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Echoing recent discussions on HN, from wikipedia: "An article published in The New York Times in 2015 said that Simons was involved in one of the biggest tax b
by guerby 4y ago
Echoing recent discussions on HN, from wikipedia:
"An article published in The New York Times in 2015 said that Simons was involved in one of the biggest tax battles of the year, with Renaissance Technologies being "under review by the I.R.S. over a loophole that saved their fund an estimated $6.8 billion in taxes over roughly a decade."[46] In September 2021, it was announced that Simons and his colleagues would pay billions of dollars in back taxes, interest and penalties to resolve the dispute, one of the biggest in IRS history"
(...)
"In total, Simons has given over $2.7 billion to philanthropic cause"
- nojito 4y agoEven with accounting for that change RenTec’s returns don’t change all too much.
- caminante 4y agoDo you know the denominator? I'm skeptical. RenTec's secret sauce has always been their tax attorneys, not their quants. Prior to this "retirement fund" issue, RenTec was notorious for tax avoidance schemes like claiming LT capital gains on basket options.
- nojito 4y agoThe fund is rumored to be around $10B and generates about 44% per year (not compounded). In any event, their secret sauce has always been teamwork and infrastructure. People fail to remember that Simons created a world class math department at stony brook from scratch. He knows how to put smart people together and have them work together.
- jcranberry 4y agoI believe that was because their most successful fund was the retirement fund for employees, or something along those lines. I heard they only lost this case because of a clerical error.
- jgalt212 4y agoSimons may be the biggest tax cheat in US History.