Renaissance Institutional Equities Fund LLC:
Feb 2009: -4.61%
YTD: -8.84%
Renaissance Institutional Futures Fund:
Feb 2009: -0.53%
YTD: -0.63%
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- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
But I bet they made lots of money for themselves in Medallion, because that’s what they do.
“But rest assured, we have 50 PhDs working on the problem at this very moment.”
I’m shocked, SHOCKED I tell you! Agreed with #1, obviously.
Anyone have the since-inception #’s for the institutional funds btw, they’ve gotta be flat, at best.
Considering RIEF is advertised as positive beta, those are pretty good numbers.
@3
Down somewhere around 2 to 4% since inception. S&P almost 40% during the same period.
Medallion and RIEF are different strategies. Why would you be surprised if they had different results?
@5…the answer to your question: because they are all Rentec h8rs!
@5, do the names peter and paul come to mind at all?
@6
methinks you’re missing the point
@7
Thank you
@7. Yes, they work there.
Since I doubt the double entendre was intentional….If I was a RIEF investor, I’m pretty sure I would have done some serious due diligence to ensure that Medallion wasn’t simply picking RIEF’s pockets. Wouldn’t that be one of your primary concerns if you were considering putting money there? I would imagine that sufficient proof would be given of this, or else why would people continue to have any money in RIEF?
Anyone have numbers on their Medallion Fund? Didn’t see it on Zero Hedge with the last list..
you didn’t see this on ZH either @10.
So…I’m having a better year than Jim Simons?
@9 how do you do due diligence on an employee owned closed for years fund whose strategy is day trading that “exploit inefficiencies” in the market at lightning speeds?
doesn’t lightning speed imply that they are there at the trade nano seconds before others, you know, the way that specialists were trading a lightning speeds at their posts?
@13,
Again, if Medallion front running RIEF is something an investor should be concerned about, why does anyone still have any money in RIEF? Since said front running would be illegal, I would imagine there are controls in place to prevent this.
I can’t prove it, but I would guess there are at least days where RIEF outperforms Medallion. If Medallion was simply robbing RIEF, how would this ever happen?
@7 how about D.E. Shaw paying Schwab for order flow? Guaranteed to fill your online order in 2 minutes or less. Those were the days.
@14
You ever hear of a lil’ outfit called Bernard Madoff Investment Securities? How about Fairfield Greenwich Group?
All you gotta do is show some good returns (real or imagined) and eventually you benefit from your own success (again, real or imagined).
Rentech opens up institutional fund and everyone rushes in, you think the level of diligence was really that solid?
@16 Yes, and many of their larger institutional investors have been laughed at for their lack of due diligence.
Perhaps the investors who got in at the start didn’t do solid DD. But that fund was actually making money for a while too. Were those gains all imaginary? How did Medallion make money at the same time too?
Now that RIEF has been around for a while, I think investors have had enough time to do a thorough DD, and the fund still has billions in it.
16@ and all the rest of the people who don’t know what they are talking about.
Rentech employees also have some serious money in RIEF. That should be enough to assuage any thoughts that Medallion is simply ripping off Rief.
Guess what, they are losing money in those investments also! It is simply a different strategy.