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A narrow portion of the property along the [[Potomac River]] has long been used as the Virginia-side landing of [[White's Ferry]], an important commuting link between Loudoun County and [[Montgomery County, Maryland|Montgomery County]] in Maryland. After unauthorized expansion of the landing including a concrete retaining wall was built on the property by the operators of White's Ferry following damage from a flood, Rockland Farm LLC sued, stating the 1952 license had been violated. Rockland Farm LLC won its case in November 2020 and White's Ferry ceased operations following a flood that snapped the cable used by the ferry to cross the river and failed negotiations to keep service operating.<ref>{{Cite web |last=ABC7 |date=2020-12-28 |title=Historic White's Ferry, the last remaining ferry across Potomac River, shuts down service |url=https://wjla.com/news/local/whites-ferry-announces-end-to-service-between-md-va |access-date=2022-10-17 |website=WJLA |language=en}}</ref><ref name=":0">{{Cite news |last=Davis |first=Rande |date=March 18, 2022 |title=A New Solution to Reopening White's Ferry? |pages=1, 14 |work=The Monocacy Monocle |url=https://www.monocacymonocle.com/images/issues_2022/MM_2022-03-18.pdf |access-date=October 17, 2022}}</ref>
A narrow portion of the property along the [[Potomac River]] has long been used as the Virginia-side landing of [[White's Ferry]], an important commuting link between Loudoun County and [[Montgomery County, Maryland|Montgomery County]] in Maryland. After unauthorized expansion of the landing including a concrete retaining wall was built on the property by the operators of White's Ferry following damage from a flood, Rockland Farm LLC sued, stating the 1952 license had been violated. Rockland Farm LLC won its case in November 2020 and White's Ferry ceased operations following a flood that snapped the cable used by the ferry to cross the river and failed negotiations to keep service operating.<ref>{{Cite web |last=ABC7 |date=2020-12-28 |title=Historic White's Ferry, the last remaining ferry across Potomac River, shuts down service |url=https://wjla.com/news/local/whites-ferry-announces-end-to-service-between-md-va |access-date=2022-10-17 |website=WJLA |language=en}}</ref><ref name=":0">{{Cite news |last=Davis |first=Rande |date=March 18, 2022 |title=A New Solution to Reopening White's Ferry? |pages=1, 14 |work=The Monocacy Monocle |url=https://www.monocacymonocle.com/images/issues_2022/MM_2022-03-18.pdf |access-date=October 17, 2022}}</ref>


In 2022, it was reported that negotiations to reopen the ferry were continuing with the new owners of the ferry service.<ref name=":0" /> Rockland Farm LLC has offered to purchase the Maryland landing for more than the owner paid for it to get the ferry re-opened. It has also asked to be paid an inflation-adjusted per car fee of 50 cents as well as offering to go to last-best-offer binding arbitration; but the current owners have rejected all offers. <ref>{{Cite web |last=GOODENOW |first=EVAN |title=Failure to launch: White's Ferry service resumption sought two years after ending |url=https://www.loudountimes.com/news/failure-to-launch-white-s-ferry-service-resumption-sought-two-years-after-ending/article_d3ad8350-8c66-11ed-be76-2b32607747a4.html |access-date=2023-01-25 |website=LoudounTimes.com |language=en}}</ref> The 50 cent per car price would have taken almost 50% of revenue from the operation of the ferry, making it unviable business. In an last effort to settle the dispute between the two private parties; the owners of the ferry, Montgomery County, and Loudoun County all participated in an offer settlement to purchase the landing site from the owners of Rockland Farm; with a reported price well above the appraisal value. Those offers were rejected by the family of Rockland Farm and the ferry remains close almost 3 years later as a result. The owners of Rockland Farm has also placed an unreasonable stipulation that they can shut down access to the landing site for any reason, making transportation unreliable and unpredictable. The closure of the ferry has caused a severe economic impact residents of both Loudoun and Montgomery Counties. <ref>{{Cite web |last=https://wtop.com/local/2023/03/no-deal-on-reopening-whites-ferry-as-owner-plans-to-sell-to-montgomery-co/}}</ref>
In 2022, it was reported that negotiations to reopen the ferry were continuing with the new owners of the ferry service.<ref name=":0" /> Rockland Farm LLC has offered to purchase the Maryland landing for more than the owner paid for it to get the ferry re-opened. It has also asked to be paid an inflation-adjusted per car fee of 50 cents as well as offering to go to last-best-offer binding arbitration; but the current owners have rejected all offers. <ref>{{Cite web |last=GOODENOW |first=EVAN |title=Failure to launch: White's Ferry service resumption sought two years after ending |url=https://www.loudountimes.com/news/failure-to-launch-white-s-ferry-service-resumption-sought-two-years-after-ending/article_d3ad8350-8c66-11ed-be76-2b32607747a4.html |access-date=2023-01-25 |website=LoudounTimes.com |language=en}}</ref> The 50 cent per car price would have taken almost 50% of revenue from the operation of the ferry, making it unviable business.
In a last effort to settle the dispute between the two private parties; the owners of the ferry, Montgomery County, and Loudoun County all participated in an offer settlement to purchase the landing site from the owners of Rockland Farm; with a reported price well above the appraisal value. Those offers were rejected by the family of Rockland Farm and the ferry remains closed almost 3 years later as a result. The owners of Rockland Farm have also placed an unreasonable stipulation that they can shut down access to the landing site for any reason, making transportation unreliable and unpredictable. The closure of the ferry has caused a severe economic impact residents of both Loudoun and Montgomery Counties. <ref>{{Cite web |last=https://wtop.com/local/2023/03/no-deal-on-reopening-whites-ferry-as-owner-plans-to-sell-to-montgomery-co/}}</ref>


==References==
==References==

Revision as of 13:19, 29 September 2023

Peter Fitzhugh Brown (born February 2, 1955) is the CEO of the American hedge fund Renaissance Technologies.[1]

Personal life and education

Brown is a son of Henry B. R. Brown, who invented the world's first money market fund, the Reserve Fund.[2] Brown's great-grandfather was United States federal judge Addison Brown, who was also a botanist and a founder of the New York Botanical Garden. He is also a descendent of Virginia statesman Richard Henry Lee, whose June 1776 resolution led to the United States Declaration of Independence.[3]

Brown graduated from Harvard University with a B.A. in mathematics. He later earned a Ph.D. in computer science from Carnegie Mellon University under Geoffrey Hinton.[4] He married Margaret Hamburg on May 23, 1992, who would later serve as the head of the FDA under the Obama Administration.[5] Together they have two children.[6] Their family foundation, Quetzal Trust, has over $380 million in assets as of 2020.[7][8]

Career

After graduating from Harvard, Brown joined a team at Exxon Office Systems that was working on computer systems to transcribe spoken language into computer text.[9] In 1984 he joined the IBM speech group, working on computer software to transcribe spoken text. The group, led by Frederick Jelinek, included Robert Mercer and several other mathematicians, statisticians, and scientists.[9][10]

To them, language could be modeled like a game of chance. At any point in a sentence, there exists a certain probability of what might come next, which can be estimated based on past, common usage. ... each step along the way is random, yet dependent on the previous step—a hidden Markov model. A speech-recognition system's job was to take a set of observed sounds, crunch the probabilities, and make the best possible guess about the "hidden" sequences of words that could have generated these sounds. To do that, the IBM researchers employed the Baum-Welch algorithm—codeveloped by Jim Simons's early trading partner Lenny Baum—to zero in on the various language probabilities. Rather than manually programming in static knowledge about how the language worked, they created a program that learned from data.[11]

Brown unsuccessfully urged IBM management to use the speech group's research to develop and sell new products, such as an automated service for evaluation of financial credit.[12] He successfully convinced Abe Peled, a high-level executive in IBM's Research Division, to hire the Carnegie Mellon research team that was programming a computer to play chess. The team, working for IBM, developed Deep Blue, which defeated Garry Kasparov in a 1997 chess match.[13]

Jim Simons offered to double Peter Brown's and Robert Mercer's IBM salaries, and they went to work for Renaissance Technologies in 1993.[14] Brown and Mercer were responsible for hiring David Magerman in 1995.[15] In 1995 Brown and Mercer implemented a new, improved trading system that incorporated all of the trading signals and portfolio requirements of Renaissance Technologies into a monolithic, new, and improved trading system. Soon afterward, they were promoted to senior managers and partners with percentages of the profits of Renaissance Technologies.[16] Magerman found and fixed two serious software bugs in Brown and Mercer's trading system.[17] In 1997 Simons gave a 10% equity stake to Henry Laufer and, later, gave sizable equity stakes to Brown, Mercer, and others. Simons thus reduced his equity stake to very slightly over 50%.[18] As Jim Simons became more confident, he moved the firm into a new headquarters compound with a gym, lighted tennis courts, a library with a fireplace, and a large auditorium, where biweekly seminars were held.[19]

Intense and energetic, Brown hustled from meeting to meeting, riding a unicycle through the halls and almost running over colleagues. Brown worked much of the night on a computer near the Murphy bed in his office, grabbing a nap when he tired.[20]

In 2003 Simons announced that Brown and Mercer would become executive vice-presidents of the entire firm, co-managing with Simons himself.[21] In 2010 Simons made Brown and Mercer co-CEOS and retired.[22] In November 2017, Mercer announced that he would resign from Renaissance Technologies.[23] Since Mercer's resignation, Brown has been the sole CEO.[1]

White's Ferry controversy

Brown and his sisters, Elizabeth Devlin and Harriet Dickerson, own Rockland Farm LLC in Loudoun County, Virginia, which has been in the Rust/Brown family for over 200 years.[3]

A narrow portion of the property along the Potomac River has long been used as the Virginia-side landing of White's Ferry, an important commuting link between Loudoun County and Montgomery County in Maryland. After unauthorized expansion of the landing including a concrete retaining wall was built on the property by the operators of White's Ferry following damage from a flood, Rockland Farm LLC sued, stating the 1952 license had been violated. Rockland Farm LLC won its case in November 2020 and White's Ferry ceased operations following a flood that snapped the cable used by the ferry to cross the river and failed negotiations to keep service operating.[24][25]

In 2022, it was reported that negotiations to reopen the ferry were continuing with the new owners of the ferry service.[25] Rockland Farm LLC has offered to purchase the Maryland landing for more than the owner paid for it to get the ferry re-opened. It has also asked to be paid an inflation-adjusted per car fee of 50 cents as well as offering to go to last-best-offer binding arbitration; but the current owners have rejected all offers. [26] The 50 cent per car price would have taken almost 50% of revenue from the operation of the ferry, making it unviable business.

In a last effort to settle the dispute between the two private parties; the owners of the ferry, Montgomery County, and Loudoun County all participated in an offer settlement to purchase the landing site from the owners of Rockland Farm; with a reported price well above the appraisal value. Those offers were rejected by the family of Rockland Farm and the ferry remains closed almost 3 years later as a result. The owners of Rockland Farm have also placed an unreasonable stipulation that they can shut down access to the landing site for any reason, making transportation unreliable and unpredictable. The closure of the ferry has caused a severe economic impact residents of both Loudoun and Montgomery Counties. [27]

References

  1. ^ a b "Peter Brown". Simons Foundation.
  2. ^ "Reserve's Bent May Be Charged by SEC Over Money Fund's Collapse - Bloomberg". Bloomberg News. 2012-11-03. Archived from the original on 2012-11-03. Retrieved 2022-10-17.
  3. ^ a b Weber, Bruce (15 August 2008). "Henry B. R. Brown, Who Opened Money Markets to Masses, Dies at 82 - Obituary (Obit) - NYTimes.com". The New York Times. Retrieved 2022-10-17.
  4. ^ "Ph.D. under Geoffrey Hinton". goldmansachs.com. 2023-09-11.
  5. ^ "Name: Hamburg, Margaret". allgov.com.
  6. ^ "Margaret Hamburg's House, Washington, D.C." virtualglobetrotting.com. 17 May 2012.
  7. ^ "Foundations Are Sending More Dollars to Donor-Advised Funds, Chronicle Analysis Finds". The Chronicle of Philanthropy. 2020-10-13. Retrieved 2022-10-17.
  8. ^ Roberts, Andrea Suozzo, Ken Schwencke, Mike Tigas, Sisi Wei, Alec Glassford, Brandon (2013-05-09). "The Quetzal Trust - Nonprofit Explorer". ProPublica. Retrieved 2022-10-17.{{cite web}}: CS1 maint: multiple names: authors list (link)
  9. ^ a b Zuckerman, Gregory (2019). The Man Who Solved the Market: How Jim Simons Launched the Quant Revolution. Penguin/Portfolio. p. 173. ISBN 978-0-7352-1798-0; hbk, 1st edition{{cite book}}: CS1 maint: postscript (link)
  10. ^ "Patents by Inventor Peter Fitzhugh Brown". Justia Patents.
  11. ^ The Man Who Solved the Market. pp. 173–174.
  12. ^ The Man Who Solved the Marked. p. 177.
  13. ^ The Man Who Solved the Market. p. 178.
  14. ^ The Man Who Solved the Marker. p. 180.
  15. ^ The Man Who Solved the Market. pp. 181–182.
  16. ^ The Man Who Solved the Market. pp. 189–190.
  17. ^ The Man Who Solved the Market. pp. 193–195.
  18. ^ The Man Who Solved the Market. p. 201.
  19. ^ The Man Who Solved the Market. p. 205.
  20. ^ The Man Who Solved the Market. p. 206.
  21. ^ The Man Who Solved the Market. p. 230.
  22. ^ The Man Who Solved the Market. p. 265.
  23. ^ Goldstein, Matthew; Kelly, Kate; Confessore, Nicholas (2017-11-02). "Robert Mercer, Bannon Patron, Is Leaving Helm of $50 Billion Hedge Fund". The New York Times. ISSN 0362-4331.
  24. ^ ABC7 (2020-12-28). "Historic White's Ferry, the last remaining ferry across Potomac River, shuts down service". WJLA. Retrieved 2022-10-17.{{cite web}}: CS1 maint: numeric names: authors list (link)
  25. ^ a b Davis, Rande (March 18, 2022). "A New Solution to Reopening White's Ferry?" (PDF). The Monocacy Monocle. pp. 1, 14. Retrieved October 17, 2022.
  26. ^ GOODENOW, EVAN. "Failure to launch: White's Ferry service resumption sought two years after ending". LoudounTimes.com. Retrieved 2023-01-25.
  27. ^ https://wtop.com/local/2023/03/no-deal-on-reopening-whites-ferry-as-owner-plans-to-sell-to-montgomery-co/. {{cite web}}: External link in |last= (help); Missing or empty |title= (help); Missing or empty |url= (help)CS1 maint: numeric names: authors list (link)
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