Unless you’ve been living on the dark side of the moon, you’ll know that most equity markets around the world absolutely tanked in 2008. Actively managed mutual funds and index funds alike suffered horrible declines. However, that doesn’t mean that everyone lost money.
About 18 months ago, I wrote about a man named James Simons. I had written about him because his compensation in 2006 was $1.7 Billion – derived from his management and performance fees for managing the Renaissance Technologies Medallion Fund, a hedge fund. That year, the fund returned 79% while managing $6 Billion.
Well fast forward and the Medallion Fund returned 73.70% in 2007 and did even better in 2008 – it returned 80%. Simons’ compensation was up to $2.8 Billion for 2008.
I’ll stop you right now: the fund is closed to new investors. Read the original post here.