like-einstein-to-back-princeton-haven |access-date=July 11, 2022 |archive-date=June 26, 2022 |archive-url=https://web.archive.org/web/20220626184437/https://www.bloomberg.com/news/articles/2019-03-18/jim-simons-goes-sockless-like-einstein-to-back-princeton-haven |url-status=live }}{{Cite web |title=How Jim Simons Scored on His Math SAT |url=https://www.institutionalinvestor.com/article/b1dk61tspy6hxc/How-Jim-Simons-Scored-on-His-Math-SAT |access-date=July 11, 2022 |website=Institutional Investor |date=March 16, 2019 |language=en-gb |archive-date=May 25, 2022 |archive-url=https://web.archive.org/web/20220525222559/https://www.institutionalinvestor.com/article/b1dk61tspy6hxc/How-Jim-Simons-Scored-on-His-Math-SAT |url-status=live }}{{Cite news |date=November 1, 2019 |title=The Man Who Solved the Market — How Jim Simons Built a Moneymaking Machine |work=Financial Times |url=https://www.ft.com/content/868d0902-f0b4-11e9-ad1e-4367d8281195 |access-date=July 11, 2022 |archive-date=May 11, 2020 |archive-url=https://web.archive.org/web/20200511020125/https://www.ft.com/content/868d0902-f0b4-11e9-ad1e-4367d8281195 |url-status=live }} He was known for smoking up to two packs a day of Merit cigarettes.{{Cite news |last=Strasburg |first=Jenny |last2=Patterson |first2=Scott |date=2009-06-12 |title=Renaissance's Simons Delays Retirement Plans |url=https://www.wsj.com/articles/SB124467822161104275 |access-date=2025-02-11 |work=Wall Street Journal |language=en-US |issn=0099-9660}}

Political and economic views

Simons was a major contributor to Democratic Party political action committees. According to OpenSecrets, he was the #5 donor to federal candidates in the 2016 election cycle, behind Renaissance Technologies' co-CEO Robert Mercer, who ranked #1 and generally donates to Republicans.{{cite news|last1=Bowers|first1=John|title=A hedge fund house divided: Renaissance Technologies|url=https://www.opensecrets.org/news/2016/06/a-hedge-fund-house-divided-renaissance-technologies/|access-date=June 9, 2016|work=OpenSecrets Blog|agency=OpenSecrets |date=June 7, 2016|archive-date=June 9, 2016|archive-url=https://web.archive.org/web/20160609121058/http://www.opensecrets.org/news/2016/06/a-hedge-fund-house-divided-renaissance-technologies/|url-status=live}} Simons donated $7 million to Hillary Clinton's Priorities USA Action,[http://projects.propublica.org/pactrack/contributions/tree Who are the Super PACs' Biggest Donors?] {{Webarchive|url=https://web.archive.org/web/20131121040014/http://projects.propublica.org/pactrack/contributions/tree |date=November 21, 2013 }} By Al Shaw, ProPublica. Updated December 7, 2012 $2.6 million to the House and Senate Majority PACs, and $500,000 to EMILY's List. He also donated $25,000 to Republican senator Lindsey Graham's super PAC. From 2006 Simons contributed about $30.6 million to federal campaigns. Since 1990, Renaissance Technologies has contributed $59,081,152 to federal campaigns. It has spent $3,730,000 on lobbying as of 2016.{{cite web|title=Organizations: Renaissance Technologies|url=https://www.opensecrets.org/orgs/summary.php?id=D000022219&cycle=A|website=OpenSecrets |access-date=June 9, 2016|archive-date=December 3, 2016|archive-url=https://web.archive.org/web/20161203022656/https://www.opensecrets.org/orgs/summary.php?id=D000022219&cycle=A|url-status=live}}

In August 2020, Simons donated $1.5 million to the Senate Majority PAC, a Democratic super-PAC.{{Cite news|last=Allison|first=Bill|date=August 21, 2020|title=Senate Leadership Fund Gets $10 Million Boost From Schwarzman|work=Bloomberg|url=https://www.bloomberg.com/news/articles/2020-08-21/senate-leadership-fund-gets-10-million-boost-from-schwarzman|url-status=live|access-date=August 21, 2020|archive-date=August 22, 2020|archive-url=https://web.archive.org/web/20200822112115/https://www.bloomberg.com/news/articles/2020-08-21/senate-leadership-fund-gets-10-million-boost-from-schwarzman}}

Controversies

According to The Wall Street Journal in May 2009, investors questioned Simons about the dramatic performance gap between Renaissance Technologies' portfolios. The Medallion Fund, which has been available exclusively to current and past employees and their families, surged 80% in 2008 despite hefty fees; the Renaissance Institutional Equities Fund (RIEF), owned by outsiders, lost money in both 2008 and 2009; RIEF declined 16% in 2008.{{cite news |url=https://www.wsj.com/articles/SB124235370437022507 |title=Simons Questioned by Investors: Disparity Is Seen in Running of Two Renaissance Funds |last1=Pulliam |first1=Susan |last2=Strasburg |first2=Jenny |date=May 15, 2009 |newspaper=The Wall Street Journal |access-date=December 29, 2015 |archive-date=November 26, 2015 |archive-url=https://web.archive.org/web/20151126173212/http://www.wsj.com/articles/SB124235370437022507 |url-status=live }}

On July 22, 2014, Simons was subject to bipartisan condemnation by the U.S. Senate Permanent Subcommittee on Investigations for the use of complex basket options to shield day-to-day trading (usually subject to higher ordinary income tax rates) as long-term capital gains. "Renaissance Technologies was able to avoid paying more than $6 billion in taxes by disguising its day-to-day stock trades as long term investments", said Senator John McCain, the committee's ranking Republican, in his opening statement.{{Cite web|url=http://www.hsgac.senate.gov/|title=Hearings | Homeland Security & Governmental Affairs Committee|website=HSGAC.Senate.gov|access-date=July 24, 2014|archive-date=July 24, 2014|archive-url=https://web.archive.org/web/20140724235353/http://www.hsgac.senate.gov/|url-status=live}}

In 2015, The New York Times reported that Simons was involved in one of the biggest tax battles of the year, with Renaissance Technologies "under review by the IRS over a loophole that saved their fund an estimated $6.8 billion in taxes over roughly a decade."{{cite web|url=https://www.nytimes.com/2015/12/30/business/economy/for-the-wealthiest-private-tax-system-saves-them-billions.html|title=For the Wealthiest, a Private Tax System That Saves Them Billions|work=The New York Times|date=December 29, 2015|access-date=December 29, 2015|last1=Scheiber|first1=Noam|last2=Cohendec|first2=Patricia|archive-date=December 29, 2015|archive-url=https://web.archive.org/web/20151229210410/http://www.nytimes.com/2015/12/30/business/economy/for-the-wealthiest-private-tax-system-saves-them-billions.html|url-status=live}} In September 2021, it was announced that Simons and his colleagues would pay billions of dollars in back taxes, interest, and penalties to resolve the dispute, one of the biggest in IRS history.{{Cite news|date=September 2, 2021|title=Jim Simons, RenTech Insiders to Pay Billions in Back Taxes|language=en|work=Bloomberg.com|url=https://www.bloomberg.com/news/articles/2021-09-02/jim-simons-rentech-insiders-to-pay-irs-billions-in-back-taxes|access-date=September 14, 2021|archive-date=September 14, 2021|archive-url=https://web.archive.org/web/20210914113250/https://www.bloomberg.com/news/articles/2021-09-02/jim-simons-rentech-insiders-to-pay-irs-billions-in-back-taxes|url-status=live}}{{Cite web|title=Jim Simons and RenTech execs to pay up to $7bn to settle tax dispute|url=https://citywireusa.com/professional-buyer/news/jim-simons-and-rentech-execs-to-pay-7bn-to-settle-tax-dispute/a1549933|access-date=September 14, 2021|website=citywireusa.com|archive-date=September 14, 2021|archive-url=https://web.archive.org/web/20210914113300/https://citywireusa.com/professional-buyer/news/jim-simons-and-rentech-execs-to-pay-7bn-to-settle-tax-dispute/a1549933|url-status=live}}

Philanthropy

Simons gave over $4 billion to philanthropic causes.{{Cite web|title=Jim Simons|url=https://www.forbes.com/profile/jim-simons/|access-date=October 19, 2023|website=Forbes|language=en|archive-date=November 15, 2018|archive-url=https://web.archive.org/web/20181115031555/https://www.forbes.com/profile/jim-simons/|url-status=live}} In 1994, he and his wife, Marilyn Hawrys Simons, co-founded the Simons Foundation, a charitable organization that supports projects related to education, health, and scientific research. The Simons Foundation established the Simons Foundation Autism Research Initiative (SFARI) in 2003 as a scientific initiative within the Simons Foundation's suite of programs. SFARI's mission is to improve the understanding, diagnosis and treatment of autism spectrum disorders.{{cite web|url=https://sfari.org/about-sfari|title=About SFARI|website=SFARI.org|publisher=SFARI|access-date=December 18, 2016|archive-date=December 20, 2016|archive-url=https://web.archive.org/web/20161220154256/https://sfari.org/about-sfari|url-status=live}}

In 2004, Simons founded Math for America with an initial pledge of $25 million from the Simons Foundation, a pledge he doubled in 2006.{{cite news|url=http://seedmagazine.com/news/2006/09/putting_his_money_where_his_ma.php|title=Putting his money where his math is|last=Roekbe|first=Joshua|date=September 19, 2006|publisher=Seed|access-date=March 4, 2015|archive-date=February 17, 2009|archive-url=https://web.archive.org/web/20090217190816/http://seedmagazine.com/news/2006/09/putting_his_money_where_his_ma.php|url-status=unfit}} The foundation continues to fund its operations, contributing nearly $22 million in 2018.{{cite web|url=https://www.simonsfoundation.org/2013/10/29/math-for-america/|title=Math for America|website=simonsfoundation.org|date=October 29, 2013|access-date=October 29, 2022|archive-date=October 29, 2022|archive-url=https://web.archive.org/web/20221029023016/https://www.simonsfoundation.org/2013/10/29/math-for-america/|url-status=live}}

Simons was among the largest contributors to his undergraduate alma mater, MIT. The couple and their foundation funded the renovation of the building housing the mathematics department, which in 2016 was named in their honor, and endowed the Simons Center for the Social Brain. Simons was a life member emeritus of the MIT Corporation.{{Cite web|url=https://news.mit.edu/2016/mit-names-building-2-after-james-and-marilyn-simons-0330|title=MIT names historic Building 2, home of mathematics, in honor of James '58 and Marilyn Simons|date=March 30, 2016|website=MIT News|publisher=Massachusetts Institute of Technology|access-date=June 24, 2016|archive-date=June 30, 2016|archive-url=https://web.archive.org/web/20160630144047/http://news.mit.edu/2016/mit-names-building-2-after-james-and-marilyn-simons-0330|url-status=live}}

Simons was a major benefactor of his graduate alma mater, Berkeley. In 2012, the Simons Foundation pledged $60 million to Berkeley to establish the Simons Institute for the Theory of Computing, the world's leading institute for collaborative research in theoretical computer science.{{cite news|url=https://www.nytimes.com/2012/05/01/science/simons-foundation-chooses-uc-berkeley-for-computing-center.html|newspaper=New York Times|title=California Chosen as Home for Computing Institute|last=Markoff|first=John|date=April 30, 2012|access-date=April 21, 2018|archive-date=September 14, 2018|archive-url=https://web.archive.org/web/20180914135110/https://www.nytimes.com/2012/05/01/science/simons-foundation-chooses-uc-berkeley-for-computing-center.html|url-status=live}}{{Cite web|url=https://www.bizjournals.com/sanfrancisco/blog/2013/06/top-5-contributors-to-uc-berkeley.html|title=Top Five UC Berkeley Contributors|website=bizjournals.com/sanfrancisco|access-date=July 19, 2022|archive-date=February 8, 2017|archive-url=https://web.archive.org/web/20170208162024/http://www.bizjournals.com/sanfrancisco/blog/2013/06/top-5-contributors-to-uc-berkeley.html|url-status=live}} In 2020, the foundation made separate grants to Berkeley totaling over $46 million to increase the institute's endowment and support its operations. In October 2023, the university announced that the Simons Foundation had awarded the institute an additional $25 million as a matching pledge.{{Cite web|url=https://simons.berkeley.edu/news/simons-foundation-announces-new-355-million-grant-simons-institute-theory-computing-press|title=Simons Foundation Announces New $35.5 Million Grant to the Simons Institute for the Theory of Computing|date=August 10, 2020|website=Simons Institute|access-date=July 29, 2021|archive-date=July 27, 2021|archive-url=https://web.archive.org/web/20210727014810/https://simons.berkeley.edu/news/simons-foundation-announces-new-355-million-grant-simons-institute-theory-computing-press|url-status=live}}{{Cite web|url=https://www.bizjournals.com/sanfrancisco/subscriber-only/2021/11/05/contributions-uc-berkeley.html|title=Largest Contributions to UC Berkeley|website=bizjournals.com/sanfrancisco|access-date=July 19, 2022|archive-date=May 10, 2024|archive-url=https://web.archive.org/web/20240510213608/https://www.bizjournals.com/sanfrancisco/subscriber-only/2021/11/05/contributions-uc-berkeley.html|url-status=live}}{{cite web|url= https://simons.berkeley.edu/news/simons-institute-theory-computing-announces-25-million-matching-pledge-simons-foundation|publisher=Simons Institute|website=simons.berkeley.edu|title=Simons Institute for the Theory of Computing Announces $25 Million Matching Pledge by Simons Foundation International|date=October 18, 2023|access-date=October 19, 2023|archive-date= October 19, 2023|archive-url=https://web.archive.org/web/20231019213224/https://simons.berkeley.edu/news/simons-institute-theory-computing-announces-25-million-matching-pledge-simons-foundation|url-status=live}} Simons and his wife also made major grants to Berkeley affiliates, notably the Simons Laufer Mathematical Sciences Institute and Berkeley Lab.{{cite news|url=https://www.sfgate.com/education/article/BERKELEY-10-million-Donated-to-Math-Institute-2597351.php|newspaper=San Francisco Chronicle|title=Berkeley – $10 million donated to math institute|date=May 6, 2007|access-date=April 21, 2018|archive-date=April 22, 2018|archive-url=https://web.archive.org/web/20180422063058/https://www.sfgate.com/education/article/BERKELEY-10-million-Donated-to-Math-Institute-2597351.php|url-status=live}}{{cite web|last1=Scientific American|title=Hunt for Big Bang Gravitational Waves Gets $40-Million Boost|url=https://www.scientificamerican.com/article/hunt-for-big-bang-gravitational-waves-gets-40-million-boost/|website=scientificamerican.com|access-date=March 5, 2017|archive-date=April 22, 2018|archive-url=https://web.archive.org/web/20180422132735/https://www.scientificamerican.com/article/hunt-for-big-bang-gravitational-waves-gets-40-million-boost/|url-status=live}}{{cite press release |url=https://www.businesswire.com/news/home/20220519005388/en/Mathematical-Sciences-Research-Institute-Receives-70M-Gift-Largest-Unrestricted-Endowed-Gift-to-a-U.S.-Based-Mathematics-Institute |title=Mathematical Sciences Research Institute Receives $70M Gift; Largest Unrestricted Endowed Gift to a U.S.-Based Mathematics Institute |date=May 19, 2022 |website=Business Wire |access-date=October 19, 2023 |archive-date=February 5, 2024 |archive-url=https://web.archive.org/web/20240205054831/https://www.businesswire.com/news/home/20220519005388/en/Mathematical-Sciences-Research-Institute-Receives-70M-Gift-Largest-Unrestricted-Endowed-Gift-to-a-U.S.-Based-Mathematics-Institute |url-status=live }}

In 2016, the Simons Foundation established the Flatiron Institute{{cite news |last1=Chang |first1=Kenneth |title=James Simons's Foundation Starts New Institute for Computing, Big Data |url=https://www.nytimes.com/2016/11/22/science/flatiron-institute-james-simons-foundation.html |access-date=May 12, 2024 |work=The New York Times |date=November 22, 2016}} to house five groups of computational scientists (each with 60 or more PhD level researchers). The institute consists of four cores or departments: CCB (Center for Computational Biology), CCA (Center for Computational Astrophysics), CCQ (Center for Computational Quantum mechanics), CCM (Center for Computational Mathematics), and CCN (Center for Computational Neuroscience).{{Cite web |title=About |url=https://www.simonsfoundation.org/flatiron/about/ |access-date=May 13, 2024 |website=Simons Foundation |language=en-US}}

In memory of his son Paul, whom he had with his first wife, Barbara Simons, he established Avalon Nature Preserve, a {{convert|130|acre|km2|adj=on}} nature preserve in Stony Brook.{{Cite web |last=Staff |first=LIBN |date=May 2, 2003 |title=Do the math. Is East Setauket hedge fund the world's best? {{!}} Long Island Business News |url=https://libn.com/2003/05/02/do-the-math-is-east-setauket-hedge-fund-the-worlds-best/ |access-date=May 11, 2024 |language=en-US}} The Avalon preserve was extended to 216 acres in 2024.{{cite web | url=https://avalonnaturepreserve.org/our-roots/ | title=Our Roots | Avalon Nature Preserve }}

Another son, Nick Simons, drowned at age 24 while on a trip to Bali in 2003. Nick had worked in Nepal. The Simonses became large donors to Nepalese healthcare through the Nick Simons Institute.{{cite web|url=http://www.nepalnews.com/contents/2006/englishweekly/spotlight/mar/mar31/national2.php|website=nepalnews.com|title=Nepalnews Mercantile Communications Pvt. Ltd|access-date=November 11, 2017}}{{dead link|date=November 2017 |bot=InternetArchiveBot |fix-attempted=yes }}{{cite web|url=http://www.nsi.edu.np/en/page/about_us/nick|author=NSI Nick Simons Institute|website=nsi.edu.np|title=NICK: NSI Nick Simons Institute|access-date=November 11, 2017|archive-date=November 11, 2017|archive-url=https://web.archive.org/web/20171111204952/http://www.nsi.edu.np/en/page/about_us/nick|url-status=live}}

In 2006, the Simonses donated $25 million to Stony Brook University through the Stony Brook Foundation, the largest donation ever to a State University of New York school at the time.{{cite web|url=http://commcgi.cc.stonybrook.edu/artman/publish/printer_1088.shtml|title=Stony Brook Announces $25 Million Gift From Renowned Former Math Chair Jim Simons|work=stonybrook.edu|url-status=dead|archive-url=https://web.archive.org/web/20070426095237/http://commcgi.cc.stonybrook.edu/artman/publish/printer_1088.shtml|archive-date=April 26, 2007}} On February 27, 2008, Governor Eliot Spitzer announced a $60 million donation by the Simons Foundation to found the Simons Center for Geometry and Physics at Stony Brook, the largest gift to a public university in New York state history.{{cite news|url=https://www.nytimes.com/2008/02/27/nyregion/27cnd-stonybrook.html|title=$60 Million Gift for Stony Brook|last=Arenson|first=Karen W.|date=February 27, 2008|work=The New York Times|access-date=May 5, 2010|archive-date=July 14, 2014|archive-url=https://web.archive.org/web/20140714133140/http://www.nytimes.com/2008/02/27/nyregion/27cnd-stonybrook.html|url-status=live}} In 2011, the couple broke that record again with a $150 million donation to Stony Brook, which went to research in medical sciences, the construction of a life sciences building, the creation of a neurosciences institute and a center for biological imaging, the study of cancer and infectious diseases, 35 new endowed professorships, and 40 fellowships for graduate students. To secure the donation, Stony Brook was allowed to raise its annual tuition in opposition to traditional New York state policy.{{Cite news|last=Pérez-Peña|first=Richard|date=December 13, 2011|title=Stony Brook University to Get $150 Million Gift|language=en-US|work=The New York Times|url=https://www.nytimes.com/2011/12/14/nyregion/stony-brook-university-given-150-million.html|access-date=October 15, 2021|issn=0362-4331|archive-date=September 9, 2017|archive-url=https://web.archive.org/web/20170909174341/http://www.nytimes.com/2011/12/14/nyregion/stony-brook-university-given-150-million.html|url-status=live}} In 2023, the university announced that it had received a $500 million endowment gift from the Simons Foundation, the second-largest gift ever to a public university.{{Cite web |last=Saul |first=Derek |title=Billionaire Jim Simons Makes Second-Largest Donation To Public College Ever |url=https://www.forbes.com/sites/dereksaul/2023/06/01/billionaire-jim-simons-makes-second-largest-donation-to-public-college-ever/ |date=June 1, 2023 |website=Forbes |access-date=October 19, 2023 |archive-date=September 21, 2023 |archive-url=https://web.archive.org/web/20230921151652/https://www.forbes.com/sites/dereksaul/2023/06/01/billionaire-jim-simons-makes-second-largest-donation-to-public-college-ever/ |url-status=live }}{{cite news |last1=Stack |first1=Liam |date=June 1, 2023 |title=Stony Brook University to Receive $500 Million, an Uncommonly Large Gift |url=https://www.nytimes.com/2023/06/01/nyregion/stony-brook-university-gift.html |url-status=live |archive-url=https://web.archive.org/web/20231105223817/https://www.nytimes.com/2023/06/01/nyregion/stony-brook-university-gift.html |archive-date=November 5, 2023 |access-date=June 2, 2023 |work=The New York Times}}

Death

Simons died peacefully in New York City on May 10, 2024, at age 86, surrounded by his family.{{cite web | url=https://www.simonsfoundation.org/2024/05/10/simons-foundation-co-founder-mathematician-and-investor-jim-simons-dies-at-86 | date=May 10, 2024 | access-date=May 10, 2024 | first=Thomas | last=Sumner | publisher=Simons Foundation | title=Simons Foundation Co-Founder, Mathematician and Investor Jim Simons Dies at 86 | archive-date=May 10, 2024 | archive-url=https://web.archive.org/web/20240510161341/https://www.simonsfoundation.org/2024/05/10/simons-foundation-co-founder-mathematician-and-investor-jim-simons-dies-at-86/ | url-status=live }} He was active in the work of his foundation until the end of his life.{{cite web|url=https://www.simonsfoundation.org/observing/?mc_cid=f7bda34d02&mc_eid=8a27f8d7d5|title=Jim Simons 1938–2024|website=www.simonsfoundation.org|access-date=May 10, 2024}}

Legacy and awards

In 2008, he was inducted into Institutional Investor Alpha's Hedge Fund Manager Hall of Fame.{{cite news|title=Cohen, Simons, 12 Others Enter Hedge Fund Hall|url=https://www.institutionalinvestor.com/article/b18bl36h7n2yzt/cohen-simons-12-others-enter-hedge-fund-hall|access-date=June 16, 2019|agency=Institutional Investor LLC|publisher=Institutional Investor|date=September 23, 2008|language=en|url-access=limited|archive-date=June 16, 2019|archive-url=https://web.archive.org/web/20190616211911/https://www.institutionalinvestor.com/article/b18bl36h7n2yzt/cohen-simons-12-others-enter-hedge-fund-hall|url-status=live}}

He was named by the Financial Times in 2006 as "the world's smartest billionaire".{{cite web|title=Alternative Rich List|url=http://www.ft.com/cms/s/2/92d94ba6-24e4-11d8-81c6-08209b00dd01,gaid=060922005460.html|date=September 22, 2006|publisher=FT.com|url-status=dead|archive-url=https://web.archive.org/web/20080423214554/http://www.ft.com/cms/s/2/92d94ba6-24e4-11d8-81c6-08209b00dd01,gaid=060922005460.html|archive-date=April 23, 2008|access-date=November 8, 2007}} He was elected to the American Philosophical Society in 2007.{{Cite web|title=APS Member History|url=https://search.amphilsoc.org/memhist/search?creator=James+H.+Simons&title=&subject=&subdiv=&mem=&year=&year-max=&dead=&keyword=&smode=advanced|access-date=May 17, 2021|website=search.amphilsoc.org|archive-date=May 17, 2021|archive-url=https://web.archive.org/web/20210517183514/https://search.amphilsoc.org/memhist/search?creator=James+H.+Simons&title=&subject=&subdiv=&mem=&year=&year-max=&dead=&keyword=&smode=advanced|url-status=live}} In 2011, he was included in the 50 Most Influential ranking of Bloomberg Markets Magazine.{{Cite news|title=Bloomberg Markets Most Influential 50|url=https://www.bloomberg.com/news/photo-essays/2011-09-08/bloomberg-markets-most-influential-50|newspaper=Bloomberg.com|date=September 8, 2011|access-date=May 11, 2020|archive-date=June 11, 2016|archive-url=https://web.archive.org/web/20160611013725/http://www.bloomberg.com/news/photo-essays/2011-09-08/bloomberg-markets-most-influential-50|url-status=live}}

A book about Simons and his investing methods, The Man Who Solved the Market: How Jim Simons Launched the Quant Revolution by Gregory Zuckerman, was released in 2019. He was awarded honorary doctorates by York University{{cite web |url=https://www.yorku.ca/secretariat/senate/sub-committee-on-honorary-degrees-and-ceremonials/honorary-degree-recipients/|title=Honorary Degree Recipients |website=www.yorku.ca|access-date=May 11, 2024|archive-date=September 28, 2023|archive-url=https://web.archive.org/web/20230928121144/https://www.yorku.ca/secretariat/senate/sub-committee-on-honorary-degrees-and-ceremonials/honorary-degree-recipients/|url-status=live}} and the University of Edinburgh{{cite web |url=https://www.ed.ac.uk/about/people/honorary-degrees/2015-16|title=Honorary graduates 2015/16|website=www.ed.ac.uk|date=December 3, 2015 |access-date=May 11, 2024|archive-date=February 6, 2023|archive-url=https://web.archive.org/web/20230206034331/https://www.ed.ac.uk/about/people/honorary-degrees/2015-16|url-status=live}} in 2016, and Trinity College Dublin{{Cite web|url=https://www.tcd.ie/registrar/honorary-degrees/2017-18/|title=Registrar: Trinity College Dublin, the University of Dublin, Ireland|website=www.tcd.ie|access-date=January 6, 2020|archive-date=October 30, 2019|archive-url=https://web.archive.org/web/20191030110501/https://www.tcd.ie/registrar/honorary-degrees/2017-18/|url-status=live}} in 2018.

Publications and works

  • {{Cite journal|title=Minimal Cones, Plateau's Problem, and the Bernstein Conjecture|journal=Proc Natl Acad Sci U S A|date=August 1967|volume=58|issue=2|pages=410–411|pmc=335649|doi=10.1073/pnas.58.2.410|pmid=16578656|last1=Simons|first1=J.|bibcode=1967PNAS...58..410S|doi-access=free}}
  • {{Cite journal|title=Minimal Varieties in Riemannian Manifolds|journal=Annals of Mathematics|date=July 1968|volume=88|issue=1|pages=62–105|doi=10.2307/1970556|jstor=1970556|last1=Simons|first1=James|hdl=10338.dmlcz/144360|hdl-access=free}}
  • {{Cite journal|title=Some Cohomology Classes in Principal Fiber Bundles and Their Application to Riemannian Geometry|journal=Proc Natl Acad Sci U S A|date=April 1971|volume=68|issue=4|pages=791–794|pmc=389044|doi=10.1073/pnas.68.4.791|pmid=16591916|last1=Chern|first1=S.-S.|author-link1=Shiing-Shen Chern|last2=Simons|first2=J.|bibcode=1971PNAS...68..791C|doi-access=free}}
  • {{Cite journal|title=Differential characters and geometric invariants|journal=In Geometry and Topology (College Park, Md., 1983/84), Lecture Notes in Math. (1985)|date=1973|volume=1167|issue=|pages=50–80|pmc=|pmid=|doi=|author-link1=Jeff Cheeger|last1=Cheeger|first1=J.|last2=Simons|first2=J. |bibcode=|doi-access=}}
  • {{Cite journal|title=Characteristic forms and geometric invariants|journal=Annals of Mathematics|date=January 1974|volume=99|issue=1|pages=48–69|doi=10.2307/1971013|jstor=1971013|author-link1=Shiing-Shen Chern|last1=Chern|first1=Shiing-Shen|last2=Simons|first2=James}}
  • {{Cite journal|title=Stability and gap phenomena for Yang-Mills fields|journal=Proc Natl Acad Sci U S A|date=April 1979|volume=76|issue=4|pages=1550–1553|pmc=383426|pmid=16592637|doi=10.1073/pnas.76.4.1550|author-link1=Jean-Pierre Bourguignon|last1=Bourguignon|first1=J.-P.|author-link2=H. Blaine Lawson|last2=Lawson|first2=H. B.|last3=Simons|first3=J.|bibcode=1979PNAS...76.1550B|doi-access=free}}

See also

References

{{reflist}}

Further reading

{{refbegin}}

  • {{cite magazine |url=https://www.newyorker.com/magazine/2017/12/18/jim-simons-the-numbers-king |title=The Numbers King: Algorithms made Jim Simons a Wall Street billionaire. His new research center helps scientists mine data for the common good |date=December 11, 2017 |magazine=The New Yorker |last=Max |first=D. T.}}
  • {{cite magazine |url=https://www.proquest.com/docview/191591823 |title=Renaissance Readies Long-Biased Strat |date=June 24, 2005 |magazine=Institutional Investor |last=Nathaniel |first=Baker|id={{ProQuest|191591823}} }}
  • {{cite book |last=Zuckerman |first=Gregory |author-link=Gregory Zuckerman |title=The Man Who Solved the Market: How Jim Simon's Launched the Quant Revolution |publisher=Portfolio / Penguin |year=2019 |isbn=978-0-7352-1798-0}}

{{refend}}