How the money is made.
Angle: The math professor who built the best-performing fund in history – and why outsiders cannot buy into it.
Jim Simons, a PhD mathematician and former NSA codebreaker, founded Renaissance Technologies in 1978.
The Medallion fund returned roughly 66% a year before fees, or 39-42% after fees, over about 30 years from 1988 to 2018.
Medallion never had a negative year in the period; $100 at the start of 1988 grew to roughly $398.7 million by 2018 per Greg Zuckerman’s reconstruction.
The fund has been closed to outside investors since 1993 and is owned by employees and partners.
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