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Interesting. Who were the 59 from finance?
by pg 16y ago
Interesting. Who were the 59 from finance?
- apsec112 16y agoI didn't write them all down because that would have taken another hour and it's 11 PM Bay time on a Friday, but here are a few: http://en.wikipedia.org/wiki/Ray_Dalio http://en.wikipedia.org/wiki/Ray_Dalio http://en.wikipedia.org/wiki/James_Simons http://en.wikipedia.org/wiki/James_Simons http://en.wikipedia.org/wiki/Steve_Schwarzman http://en.wikipedia.org/wiki/Steve_Schwarzman http://en.wikipedia.org/wiki/John_Paulson http://en.wikipedia.org/wiki/John_Paulson http://en.wikipedia.org/wiki/Daniel_Och http://en.wikipedia.org/wiki/Daniel_Och http://en.wikipedia.org/wiki/David_Shaw http://en.wikipedia.org/wiki/David_Shaw http://en.wikipedia.org/wiki/Steven_A._Cohen http://en.wikipedia.org/wiki/Steven_A._Cohen http://en.wikipedia.org/wiki/Kenneth_C._Griffin http://en.wikipedia.org/wiki/Kenneth_C._Griffin If you're curious as to whether I included any specific people please feel free to ask.
- jimmyjim 16y agoYou can apparently filter the results by the industry (from one of your own links), and here's a direct link as concerns the finance industry: http://www.forbes.com/lists/results.jhtml?passListId=54&passYear=1999&passListType=Person&resultsStart=1&resultsHowMany=25&resultsSortProperties=-numberfield2,%2Bstringfield1&resultsSortCategoryName=worth+($mil)&category1=Industry+Name&searchParameter1=6Str||PatCS||Finance&category2=category&searchParameter2=unset http://www.forbes.com/lists/results.jhtml?passListId=54&...
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- pg 16y agoI'm curious what your test was for deciding whether someone was in finance.
- apsec112 16y agoHere are the industries I considered to be "finance": - Hedge funds and other money management - Private equity - Investment banking - Leveraged buyouts - Proprietary trading - Traditional (retail) banking and credit cards I did not consider heirs with investments to have gotten their money in finance, unless they increased their original sum ten-fold or more (in real dollars). I also did not consider real estate investment/speculation to be finance.
- pg 16y agoSounds reasonable. But when you have time it would be useful to see the actual lists of the people you put in each category.
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- ynniv 16y agoSince the ecosystem of non-bootstrapped startups combine founders and financiers, where do you draw the line? VC firms seem squarely in the financier camp, and founders who do not contribute capital are not, but angels and incubators are more difficult. An honest classification attempt would attribute some of their equity to capital and some to work contribution, but even when there is currently a stable valuation available to calculate the capital contribution to an equity grant, the numbers are often uncertain guesses.
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- apsec112 16y agoI actually counted VCs as having made their money from technology rather than finance.
- ricaurte 16y agoJust fyi, every person you listed above founded the financial company that made them rich. So they are founders and did do a startup - just not a technology startup.
- apsec112 16y agoHow are you defining "startup"? "Startup" for most people has technology connotations. To quote PG: "Startups are a comparatively new phenomenon. Fairchild Semiconductor is considered the first VC-backed startup, and they were founded in 1959, less than fifty years ago." Clearly, he's referring to tech startups specifically. If you consider any small company that becomes big a startup, then Rockefeller and Carnegie made their wealth in startups.
- yummyfajitas 16y agoI can't imagine describing either Renaissance (founded by Simon) or DE Shaw as anything but tech companies. They use technology as a competitive advantage in investments, much like Amazon uses technology as it's competitive advantage in retail.
- cellis 16y agoBut that's not quite accurate. You see, while these guys are in Finance, at least 1/3rd of the above have serious hacking skills, not traditional finance skills; James Simons - math, but closer to hacker than financier Kenneth Griffin - was financial hacker , not a dealmaker DE Shaw - another hacker, a computer scientist/compbio
- apsec112 16y agoNone of the above except Shaw are technology people. Simons is a mathematician, and Griffin seems to have a pure finance background: "While still at Harvard University, he started two funds from his dorm room, and he claims that in between classes he would make trades. He even installed a special satellite link to his dorm to acquire real-time market data. After graduating with a degree in economics, he won the attention of an investor named Frank C. Meyer, founder of Glenwood Capital [1]. Meyer was amazed at Griffin's success and rate of return with his investments (which at the time were largely based on convertible bonds), and provided a relatively small investment for Griffin to invest ($1 million) [2]. Griffin exceeded Meyer's expectations, and as word of his strong performance spread, investors persuaded to back Griffin. Citadel was officially founded Nov. 1, 1990 with $4.2 million; the name "Citadel" was chosen to suggest strength in times of volatility [3]." - http://en.wikipedia.org/wiki/Kenneth_C._Griffin http://en.wikipedia.org/wiki/Kenneth_C._Griffin
- winter_blue 16y agoJames Simons (http://en.wikipedia.org/wiki/James_Simons http://en.wikipedia.org/wiki/James_Simons) was a mathematician who founded Renaissance Technologies a HFT (High-freq. trading) hedge fund. A lot more of a tech company than a finance company I would say.