Jim Simons built the Medallion Fund by hiring mathematicians and PhDs to run algorithmic trading. The fund returned roughly 50 to 70 percent annually and stopped taking outside money over 20 years ago, making it arguably the greatest in history.
Chapters
Jim Simons' Quantum Fund was one of the most successful funds ever on Wall Street. Now there's a few different main types of hedge funds. There's more than this, but there's a few categories. Number one, you'd call them an algorithmic or a quant-based fund. A great example of this is Jim Simons. He was kind of the father of the first algorithmic or quant fund, and rest in peace, Jim Simons. But he came and said, let's gather together the smartest people on earth, mathematicians, PhDs, all into a room and figure out if we can crack the public markets, crack the stock market. Can we find mathematical things that we can put into a computer and allow that computer to go trade for us? Jim Simons' Quantum Fund was one of the most successful funds ever on Wall Street. Their Medallion Fund, which was their core like flagship fund, their Medallion Fund was producing 50, 60, 70% per year. It was so successful, they have not raised money for over 2 decades.