Chad Urdy

“For all the unique data, computer firepower, special talent, and trading and risk-management expertise Renaissance has gathered, the firm only profits on barely more than 50 percent of its trades, a sign of how challenging it is to try to beat the market—and how foolish it is for most investors to try.”
― Gregory Zuckerman, The Man Who Solved the Market: How Jim Simons Launched the Quant Revolution

“When the Axcom team started testing the approach, they quickly began to see improved results. The firm began incorporating higher dimensional kernel regression approaches, which seemed to work best for trending models, or those predicting how long certain investments would keep moving in a trend.”
― Gregory Zuckerman, The Man Who Solved the Market: How Jim Simons Launched the Quant Revolution

“The strategies were often based on the idea that prices tend to revert after an initial move higher or lower. Laufer would buy futures contracts if they opened at unusually low prices compared with their previous closing price, and sell if prices began the day much higher than their previous close. Simons made his own improvements to the evolving system, while insisting that the team work together and share credit.”
― Gregory Zuckerman, The Man Who Solved the Market: How Jim Simons Launched the Quant Revolution

“America feels itself to be humanity in miniature. When in this crucial time the international leadership passes to America, the great reason for hope is that this country has a national experience of uniting racial and cultural diversities and a national theory, if not a consistent practice, of freedom and equality for all. What America is constantly reaching for is democracy at home and abroad. The main trend in its history is the gradual realization of the American Creed.

In this sense the Negro problem is not only America's greatest failure but also America's incomparably great opportunity for the future.”
― Gunnar Myrdal, An American Dilemma: The Negro Problem and Modern Democracy