David Siegel
Born1961
The Bronx, New York, US
NationalityAmerican
EducationPrinceton University, MIT
OccupationComputer scientist
Known forCo-founder and co-chairman of Two Sigma

David Mark Siegel (born 1961) is an American computer scientist, entrepreneur, and philanthropist. He co-founded Two Sigma, where he currently serves as co-chairman.[1][2] Siegel has written for Business Insider, The New York Times, Financial Times and similar publications on topics including machine learning,[3] the future of work,[4] and the impact of algorithms used by search and social media companies.[5][6]

Early life and education

Siegel was born in 1961[7] and spent his early childhood in the Bronx, New York and focused on computer science at a young age.[8] By 12 years old, he had built memory and logic boards and learned to program a supercomputer at New York University's Courant Institute of Mathematical Sciences.[9] As a freshman in high school, he taught a programming course to high school students at an NYU summer program.[10]

After attending Mamaroneck High School, Siegel graduated from Princeton University with a degree in electrical engineering and computer science and he went on to receive a PhD in computer science from the Massachusetts Institute of Technology. There, he conducted research at the Artificial Intelligence Laboratory and developed thermal and tactile sensors for the Utah-MIT dexterous four-fingered hand, as well as a computational architecture for controlling the system.[11]

Career

After leaving MIT, Siegel worked alongside Jeff Bezos[12] at D.E. Shaw & Co and became the company's first Chief Information Officer. During this time he founded FarSight Financial Services, the first integrated personal financial services website.[13] FarSight performed the first retail stock trade on the Internet[12] and was acquired by Merrill Lynch.[13] He later served as Chief Technology Officer and Managing Director at Tudor Investment Corporation.[13] In 1999, Siegel founded Blink.com, a web-based browser bookmark storage, organization, and sharing service that automatically searched for new sites related to users' existing bookmarks.[14] Blink was later sold to the Vendare Group.

Two Sigma

In 2001, Siegel co-founded Two Sigma, a New York City-based company that applies data science and technology to financial services.[15] Siegel has stated that he believes investment managers that take a scientific approach to investing – by using machines, data, and artificial intelligence – have a distinct advantage.[16] As of 2019, Two Sigma managed $60B assets globally,[17] and had offices in New York, Houston, London, Hong Kong and Shanghai.[18]

Siegel has spoken about encouraging employees to branch out from their daily work at Two Sigma, taking on outside engineering challenges and coding competitions. In May 2019, a Two Sigma team competed in the inaugural New York City FIRST robotics corporate challenge after setting up a temporary robotics lab in its New York office.[18]

Siegel supports employees contributing to the company's Data Clinic, which uses the pro bono model to connect Two Sigma data scientists on a project basis with the social sector. In a partnership with the Environmental Defense Fund, the Two Sigma Data Clinic data scientists used public data on inspections of oil and gas wells to develop predictive models that could be used to send inspectors to higher risk sites.[19]

Published Views

Siegel writes and speaks frequently about the relationship between technology and society. He has called machine learning the "story of our times," and despite its limitations, such as a lack of common sense, has described it as "the best way anyone has come up with to algorithmically find knowledge in unstructured data".[20]

Siegel has focused on the importance of separating misconceptions from reality when it comes to artificial intelligence and algorithms.[21] He has cautioned that A.I. and automation could lead to significant losses of certain middle-skill jobs,[22] but could create new types of jobs for appropriately skilled workers.[21]

He has argued that algorithms such as those used by search and social media companies could harm society by "contributing to increasingly slanted and divided views about the issues of the day."[23][24] He has advocated for these companies to form a self-regulatory organization modeled after the Financial Industry Regulatory Authority (FINRA).[25] Siegel has suggested that if society is going to trust machines with life or death situations, it must "insist on new, tougher standards for their software."[26]

Siegel has also spoken about his concern that we “may not be building a world that is meant for humans” and has been focused on how the Covid-19 pandemic has accelerated society's dependence on technology and automation, negatively impacting the human experience.[27]

He has also argued that America needs a consistent and thought-out plan for investing in and maintaining infrastructure rather than periodically and haphazardly investing in it.[28]

Philanthropy

Siegel Family Endowment

In 2011, he founded the Siegel Family Endowment, which supports organizations that help prepare society for the impact of technology.[29] The endowment funds organizations including the Center on Rural Innovation - which brings digital job training, computer science education and entrepreneurship centers to rural areas — and Data and Society – a research institute that examines the social issues that can arise from pervasive technology.[30]

In 2017, Siegel Family Endowment made a total of 50 grants to organizations including the New York Hall of Science,[31] Mozilla Science Lab, and Jobs for the Future.[32] In 2019, Siegel Family Endowment made commitments to CSforALL,[33] and the Constellations Center for Equity in Computing[34] and the Aspen Institute.[35]

Siegel Family Endowment makes mission-driven grants in three interest area portfolios:[36]

  • Learning: Supports research and programs that investigate how learning and teaching need to change in order to equip the greatest number of people with adaptable, future-relevant competencies and skills.[37]
  • Workforce: Supports organizations that use technological innovations to help more people pursue meaningful work in a rapidly changing economy.[38]
  • Infrastructure: Supports organizations that explore the implications of rapid digital innovation for the institutions that underpin civil society.[39]

Scratch Foundation

In 2014, Siegel co-founded the Scratch Foundation to ensure that Scratch, a free online coding community that helps children learn to think creatively, reason systematically, and work collaboratively, remains free and accessible to kids all over the world.[40] As of October 2018, the organization's official website showed more than 40 million projects shared.[41] He is Vice Chairman of the Scratch Foundation.[42]

Board membership

He is a member of the MIT Corporation, where he sits on the Executive Committee, and serves on MIT's Visiting Committee for the Media Lab,[43] Electrical Engineering and Computer Science, and Center for Brains, Minds, and Machines,[44] as well as with the advisory group for the Task Force on the Work of the Future.[45] He is Founding Chair of the advisory board for MIT Quest, an initiative that seeks to discover the foundations of human intelligence.[46][47]

He is Chairman of the Board of Overseers at Cornell Tech.[48] He also serves on the Advisory Board for Stanford's Center on Philanthropy and Civil Society,[49] a research center for students, scholars and practitioners to share ideas that create social change, and the Advisory Council for Princeton's Center on Information Technology Policy, which brings together expertise in technology, engineering, public policy and the social sciences.

He co-founded the New York City FIRST Robotics[50] organization to elevate STEM education and robotics programs and is a member of the national FIRST Robotics board.[51] Siegel serves on the global advisory board of Khan Academy,[52] whose mission is to provide a free world-class education for anyone, anywhere.[53]

He sits on the Board of Trustees of the Robin Hood Foundation's Learning + Tech Fund, founded to use technology to transform learning for low-income students in New York City.[54] He serves on the Board of Trustees for Carnegie Hall.[55]

As a board member of the for-profit Hamilton Insurance Group, he has served as Chairman of the Compensation and Personnel Committee.[56]

Awards and honors

In 2016, Siegel received the FIRST organization's John C. Whitehead Leadership Award in honor of his service and support for the science and technology education charity's New York chapter.[57]

In 2017, Siegel received the Golden Plate Award by the Academy of Achievement for his pioneering work in technology and investment management.[58][59] The same year, Siegel was named to "The Bloomberg 50: The People Who Defined Global Business in 2017."[60]

Siegel received Institutional Investor's Lifetime Achievement Award in 2019.[61]

Further reading

  • Siegel, David. "Human error is unforgivable when we shun infallible algorithms," Financial Times. June 4, 2015 [62]
  • Siegel, David. "Infinite personalization is making us dumber," Business Insider. February 22, 2017[63]
  • Siegel, David. "How efficiency is wiping out the middle class." The New York Times. January 25, 2017[64]
  • Siegel, David. "Quants' Best Strategy Is from the 17th Century" The Wall Street Journal. May 26, 2017 [65]
  • Siegel, David. "Don't binge on bridge-building." The Wall Street Journal. June 18, 2018[66]
  • Siegel, David. "Algorithms are an easy scapegoat for volatile markets," Financial Times. January 21, 2019
  • Reich, Rob and Siegel, David. "It's not too late for social media to regulate itself." Wired. February 7, 2019[67]
  • Siegel, David. "Shared Prosperity Will Require Basic Research—and a Lot of It," Milken Institute Power of Ideas, April 23, 2019 [68]
  • Siegel, David. "There's no excuse for sloppy automation," Financial Times. July 4, 2019

References

  1. ↑ "David Siegel". Forbes. Archived from the original on 2018-11-23. Retrieved 2019-01-15.
  2. ↑ Vardi, Nathan. "Two Sigma Investments Is Having a Great Year And Becoming A Hedge Fund Powerhouse". Forbes. Archived from the original on 2017-10-25. Retrieved 2019-01-15.
  3. ↑ "Two Sigma's Siegel on Sourcing Top Talent". Bloomberg.com. 2017-09-14. Archived from the original on 2019-07-14. Retrieved 2019-01-15.
  4. ↑ Siegel, David (2017-01-25). "How Efficiency Is Wiping Out the Middle Class". The New York Times. ISSN 0362-4331. Archived from the original on 2019-01-15. Retrieved 2019-01-15.
  5. ↑ "Infinite personalization is making us dumber". Business Insider. Archived from the original on 2019-01-15. Retrieved 2019-01-15.
  6. ↑ "It's Time to Really Start Worrying About a Robot Takeover". Fortune. Archived from the original on 2019-01-15. Retrieved 2019-01-15.
  7. ↑ "David Siegel". Forbes. Archived from the original on 2019-08-13. Retrieved 2019-06-27.
  8. ↑ "About". Two Sigma. Archived from the original on 2019-06-27. Retrieved 2019-06-27.
  9. ↑ "David Siegel". Stanford PACS. Archived from the original on 2019-06-27. Retrieved 2019-06-27.
  10. ↑ "David Siegel". FIRST. 2017-07-12. Archived from the original on 2019-06-27. Retrieved 2019-06-27.
  11. ↑ Siegel, David Mark (1986-06-01). "Contact Sensors for Dexterous Robotic Hands". hdl:1721.1/6848. Archived from the original on 2015-04-19. Retrieved 2019-01-15. {{cite journal}}: Cite journal requires |journal= (help)
  12. 1 2 Vardi, Nathan. "Mafia Wars: How D.E. Shaw's Wall Street Geeks Overtook The Paypal Mafia In Producing Billionaires". Forbes. Archived from the original on 2019-06-18. Retrieved 2019-06-18.
  13. 1 2 3 "David Mark Siegel, Two Sigma Investments LLC: Profile and Biography - Bloomberg Markets". Bloomberg.com. Retrieved 2019-06-18.
  14. ↑ "Blink.com, Inc. > Startup Company Information". www.startupzone.com. Archived from the original on 2019-01-20. Retrieved 2019-01-20.
  15. ↑ Vardi, Nathan. "Two Sigma Investments Is Having a Great Year And Becoming A Hedge Fund Powerhouse". Forbes. Archived from the original on 2017-10-25. Retrieved 2019-08-26.
  16. ↑ "The rise of the financial machines". The Economist. 2019-10-03. ISSN 0013-0613. Archived from the original on 2019-11-05. Retrieved 2019-11-12.
  17. ↑ Saacks, Bradley. "'It's a cat-and-mouse game': The head of technology at $60 billion hedge fund Two Sigma explains why cybersecurity is a bigger challenge than AI". Business Insider. Archived from the original on 2019-11-12. Retrieved 2019-11-12.
  18. 1 2 "Inside the Geeky, Quirky, and Wildly Successful World of Quant Shop Two Sigma". Institutional Investor. 28 June 2019. Archived from the original on 2019-11-12. Retrieved 2019-11-12.
  19. ↑ Gordon, Amanda L. (November 12, 2019). "Two Sigma Marshals Squadron of Quants in Push to Help Nonprofits". Bloomberg. Archived from the original on 2019-11-12.
  20. ↑ "Two Sigma's Siegel on Sourcing Top Talent". Bloomberg. July 14, 2019. Archived from the original on 2019-07-14. Retrieved 2019-07-14.
  21. 1 2 "AI Past and Future: A Conversation with David Siegel and Kai-Fu Lee". Two Sigma. Archived from the original on 2019-07-14. Retrieved 2019-07-14.
  22. ↑ Siegel, David (2017-01-25). "How Efficiency Is Wiping Out the Middle Class". The New York Times. ISSN 0362-4331. Archived from the original on 2019-04-16. Retrieved 2019-07-14.
  23. ↑ "Infinite personalization is making us dumber". Business Insider. Archived from the original on 2019-06-18. Retrieved 2019-07-14.
  24. ↑ "It's Time to Really Start Worrying About a Robot Takeover". Fortune. Archived from the original on 2019-07-14. Retrieved 2019-07-14.
  25. ↑ Reich, David Siegel,Rob (2019-02-07). "It's Not too Late for Social Media to Regulate Itself". Wired. ISSN 1059-1028. Archived from the original on 2019-06-21. Retrieved 2019-07-14.{{cite magazine}}: CS1 maint: multiple names: authors list (link)
  26. ↑ Siegel, David (2019-07-04). "There's no excuse for sloppy automation". Financial Times. Archived from the original on 2019-08-26. Retrieved 2019-08-26.
  27. ↑ "Wall Street Visionaries Provide Chilling Views on Next Big Risk". Bloomberg.com. 2021-01-12. Retrieved 2021-02-10.
  28. ↑ Siegel, David (2018-06-18). "Don't Binge on Bridge-Building". Wall Street Journal. ISSN 0099-9660. Retrieved 2021-02-10.
  29. ↑ "Siegel Family Endowment Awards Constellations Center Funding to Support AP Computer Science Programming | College of Computing". www.cc.gatech.edu. Archived from the original on 2019-01-15. Retrieved 2019-01-15.
  30. ↑ "The Rich List". Institutional Investor. 30 April 2019. Archived from the original on 2019-04-30. Retrieved 2019-07-14.
  31. ↑ Endowment, Siegel Family (2018-02-07). "Grantee Profile: New York Hall of Science". Siegel Family Endowment. Archived from the original on 2019-01-20. Retrieved 2019-01-20.
  32. ↑ "Siegel Family Endowment". July 14, 2019. Archived from the original on July 14, 2019. Retrieved July 14, 2019.
  33. ↑ Endowment, Siegel Family (2018-10-09). "Siegel Family Endowment and CSforALL Announce New Partnership for K-12 Computer Science Education". Medium. Archived from the original on 2019-01-20. Retrieved 2019-01-20.
  34. ↑ "Siegel Family Endowment Awards Constellations Center Funding to Support AP Computer Science Programming | College of Computing". www.cc.gatech.edu. Archived from the original on 2019-01-15. Retrieved 2019-01-20.
  35. ↑ "Grantees". Siegel Family Endowment. Archived from the original on 2019-07-14. Retrieved 2019-07-14.
  36. ↑ "Our Interest Areas". Siegel Family Endowment. Archived from the original on 2019-07-14. Retrieved 2019-11-12.
  37. ↑ "Learning". Siegel Family Endowment. Archived from the original on 2019-07-14. Retrieved 2019-11-12.
  38. ↑ "Workforce". Siegel Family Endowment. Archived from the original on 2019-07-14. Retrieved 2019-11-12.
  39. ↑ "Infrastructure". Siegel Family Endowment. Archived from the original on 2019-07-14. Retrieved 2019-11-12.
  40. ↑ "Our Story". Scratch Foundation. Archived from the original on 2019-07-14. Retrieved 2019-07-14.
  41. ↑ "Scratch - Imagine, Program, Share". scratch.mit.edu. Archived from the original on 2016-04-06. Retrieved 2019-07-14.
  42. ↑ "Who We Are". Scratch Foundation. Archived from the original on 2019-07-14. Retrieved 2019-07-14.
  43. ↑ "Media Lab / Media Arts and Sciences | The MIT Corporation". corporation.mit.edu. Archived from the original on 2019-01-05. Retrieved 2019-01-20.
  44. ↑ "David Siegel | The Center for Brains, Minds & Machines". cbmm.mit.edu. Archived from the original on 2016-11-10. Retrieved 2019-01-20.
  45. ↑ "Intelligence at its core". MIT School of Science. Archived from the original on 2019-08-08. Retrieved 2019-01-20.
  46. ↑ "The MIT Quest for Intelligence – The MIT Quest for Intelligence". Archived from the original on 2019-01-15. Retrieved 2019-01-15.
  47. ↑ "David Siegel on MIT's "Challenging and Collaborative Culture"". MIT Spectrum. Archived from the original on 2019-11-30. Retrieved 2019-01-15.
  48. ↑ "Cornell Tech - Board of Overseers". Cornell Tech. Archived from the original on 2019-03-06. Retrieved 2019-03-06.
  49. ↑ "Advisory Board". Stanford PACS. Archived from the original on 2018-12-11. Retrieved 2019-01-20.
  50. ↑ "nycfirst | Board of Directors". FIRST NYC | Robotics | STEM Education. Archived from the original on 2019-01-20. Retrieved 2019-01-20.
  51. ↑ "Leadership". FIRST. 2018-06-20. Archived from the original on 2019-07-09. Retrieved 2019-01-20.
  52. ↑ "Khan Academy". Khan Academy. Archived from the original on 2018-12-25. Retrieved 2019-01-20.
  53. ↑ Citation error. See inline comment how to fix.
  54. ↑ Hood, Robin (2017-09-13). "Robin Hood Announces its first $3.85 Million in Grants From $25 Million Learning + Technology Fund". Robin Hood. Archived from the original on 2019-08-26. Retrieved 2019-08-26.
  55. ↑ "Board of Trustees". www.carnegiehall.org. Archived from the original on 2019-07-18. Retrieved 2019-08-26.
  56. ↑ "David Siegel". Hamilton Group. Archived from the original on 2019-01-20. Retrieved 2019-01-20.
  57. ↑ "FIRST Newsletter – January, 2017 – FIRST, Inspire Honorees Expand Opportunities for the Next Generation of Innovators". FIRST. 2017-01-11. Archived from the original on 2019-01-15. Retrieved 2019-01-15.
  58. ↑ "Golden Plate Awardees of the American Academy of Achievement". www.achievement.org. American Academy of Achievement. Archived from the original on 2016-12-15. Retrieved 2020-10-05.
  59. ↑ "2017 Summit Highlights Photo: Dr. Joseph E. Stiglitz, Awards Council member and recipient of the Nobel Prize in Economics, presents the Golden Plate Award to Dr. David Siegel, a quantitative hedge fund pioneer and the co-founder of Two Sigma Investments". American Academy of Achievement. Archived from the original on 2020-09-17. Retrieved 2020-10-05.
  60. ↑ "The Bloomberg 50". Bloomberg Businessweek. June 27, 2019. Archived from the original on September 15, 2018. Retrieved June 27, 2019.
  61. ↑ "John Overdeck and David Siegel to Receive Lifetime Achievement Award". Institutional Investor. 6 May 2019. Archived from the original on 2020-08-10. Retrieved 2019-07-14.
  62. ↑ Siegel, David (4 June 2015). "Human error is unforgivable when we shun infallible algorithms". Financial Times. Archived from the original on 2019-07-14. Retrieved 2019-07-14.
  63. ↑ Siegel, David (June 18, 2019). "Infinite personalization is making us dumber". Business Insider. Archived from the original on June 18, 2019. Retrieved June 18, 2019.
  64. ↑ Siegel, David (2017-01-25). "How Efficiency Is Wiping Out the Middle Class". The New York Times. ISSN 0362-4331. Archived from the original on 2019-04-16. Retrieved 2019-06-18.
  65. ↑ Siegel, David. "Quants' Best Strategy Is From the 17th Century". WSJ. Archived from the original on 2019-07-14. Retrieved 2019-07-14.
  66. ↑ Siegel, David (2018-06-18). "Don't Binge on Bridge-Building". Wall Street Journal. ISSN 0099-9660. Archived from the original on 2019-06-18. Retrieved 2019-06-18.
  67. ↑ Reich, David Siegel,Rob (2019-02-07). "It's Not too Late for Social Media to Regulate Itself". Wired. ISSN 1059-1028. Archived from the original on 2019-06-21. Retrieved 2019-06-18.{{cite magazine}}: CS1 maint: multiple names: authors list (link)
  68. ↑ "Shared Prosperity Will Require Basic Research—and a Lot of It | Milken Institute". www.milkeninstitute.org. Archived from the original on 2019-07-14. Retrieved 2019-07-14.
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