Greek mathematician Archimedes was considered one of the leading scientists in classical antiquity, credited with anticipating modern calculus, analysis and deriving an accurate approximation of pi.
To many in finance, Jim Simons is regarded as a modern-day mathematical divinity, regarded amongst the smartest of the world’s billionaires for his role in founding New York-based Renaissance Technologies.
With estimated assets under management of $110 billion, Simons created one of the world’s leading funds following his career as a maths teacher at Stony Brook University. Forbes estimate that Simons himself has a net worth of over $21 billion.
But at 80-years-old, Simons has long since retired from the top job at Renaissance, although he continues to be named as its non-exec chair. Instead of monitoring the markets, Simons now prefers to spend his time divided between philanthropic projects (mostly related to mathematics and scientific educational grants) and relaxing on his yacht. The 68-metre long vessel known as… The Archimedes.
Its striking blue hull was recently spotted off the south coast of the UK, was built in 2008 by Dutch shipyard Feadship. Weighing over 1,000 tonnes, the yacht can host up to 16 guests in eight cabins and features a dining room, a study, an outdoor pool and even a piano.
It all requires a 10-strong crew with a combined salary of around £1.5m a year. Annual maintenance on top of that is estimated at a further £1m. Insurance alone is likely to cost around a quarter of a million, with dockage fees around the same. With estimated fuel ‘economy’ of 500 litres an hour, petrol costs are likely to run into the hundreds of millions.
But they say that money buys power and that is certainly the case when it comes to The Archimedes - with twin Caterpillar engines that boast over 4,000 BHP. For comparison, the Lotus Evija - recently crowned the world’s most powerful car - manages ‘just’ 2,000 BHP. It all means that Simons’ ship cuts through the ocean at a top speed of 16 knots, at a range of 6,000 nautical miles.
If you like the sound of that and want to make the legendary fund manager an offer he can’t refuse, you’ll be expected to stump up at least the $100m it is currently valued at…