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August 10, 2007
When Genius Failed 2.0
From Bloomberg:
James Simons's $29 billion Renaissance Institutional Equities Fund, which uses computer models to pick stocks, has fallen 8.7 percent so far in August.
The hedge fund, started two years ago, has declined 7.4 percent for the year.
"We have been caught in what appears to be a large wave of de-leveraging on the part of quantitative long/short hedge funds," Simons wrote in a note to investors yesterday.
Simons has one of the best records in the hedge-fund industry. His Medallion fund, which manages money only for Simons and his employees, has climbed at an average annual rate of more than 30 percent since 1988. The East Setauket, New York- based firm manages a total of $36.8 billion.
Posted by edelfenbein at August 10, 2007 2:28 PM
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