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| Mar 29, 2020 | » | Introduction
1 min; updated Mar 12, 2022
Investor Key Fund/Vehicle Period Annualized Returns After Fees Jim Simons Medallion Fund 1988 – 2018 (30) 39.1% George Soros Quantum Fund 1969 – 2000 (31) 32.0% Steven Cohen SAC 1992 – 2003 (11) 30.0% Peter Lynch Magellan Fund 1977 – 1990 (13) 29.0% Warren Buffett Berkshire Hathaway 1965 – 2018 (53) 20.5% Ray Dalio Pure Alpha 1991 – 2018 (27) 12% But time in the market is king - at least that’s what Malkiel taught me.... |
| Mar 29, 2020 | » | Prologue
1 min; updated Sep 5, 2022
Fall 1990. Simons had spent 12 years searching for a successful investing formula. In 1989, his net returns were -4.0%. In 1988, he had netted 9.0%. In 1990, he netted 55.0% (77.8% before fees). With Elywn Berlekamp, game theorist professor at UCB, Simons built a model for selecting idea trades based on data. Berlekamp knew their approach was alchemic - no cash flows, interest rate forecasts, product research. Some of the trade recommendations didn’t make sense.... |