Renaissance Technologies Black Box Returns

Source: Bloomberg, Nov 2016

Mercer and Brown went to IBM’s management in 1993 with a bold proposition, says a person who knows the two: Let them build models to manage a portion of the colossal company’s then-$28 billion pension fund. IBM balked, questioning what computational linguists would know about overseeing investments. But the duo’s fascination with financial markets was just beginning.

 

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