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nikol


Total Posts: 703
Joined: Jun 2005
 
Posted: 2019-02-14 14:54
Wrong analogy: people working in RenTech are not applying there to register patents, but to (from jslade quote above) to do this:

"most important statistical tool was simple regression with one target and one independent variable. It's the simplest statistical model you can imagine."

or

"7 Phd's just cleaning data and organizing the databases"

What for?

My suspicion is that Simons uses all this bunch of PhD waste to pitch his investors with "we have the best collection of Wall Street minds".

deeds


Total Posts: 427
Joined: Dec 2008
 
Posted: 2019-02-14 15:20

My point wasn't about the occupation or activities themselves, but about the utility of simple, elemental work to great theoretical thought.

Fully agree, so far in evolution technology and smarts are just branding elements. For universities and for firms.

Jurassic


Total Posts: 218
Joined: Mar 2018
 
Posted: 2019-02-14 15:26
@nikol do you have a theory of the grander plan as to how simons can combine many phds doing linear regression into something more than your average quant fund?

nikol


Total Posts: 703
Joined: Jun 2005
 
Posted: 2019-02-14 15:35
No, to be straight - I quote from my own early banking experience.

rickyvic


Total Posts: 186
Joined: Jul 2013
 
Posted: 2019-02-14 15:37
Because you think that you really need more than linear models to make something profitable.... The average quant or non quant fund loses money

"amicus Plato sed magis amica Veritas"

nikol


Total Posts: 703
Joined: Jun 2005
 
Posted: 2019-02-14 16:05
Confirmed.
Everything I have seen profitable is linear (even in that my early experience).
Non-linearity comes from (local) squeezes, but that's can be punishable and still is depending on the side you are standing on.

TSWP


Total Posts: 414
Joined: May 2012
 
Posted: 2019-02-14 16:12
>My suspicion is that Simons uses all this bunch of PhD waste to pitch his investors with "we have the best collection of Wall Street minds".

RenTec's track record throughout the years is a pretty powerful statement and they probably do not need to add that.

Simons said once in an interview that a lot of stuff they do is quite advanced, that is probably what they do, and they do need very smart quants to do what they do, I do not buy into the idea that RenTec does pretty simple stuff but uses smart people to make sure they do it right. I'll call that big BS.

rod


Total Posts: 382
Joined: Nov 2006
 
Posted: 2019-02-14 16:30
I have read it many times: Renaissance hires good researchers. How many smart PhD's are actually good researchers? Doesn't Renaissance like to hire postdocs and professors, who have done research without their advisor's coddling?

Research is about what questions to ask. Asking questions that can be answered. Dismissing ASAP questions that will likely lead nowhere. Prune, prune, prune. Once one settles on a good question, the answering is, in a sense, the easy part.

TSWP


Total Posts: 414
Joined: May 2012
 
Posted: 2019-02-14 16:47
Good point.


deeds


Total Posts: 427
Joined: Dec 2008
 
Posted: 2019-02-14 18:29

@Rod - Agree.

One well trod path is, at what scale, or where, is this non-linear thing reasonably well approximated by a linear thing.

Jurassic


Total Posts: 218
Joined: Mar 2018
 
Posted: 2019-02-14 19:54
Also the average financial institution has a lot of phds who have the same education as those renaissance

nikol


Total Posts: 703
Joined: Jun 2005
 
Posted: 2019-02-15 13:12
also" "there are no stupid questions"
.
All what you are saying is correct and obvious.

Besides, I am now busy with low level cleaning tick dataset full of bid-ask oscillations to stabilize order pricing for my options. The rule is: data mining yourself makes you aware of diamonds hidden in debris of noise.

jslade


Total Posts: 1174
Joined: Feb 2007
 
Posted: 2019-02-15 16:47
FWIIW if you listen to the whole podcast, Patterson discovered Neanderthal admixture in human DNA using F-tests. That data was sitting there for anyone to notice; somehow nobody but Patterson and his group managed to do it, and they did so using the humble F-test.

I'm as guilty as anyone of wanting "magic wand which gives me infinite power" but most new ideas that purport to be magic are not real useful, and most of the papers published in the machine learning community showing machine learning woo X produces 2% more shiny results over method Y using data set Z are bullshit.

Dunno why it is difficult to swallow. Clean data and simple techniques are what works for everyone else.

"Learning, n. The kind of ignorance distinguishing the studious."

rickyvic


Total Posts: 186
Joined: Jul 2013
 
Posted: 2019-02-15 17:07
It is difficult to swallow because it is not very exciting.... unfortunately.

IMO AI in a broad sense will be mostly useful to have a super powerful selflearning research assistant, I think that is where the value would be. Perhaps one day soon.
That day we wont need as many researchers like the ones that work for rentech.




"amicus Plato sed magis amica Veritas"

nikol


Total Posts: 703
Joined: Jun 2005
 
Posted: 2019-02-15 18:19
current development

ML inside electronics

nikol


Total Posts: 703
Joined: Jun 2005
 
Posted: 2019-03-07 19:13
Des milliardaires américains financent discrètement des campagnes de désinformation en Europe

"Au cœur du dispositif se trouve notamment Robert Mercer, le codirigeant du puissant fonds d’investissement Renaissance Technologies, et sa fille Rebekah, qui ont financé le lancement de Breitbart News, le site conspirationniste fer de lance de l’« alt-right » (« droite alternative », mouvance d’extrême droite) et de la campagne de Donald Trump. Steve Bannon, l’ancien conseiller du président, en était le rédacteur en chef. « Ce sont les Mercer qui ont posé les bases de la révolution Trump, expliquait M. Bannon en 2018 dans un entretien au Washington Post. Si vous regardez qui sont les donateurs politiques de ces quatre dernières années, ce sont eux qui ont eu le plus grand impact. »

gmetric_Flow


Total Posts: 12
Joined: Oct 2016
 
Posted: 2019-03-08 14:44
https://www.zerohedge.com/news/2019-03-07/worlds-most-successful-hedge-fund-manager-ever-reveals-some-medallions-secrets

The article doesn't really say anything which hasn't been said here before.

Haven't had the chance to watch the nearly 90 minute video (that's only part 1), but apparently he discusses his math, finance, and philanthropy work during the course of three talks. I can write up some notes/highlights if anyone is interested.

skaterboy


Total Posts: 1
Joined: Feb 2019
 
Posted: 2019-03-14 09:05
Here is the most recent interview of Jim Simons. He talks about his career in finance, renaissance and medallion fund.

https://www.youtube.com/watch?v=srbQzrtfEvY

jslade


Total Posts: 1174
Joined: Feb 2007
 
Posted: 2019-04-26 16:38
Elwyn has left the building:

https://news.berkeley.edu/2019/04/18/elwyn-berlekamp-game-theorist-and-coding-pioneer-dies-at-78/

"Learning, n. The kind of ignorance distinguishing the studious."

Maggette


Total Posts: 1115
Joined: Jun 2007
 
Posted: 2019-04-26 18:53
Come on...hitting me with this on friday. Sad news.

Ich kam hierher und sah dich und deine Leute lächeln, und sagte mir: Maggette, scheiss auf den small talk, lass lieber deine Fäuste sprechen...

chiral3
Founding Member

Total Posts: 5077
Joined: Mar 2004
 
Posted: 2019-04-29 00:29
That was a nice remembrance.

Nonius is Satoshi Nakamoto. 物の哀れ
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