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Cracking the Code

The new leaders at renowned quant shop D.E. Shaw hope to ensure the legacy of the firm's founder by applying the innovations he developed for hedge funds to traditional asset management.

When David Shaw turned 50 in 2001, he paused to take stock of his life. D.E. Shaw & Co., the New York­based investment firm he had founded more than a decade earlier, was thriving. Its core business -- a quantitative-based hedge fund that relies on sophisticated computer-driven algorithmic models to

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