Inspiration
Jim Simons, Richest Mathematician in The World
He is well-known for the name 'Quant King' since he managed to establish a very successful hedge fund in the world called Renaissance Technologies or in short Rentech.
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What made it more interesting is the fact that the company he built managed to give out consistent dividends to investors of as much as 40% annually since 1988. I mean that's a lot.
Jim Simons is ranked first in the list of fund managers with the highest income according to Forbes and ranked 44th in the list of richest billionaires.
Before Rentech even existed, Simons used to spend most of his time at the National Security Agency(NSA) and as a lecturer at the Massachusetts Institute of Technology(MIT) and Harvard. Now that is some good resume there. At the age of 44 years old in 1982, he founded Renaissance Technologies.
It was at this point in time he started to serve as a chief executive officer(CEO) for his own company. However, after 2010 he decided to resign from his own position to become a non-executive officer. Some might wonder how he managed to get so rich and have the very high net worth that you see today.
The Life, Education and Experience of Jim Simons
Jim Simons was born in 1938 in Brooklyn, Massachusetts. He already had a deep passion for maths ever since he was a little kid. Things were not all that great at the start and when he was 14 he used to work as a cleaner at a garden supplier shop due to having a poor memory.
However, that did not stop him from having an ambition of becoming the best mathematician at MIT.
In the year 1955, Simon was accepted as a student at MIT in the field of Mathematics. He finally was able to achieve his dreams and after he graduated from his studies, Simon decided to further his studies at the University of California at Berkeley to get his Ph.D. in Mathematics.
To your surprise, he managed to complete it in only one year and get his doctorate at the age of 23. I mean, what were you doing at the age of 23?
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Then he continued studying Mathematics at MIT and Harvard. He was also involved in Vietnam War in 1964 when he was recruited by the Institute for Defense Analyses(IDA) in which his role was to break the codes essential for winning the war.
After 4 years of service with the IDA, he decided to leave and straight went to becoming the chief mathematician at Stony Brook University. This time in 1978 was the time he was really involved in finance.
Successful Story of Jim Simons
Regardless of becoming an expert in Mathematics as well as working for the IDA, Jim Simon decided to pursue his career in finance.
In 1978, He first started his tasks in the limited Monometric fund. At first, Simon never thought of using his deep knowledge of mathematics but as time went by, he started to realize the use of it especially in analyzing data.
As time passes by 1988, Simon decided to use quantitative analysis for the purpose of choosing which funds he should buy. Everybody needs help right, well Simon has hired other mathematician experts to help him analyze data as well as things related to science.
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Rentech, later on, became big for the reason of the complex mathematical formula which was then further explored by other scientists. Ever since then, he managed to rake in big bucks for the work that he has contributed.
Net-Worth and His Influence
As of writing Jim Simon's net worth has skyrocketed up to $24.6 billion and ranked 23rd richest in the United States.
The Simon Foundation was also established mainly to support scientific research, education, and health which was built together with his wife. Simons has donated as much as $2.7 billion for this purpose and he also supports the research for autism.
Not just that, Simon also founded Math for America which helps mathematic and science teachers to serve their role and strengthen their teachings.
Conclusively, Jim Simon was not just a genius in Maths but also a philanthropist who try to turn the world into a better place by sharing his knowledge with the world. Without his knowledge of Mathematics, he would've not been able to break the important code which leads him to become a successful investor today.
Source: Investopedia
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