Gregory Zuckerman
@GZuckerman
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WSJ Special Writer. Author of A Shot to Save the World, The Man Who Solved the Market, a few others. Still miss Jeremy Lin.
New York
Joined September 2009
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ANILPIN WE ARE THE ONE
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SEVENTEEN AT LOLLAPALOOZA
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mingyu
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Not Like Us
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Josh Allen
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#HereWeGo
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Caleb Williams
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Ebuka
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Pinned Tweet
Ugur Sahin and Stephane Bancel are responsible for modern science's greatest achievement. This is the story of how they did it--a
@WSJ
adaptation of A Shot to Save the World, out on Tuesday.
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‘It was always, “A guy called me up, a friend of mine from blah, blah, blah.” That’s when my anxiety started to escalate.’
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Fine, Hertz down 10%, but Chesapeake up 15%--that's why you diversify among bankrupt/near-bankrupt companies.
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Pretty shocking that Peter Brown of Renaissance did this podcast. Super secretive firm, NDAs as thick as an old phone book.
I once approached Brown at a public event and he turned white with fear.
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Feel privileged to have spent 3.5 hours with Charlie Munger in September for a book. He was witty, funny, sharp as ever, full of insights and stories. And in great spirits. A great investor and wonderful man. RIP.
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Dow is up 8.15% since Election Day, on pace for best performance from Election Day to year end since Herbert Hoover was elected 1928
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NEW: Jim Simons's Medallion fund rises 24% this year (39% before fees) as March surge puts legendary fund on pace for one of its best years ever.
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After joining Renaissance Technologies, Bob Mercer asked its chief scientist, Henry Laufer, whether the firm had a retirement plan.
"The retirement plan is to get rich," Laufer told him.
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Bob Mercer and other Renaissance executives to pay $7 billion in back taxes, penalties, interest to resolve fight with IRS over maneuver converting short term gains to long term profits...Case was one of highest profile cases on Wall Street.
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Big hedge fund Perceptive Advisors, which has gotten crushed in
#biotech
bloodbath, is telling investors it's starting new fund to buy. Valuations now at levels "we do not believe are rationale or sustainable...now is the time to be prepared to go on the offensive."
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Jim Simons has died at 86. True pioneer. Mathematician. Code breaker for US govt. Quant and investor par excellence. Philanthropist. RIP.
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Themes from Jim Simons funeral:
His lust for adventure, humor and intellect. Love of family, boats and smoking (obv). Striking lack of pretense.
Unlike most titans, Jim didn't have enemies-says a lot.
Best line goes to the rabbi: "I wouldn't exactly call Jim a regular here."RIP
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This makes zero sense.
Lewis says SBF can’t be compared to Madoff. SBF ran a huge/legit trading business in FTX and it makes no sense to blow that up by running a Ponzi in his hedge fund.
But Madoff ran a huge/legit trading business, too, that he indeed blew up running a Ponzi
Author Michael Lewis joins
@chrislhayes
to discuss “Going Infinite,” a new book about indicted crypto executive Sam Bankman-Fried.
"The alleged crime kind of makes no sense," says Lewis.
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Harry Markopolos tried to warn the world abt Madoff. No one would listen. Here's how
@KaraScannell
and I told the story in
@WSJ
.
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One (of many) reasons Jim Simons was reluctant to speak w/me was he hoped to write his own book someday. Sad it never came to fruition but he leaves such a rich legacy.
As a reporter you’re not supposed to admire your subjects. But Jim was truly a unique and impressive guy
#GOAT
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NEW: How a 36-old short seller who was fighting eviction 3 years ago sent Nikola shares down 33% in two weeks.
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Kati Kariko was shunned for her work. Her bosses demoted her. She and Drew Weissman spent years failing to make headway. Finally, they figured out how to inject a molecule into the body for a vaccine w/out setting off the body's defenses. Today: a Nobel.
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Hearing massive pain in
#biotech
investor world, funds down as much as 15%/20% this year, well-known investors staring at huge losses, etc.
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Super-excited about tomorrow's release of my new book,
#TheManWhoSolvedtheMarket
, and about joining
@SquawkCNBC
bright and early to discuss models, machines and money. For those who wanna pre-order:
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Buffett’s Berkshire Hathaway, down 2% on year, has now underperformed SP500 YTD, 1yr, 5yr and 10yr. And just a bit better over 20yr.
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What if I told you in January 2020 that...a new virus would kill 6 million people, a brutal war would displace 7 million and unravel the post-WW order, inflation would soar, the Fed would launch a series of rate hikes...yet the S&P would gain 46% (in total return)?😮
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The key w/ Renaissance isn’t the brainpower but the collaboration. No one comes close. No silos. No pods. One model. All paid based on how Medallion does.
Jim was as good a manager as he was a quant. Maybe better.
That’s Renaissance’s true secret.
@corruptNovelist
@Acion_Next
@TCK_JRubano
@GZuckerman
Actually only PhDs I know that tried applying specific physics techniques to trading don’t make any money. On the other hand I know many physics PhDs that are good at QR. And no, they don’t clean data all day with physics techniques ffs.
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Kodak should merge with Hertz and Chesapeake, blow everyone's mind, break Robinhood
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Israeli PM Netanyahu on
@dansenor
’s podcast: “if Hamas lays down its arms and surrenders, this war is over” saying Hamas leaders could safely leave Hamas for exile (SA? Qatar?), assuming hostages are released.
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@brianstelter
This piece is more disturbing than reassuring. The level of anger in the nation is so disturbing.
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Someone I’m close to went to NJ testing center this morning. It opens at 8am. Got there at 6am. Police told her to leave—so many people already on line they can’t take her today.
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Letter from RA Capital: "we have never been more confident that the sector is broadly undervalued and should rebound strongly from here."
Firm is investing more in both your public and private
#biotech
companies, letter says.
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Here's the backstory of how Jim Simons developed the greatest moneymaking machine in modern finance, helping to pioneer a new way to trade along the way.
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"Seeking to be close to nature, Mr. Hsieh’s group at one point gave up cleaning inside and out, and dog droppings littered the property. Faucets ran constantly to mimic waterfalls."
Fascinating by
@KirstenGrind
@katherinesayre
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Proud
@wsj
staffer. Our fact checking process is rigorous and can delay/kill stories, but wouldn't have it any other way.
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So let’s see if I have it right—
Israel likely didn’t attack the hospital in Gaza, it turns out.
The hospital itself was never actually hit.
It’s likely there weren’t hundreds killed.
We in the media sure didn’t distinguish ourselves yesterday 😔
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NEW from me: Texas oilman Autry Stephens, 84, is suddenly one of the most powerful players in the market—and he’s making a fortune.
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Why do we even care abt his opinion on FTX?
How is he not discredited?
Do we ask actors who play TV doctors why someone died?
Just don’t get it.
JUST IN: Kevin O’Leary testifies at Senate hearing and says
#Binance
intentionally put FTX out of business.
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Everyone over 60 already being vaccinated in Israel, remarkable speed.
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Thrilled to join colleagues at the
@WSJ
as we celebrate the release of Evan Gershkovich.
Praying for the release of hostages still held in Gaza and elsewhere.
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Great
@matt_levine
SBF summation:
"If you attract customers and investors by saying that you have good risk management, and then you lose their money, and then you say “oh sorry we had bad risk management,” that is not a defense against fraud charges! That is a confession!"
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So what happened to Paulson? Tempting to say got lucky w/The Greatest Trade. I'd argue: Got too big, drifted to trades outside expertise, changed investing approach, surrounded self w yes-men...Lessons for all investors/leaders
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Like so much news lately, I thought this was a joke until 2/3 in...
To the alarm of health officials, Trump wants the FDA to approve a dietary supplement to cure COVID-19, despite any proof that it works. It’s pushed by Ben Carson & MyPillow CEO Mike Lindell, who has a financial stake in the company that makes the product.
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Jim Simons was convinced there was hidden structure in the market. He was determined to find it. First, though, he'd inadvertently corner the market for Maine potatoes.
An adaptation of The Man Who Solved the Market:
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Update on Jim Simons's Renaissance Technologies: Medallion fund up 58% YTD. Rief down 17%. Biggest discrepancy in some time.
Here's how we explained Medallion's recent torrid gains:
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@ronenbergman
If I had $1 for every time the Israeli media reported on an Israeli medical breakthrough...I think they cured cancer like a dozen times so far
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Renaissance’s RIEF down 17% on year, RIDA down 25%. Worst year for those funds in over a decade.
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Fed risks destroying financial markets, says
@elerianm
"There is no evidence of market malfunction...no evidence of credit freeze..no evidence monetary policy is a constraint to economic recovery..Yet we are talking about more unconventional policies."
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Gonna sound like a grandpa, but the hard copy newspaper is truly a thing of beauty. The world laid out for you, curated, comprehensive. For a few bucks a day. Will truly miss when it’s gone 😢
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You know
#crypto
has gone mainstream when a geezer like me is in Miami writing about an enormous convention
#bitcoin2022
#bitcoin
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Jake Sullivan: “A ceasefire is on the table today for six weeks to be built on into something more enduring if Hamas would simply release women, wounded, and elderly…the fact that they will not do so says a lot to me about Hamas’s regard for innocent Palestinian civilians.”
WOW -- Jake Sullivan just ripped Hamas and the media, noting they're not talking about how Hamas is the one who's refusing to negotiate on releasing hostages in exchange for a
#ceasefirenow
:
“One of the things that I have found somewhat absent from the [media] coverage is that
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For those interested, a super sale today on the Kindle version of The Man Who Solved The Market...$1.99, cheaper than a venti...no chance of burning you
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Looking back, hard to underestimate the impact Reg FD had on Wall Street/big investors.
No coincidence the age of hedge fund outperformance ended around then. So much of how they profited and obtained info was legal until then, no longer so.
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Perceptive to clients re
#biotech
pain: "past 16 months has been the most challenging period" firm ever experienced. Has been a "crescendo of selling... clearly indicative of non-fundamental technical forces causing broad deleveraging and forced selling."
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Bridgewater’s Pure Alpha was down 13.6% for the yr through June, wiping five years of returns. Now come the layoffs, a scoop from Juliet Chung
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I'm in a newsroom that once sat hundreds.
There are just 3 of us here today.
Yet, the printer is jammed.
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So about those stories that Renaissance made a killing on $Tesla. I mean, it's possible. But RenTec holds shares on average a day or 2. These 13f filing are a snapshot of a single day 1.5 months ago.
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The worst Twitter:
Journos complaining to airlines abt their flight delays. Just call the 800 number like everyone else pls.
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It’s a modern miracle that I still earn a living writing, even as fewer people read.
Very grateful 🙏🙏
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Fascinating that Renaissance didn't trust Zoom's security, so during Covid lockdowns firm built its own conference-call system...Still use it today.
"We weren't as creative though" working from home.
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Truly underappreciated: How much AIDS research and the long/fruitless years spent trying to develop an HIV vaccine contributed to effective Covid vaccines and drugs.
We need to appreciate the scientists and their persistence.
#aidsday
#AIDS
#COVID19
Decades of frustrating research for a HIV vaccine led to other unexpected breakthroughs — like COVID-19 vaccines and antivirals. "Everything we do with every other pathogen spins off of things we’ve learned with HIV."
#WorldAIDSDay
@GZuckerman
@betswrites
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JUST OUT: After more than a decade of top returns and unorthodox behavior, David Einhorn is in a deep slump and his investors are questioning his approach. "This is unbelievable."
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“The proposal of coronavirus aid for shale oil companies was preposterous. The prospect of bailing out over-levered energy companies who made poor business decisions is poor policy and is in opposition to capitalism“- JonesTrading
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Digital-only subscriptions to The Wall Street Journal are now 84% of total subs (up 9% over year to 3.1 million).
I guess I'll be last one fetching my papers from the driveway in my PJ's.
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Cornell professor says he was “exhilarated” by Hamas’s rape, murder and kidnapping spree…and is proud to say it publicly. And he is cheered by the crowd.
What is happening to this great country?
Cornell University Professor Russell Rickford speaking about Hamas terrorist attacks. Shameful
@Cornell
.
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My friend's 24-year-old cousin was kidnapped and brought into Gaza.
Her name is Shoham Turgeman.
Praying for her safety and all of those abducted by these brutal terrorists.
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BREAKING: SEC charges Caroline Ellison and Gary Wang with defrauding investors "in a multiyear scheme."
"Ellison, at the direction of Bankman-Fried, furthered the scheme by manipulating the price of FTT...Bankman-Fried and Wang improperly diverted FTX customer assets to Alameda"
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Been writing about financial markets for over 25 years.
Still can’t figure ‘em out 😏
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If I was 87, healthy and worth $10b I think I'd find more enjoyable things to deal with than this
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@lindseyadler
Even better - get vaccinated. As in, your team's best player, please get vaccinated already.
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David Einhorn says Greenlight down 18.3% this year, tells clients in letter past 3 years "have been far worse than we could have imagined...Right now the market is telling us we are wrong, wrong, wrong about nearly everything."
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I feel like the last person in the country not working on a podcast or a SPAC
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NEW: Facing historic $1.5b personal tax bill for the greatest trade ever, John Paulson is selling shares, slashing staff, digging in heels
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I love when miserable hedge fund guys tell me they're gonna "get zeroed" this year, meaning they won't get paid anything.
me: "You mean you won't get your base?"
"Well, um, I'll get that."
me: "That's like $200k?"
"Well, yeah."
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For those with interest: There's a 1-day Kindle sale today for The Man Who Solved the Market. At $2.99, it's cheaper than my morning coffee 😄
I hope readers enjoy!
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Four years ago, Arena Pharmaceuticals traded for $1. The
#biotech
's anti-obesity drug it flopped and it laid off most of its workforce.
Now it's being acquired for $100/ share.
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Shell lost $19.9 billion in 2020.
The price gouging/windfall profit argument is just tiresome.
Shell just reported record $9.1 billion quarterly profit, adjusted earnings almost triple same period last year. Anyone doubt oil companies are price gouging? Anyone wondering why US and Europe don't tax windfall profits?
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The market is efficient, eh?
Medallion crushes it again in 2021.
The results are in...Renaissance's Medallion hedge fund gained 48% last year, net of (still ridic) fees, topping fund's 39% historic average annual return.
Earlier reporting by others pointed to a rebound for the public funds.
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Brutal from Bridgewater:
“It Will Take a Minor Recession to Get Inflation to Fall Much and a Major One to Get Inflation Back to the Fed Target”
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Scoop from WSJ: Jeff Vinik, the former Fidelity stock picker, is throwing in towel on his hedge fund after just 8 months--more evidence of how hard it is for old-school investors.
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One month until publication day for my new book, A Shot to Save the World. I'm so excited to share the drama of how these remarkable vaccines were developed and introduce the individuals responsible for
#science
's greatest modern-day achievement.
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NEW: UPenn spent years shunning and denigrating Katalin Karikó.
Now that’s she’s a Nobel winner, the school has adopted a different view of her work.
I explain what happened between them…
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How did Kati Karikó deal w/insults from colleagues and superiors? She reminded herself she still had a chance to prove them wrong. Karikó was demoted by
@Penn
but felt almost liberated, she told me for my book.
“It’s like Fight Club, when you lose everything you are fearless."
Kati Kariko was shunned for her work. Her bosses demoted her. She and Drew Weissman spent years failing to make headway. Finally, they figured out how to inject a molecule into the body for a vaccine w/out setting off the body's defenses. Today: a Nobel.
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Fascinating to think 2 IBM researchers came to the company w/new idea to manage its money, were turned down, and left IBM to introduce the approach to trade equities for Jim Simons/RenTech (firm already was minting $ in other markets).
IBM pretty much blew it
Pretty shocking that Peter Brown of Renaissance did this podcast. Super secretive firm, NDAs as thick as an old phone book.
I once approached Brown at a public event and he turned white with fear.
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Fauci throws some shade at Astra/Oxford vaccine.
"What are you going to do with the 70% when you’ve got two [vaccines] that are 95%? Who are you going to give a vaccine like that to?”
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Margin calls surging in
#crypto
world--$1 billion of collateral pledged by about 260,000 retail traders has been liquidated in just the past 24 hours.
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Quant pioneer Jim Simons steps down as chairman of RenTec
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NEW: Novavax failed making a cream for hot flashes. It failed at vaccines. Shares were under $4. Then came Covid and perhaps the most effective vaccine of them all.
@Loftus
and I tell their improbable story
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Moderna up 10% today, BioNTech up 6%, Novavax up 15%.
As Joe Girardi might say, it's not what you want to see.
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"The Medallion Fund could have charged a maximum annual management fee of 51% and still beaten the S&P 500 through the end of 2018!"
#Cray
via
@dollarsanddata
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