Market/lady friend/mahjong troubles got you down? Cheer up—you now have the unique opportunity to own a tiny part of Renaissance Technologies (provided, of course, that you’re an institutional and/or sophisticated investor, which we’ve been told by Ad Sales you all are, which would explain how you’re able to spring for those pricey six-packs of Mike’s H.L. with such ease). The greatest hedge ever run out of Setauket, Long Island is said to be planning a minority stake sale in the coming weeks (though, predictably, the sale has been denied, for now). While AQR and KKR (and DVR and DDR) have reportedly been proceeding cautiously with their planned IPOs in the wake of some fireworks in the credit market, James Simons is confident things will work themselves out, and that there will be a demand for a little piece of James at home, as well as in Asia and the Middle East. (Rep from Goldman: “it’s not just the Ladies that Love Cool James, that's all I'm saying.")
The $30 billion fund is apparently going with stake sales similar to those of super secretive SAC, as they would allow them to raise capital but not be forced to reveal any major information about RT's 7th grade math-based trading schemes. Despite having momentarily jumped on the summer losses bandwagon, Renaissance’s flagship Medallion is said to be up for the year.
Bullish US hedge fund may sell stake [FT]
Posted by Shrek , Aug 28, 2007 12:02PM
What is reverting to the norm mean? Going back to the way the world is supposed to run according to RT?
Posted by dumbarse , Aug 28, 2007 12:13PM
first of all, this story is not accurate. ren tec denies plans to sell any stake in their company. second, they are DOWN on the year not flat. third, the math they use is some of the most advanced stuff on the planet, not 7th grade stuff. horrible reporting here.
Posted by why are you retarded, dumbarse? , Aug 28, 2007 12:18PM
really? b/c ft says they're up on the year. and, dumbarse, DID YOU THINK THEY WERE BEING SERIOUS ABOUT THE 7TH GRADE MATH?
Posted by , Aug 28, 2007 12:19PM
"None the less, people close to Renaissance note that its flagship Medallion fund is still up for the year." http://www.ft.com/cms/s/0/269211a2-54d4-11dc-890c-0000779fd2ac.html
Posted by gs , Aug 28, 2007 12:24PM
please do not read this site if you actually think "The $30 billion fund is apparently going with stake sales similar to those of super secretive SAC, as they would allow them to raise capital but not be forced to reveal any major information about RT's 7th grade math-based trading schemes" was said w/o sarcasm. also, please get a life.
Posted by , Aug 28, 2007 12:28PM
dumbarse, im pretty sure its seventh grade stuff
Posted by fdef , Aug 28, 2007 12:28PM
I heard that you need to take calculus to work at RT? Can anyone confirm
Posted by , Aug 28, 2007 12:29PM
precalc required, calc suggested
Posted by fdef , Aug 28, 2007 12:31PM
I heard that you need to take calculus to work at RT? Can anyone confirm
Posted by I'm just saying , Aug 28, 2007 12:41PM
Calculus is 7th grade math
Posted by Calgary Schmooze , Aug 28, 2007 12:49PM
Maybe outside of North America it is...
Posted by f def , Aug 28, 2007 1:09PM
I heard that you need to take calculus to work at RT? Can anyone confirm
Posted by hubris , Aug 28, 2007 1:13PM
yep, the applied math these guys use is doing a bang up job. just a coincidence that a supposed once-in-100,000 year event happened two weeks ago. after all, they have 30-40 yrs worth of data to input into the computer
Posted by tde , Aug 28, 2007 1:16PM
Right, and since the 29bn institutional fund has recovered all its losses and is flat to slightly up YTD and medallion is up infinity % again like usual, who cares
Posted by RenTec Quant , Aug 28, 2007 1:19PM
For the record, our quant models are not based on stochastic calculus but instead on geometry. We find we can safely predict market movements using varying sizes and colors of trapezoids & hexagons. Triangular patterns are clear indications that we should sell.
Posted by fdef , Aug 28, 2007 1:32PM
I heard that you need to take calculus to work at RT? Can anyone confirm
Posted by Calgary Schmooze , Aug 28, 2007 1:32PM
RenTec Quant: do you guys use Logo as your primary programming and modeling language?
Forward 100
Right 120
Forward 100
Right 120
Forward 100
?
Posted by , Aug 28, 2007 1:38PM
fdef, you need a PhD in math / physics to work at RenTec.
Posted by black man who knows calculus , Aug 28, 2007 1:38PM
ive taken calc I and II, any way I can get HOOKED UP with a sweet internship at rentec?
Posted by , Aug 28, 2007 1:38PM
to tde: who cares? apparently you're unfamiliar with the concept of risk-adjusted return. i can put all my money on black, but if my return is 100% doesn't make me a hero.
rookies...
Posted by RenTec Quant , Aug 28, 2007 1:39PM
What is Logo? That sounds interesting. Most of our work to date has actually been done in MS Paint.
Posted by Calgary Schmooze , Aug 28, 2007 1:42PM
RenTec: sorry for assuming there was actually a formal process behind your geometric work.
I like the spray can in Paint myself.
Posted by GlobalAlpha Quant , Aug 28, 2007 2:41PM
I suggest you hacks over there @ Rentec try out our newly adopted software, Fingerpainter v1.5.
Posted by JT , Aug 28, 2007 2:51PM
@Blackman... - myself and probably many others took calc I and II before graduating highschool, so if you think thats setting you apart you might want to reach deeper. No insult intended, but from what I know (and stand to be corrected on) I'd venture to guess you'd need at least a MS in comp sci/math/physics/engr etc to get RenTec to even look at you.
Who knows maybe they need an IR intern?
Posted by just shining the light of truth , Aug 28, 2007 3:45PM
@JT
I'd say "Blackman" was kidding. Even if he wasn't, we all know you were motivated purely by racist hatred when you bashed his dreams. You couldn't stand the thought of a black man who could read, type, and use the internet, much less one who knows both Calc I and II, could you? You awful human being, you!
Posted by ren tec wannabe , Aug 28, 2007 3:52PM
he doesn't hire anyone from the U.S. I haven't seen a case of anti-ethnocentrism this bad since Nam.
A little nationalism never hurt anyone Ren.
Posted by , Aug 28, 2007 4:30PM
Dear ren tec wannabe:
Quit bashing foreigners and watching TV, and use all of your suddenly available time to get some useful education (not history) to get in the door.
Posted by , Aug 28, 2007 5:09PM
Logo - ha way to kick it back to 1986.
Posted by rikki tikki tavi , Aug 28, 2007 5:21PM
Given their silly fee structure, an important question is; Are they up net?
You really have to take a leap of faith to give these guys money, they tell you nothing about what they do, and they violate the #1 mongoose rule of allocating capital to hedge funds: never, ever give money to firms that are run by and predominantly staffed by academics. They have an inevitable "Oops" moment when all their models and theories don't work or become too widely used.
Would love to short RenTec
Posted by wilco , Aug 28, 2007 7:50PM
Super!! anymore RT software I need to take note of ? I know i have that geometry set in storage somewhere and fingerpaint v0.2beta on tape drive.
yeah.. "dumbarse" you are taking this post way too seriously..
Posted by stimpy tec , Aug 28, 2007 9:41PM
i love you ren
Posted by , Aug 28, 2007 10:01PM
Since when does a company denying a story mean its not right?