The Unconventional Lifestyle of Peter Brown, CEO of Renaissance Technologies
The chief executive of one of the nation’s most successful hedge funds, Renaissance Technologies, has revealed a surprising habit he adopted to enhance his focus and productivity. Peter Brown, a 68-year-old CEO based on Long Island, admitted to spending approximately 2,000 nights sleeping in his office throughout his career. He claims that this unconventional approach, equivalent to roughly five and a half years, allowed him to dedicate uninterrupted time to his work.
According to Brown, his typical routine consisted of a four-day work week at Renaissance Technologies’ East Setauket office, followed by a return to his family home in Washington, D.C. In a recent podcast episode hosted by Goldman Sachs Exchanges, Brown shared his thoughts on this unique lifestyle. “Productivity-wise, it’s fantastic to have nearly 80 straight hours each week to think about work without any interruptions except sleep,” Brown explained. “Though I miss my family, the freedom and focus I attain while surrounded by my colleagues are incredibly valuable. Furthermore, given the demanding nature of my job, I cannot envision doing it any other way.”
The decision to sleep at the office was made easier for Brown due to his wife, Margaret Hamburg, working in D.C. Hamburg served as the head of the Food and Drug Administration during the Obama administration. “When a husband and wife work in different locations, typically the husband commutes,” Brown revealed. “Psychologically, if I’m going to be away from my family, I have to work.”
Brown joined Renaissance Technologies in 1993, leaving his job at IBM after being recruited by the hedge fund’s founder, Jim Simons. Under Brown’s leadership, Renaissance has flourished into one of the world’s most successful hedge funds, managing over $130 billion in assets. Before Brown’s tenure, from 1988 to 2018, Renaissance’s flagship Medallion Fund achieved impressive average annual returns of 66% before fees and 39% after fees, according to Insider.
Brown’s relentless focus on his work has consequences, including the sacrifice of sufficient sleep. Despite this, he remains committed to his work. His dedication has even led him to feel guilty about contacting subordinates late at night. In one instance, Brown decided to offer a raise to a colleague to compensate for the inconvenience. Recalling the incident, Brown shared, “It was around 1 o’clock in the morning, and I wanted to call [a colleague]. Jim, my colleague, said, ‘Wait. You can’t call him in the middle of the night. He doesn’t make enough money.’ So, I said, ‘All right. How about this? I’ll call him, tell him we’re giving him a raise, and then ask him our question.’ And that’s exactly what we did.”
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