James Harris Simons, who passed away on May 10, left a benchmark for many to follow at the end of his life and career that carved new nuances in the trading world. Simons's approach was deeply oriented in the world of mathematical prowess and finesse. The hedge fund investor founded his own venture, Renaissance Technologies in 1978. Simons's trading acumen was instated in using mathematical models and algorithms to make investment gains from market inefficiencies.
Jim Simons's name will echo in chambers of Wall Street mavericks for a long time to come. It is perhaps felicitous to bid adieu to the Greatest of Wall Street with the wise words he shared with the world.
"Don't be afraid to take risks and embrace failure. That's where the best opportunities often lie."
This, rather simple statement spoke of the simplicity with which he dealt with complexities of trading and the world at large. Failure and its importance in the path to success are well-known rhetoric. Simon's words underscore the importance of taking on the unknown and uncertain, dabbling with risks, and being well aware of the potential failure that the risk could bring. Because going after what is risky provides you with the opportunity to attain rare success, that others were afraid to go after.
"It's not enough to hire talented people and hope for the best. We also have to give them the freedom to do what they think is right"
One of the best ways to get things done is to have or get the right people to do the things that need to be done. When you hire a bunch of people, you are not just inviting their services, but also world, those services comes from. More than hiring, accommodating those, who are hired is crucial. Truncating them, according to the company norms would, in the short run, assure consistency, but in the long run take the edge away and room to evolve.
"I thought it was the coolest thing—what a life—to go out at two a.m. with friends and do math over coffee. It seemed like the world's greatest career"
This statement from Simons showed the passion and greater comfort that he had with his profession and his ways. Simons truly found his dream job, something, that he loved to do. Finding your mojo to work is essential, as one spends about a quarter of the day at their workplaces. Therefore, it is better to make the most, of and spend that time, and perhaps more, at a place you like. Live life for what you want to do, rather than replicating a life that is not yours.
"In this business, it's easy to confuse luck with brains"
No matter what or who you are, or where you come from, luck is an inexplicably inescapable tenet of human existence, that cannot be negated. Therefore, one should be able to understand and accommodate the fact that luck is an element that one needs to factor in. There is always a reach and something, that is beyond the reach, But it is still reachable with one's acumen and a little bit of luck. But, at the same time, one should not put all their eggs in the basket of luck, as that could prove detrimental.
"I've always believed, if there's going to be a hit, take it and then go on about your business"
Success is not a peak, but a series of them, in a tour of summit. If you think, you are at the top of the world, at some point, look ahead, there is place, even higher, that is yet to be reached. Therefore, if you attain gain great at a particular instance, it is not time to be complacent, but the platform to launch into a paradigm, that was not known to you before. Consistency lies not just in attaining success, but being able to look ahead and far into the future whilst maintaining the course. Because without that, not only would there be no further crest, it would also mean the undoing of what one may have achieved until now.
