He knew the pair from their days working at quant pioneer D.E. Tomilson Hill, who was running the then-nascent Blackstone Alternative Asset Management, recalls meeting Overdeck and Siegel in his conference room at 345 Park Avenue in New York at about the same time to discuss possibly investing in Two Sigma.
Together this mix gave us high confidence.” “John and David have intellectual horsepower, the ability to recruit outstanding people, and a rigorous and foresighted scientific and technology-driven approach to data analytics and building trading strategies.
“It was pretty obvious the combination was going to be a world beater,” Jones recalls. Overdeck left the meeting with a seed investor: Jones decided to back the new firm, Two Sigma, which was officially launched later that year by Overdeck, Siegel, and Tudor chief financial officer Mark Pickard (who retired in 2006). Jones came away from the encounter feeling that John was “an intellectual twin of David and the ideal co–founding partner” for the venture. “The lights flickered for an hour on my pepperoni off John’s brain waves.” “I could tell you that I went to Pizza Hut with an HP12C hidden in my pocket for an on-the-spot calculus challenge, but I knew I would lose - even with the HP,” Jones recalls in an email interview with Institutional Investor. It was January 2001, and the two were dining at the Pizza Hut in Greenwich, Connecticut - “my Sunday evening go-to restaurant,” according to Jones - to discuss a business plan for a new quantitatively driven hedge fund firm.ĭavid Siegel, then the chief technology officer of Jones’s firm, Tudor Investment Corp., and Tudor president Mark Dalton had been hashing out the plan with Overdeck, then an executive at Amazon. The first time hedge fund legend Paul Tudor Jones met quant maven John Overdeck was over a greasy meal of cut-price pepperoni pizza.
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