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It certainly appears that way. WSJ picks up on dissent among investors in Renaissance Technologies, a massive quantitative hedge fund run by the highly secretive geek James Simons. Observers have been wondering how Renaissance's in-house Medallion Fund has managed to continue to outperform the stock market handily while funds open to outside investors have performed miserably. Simons' outside investors funds were apparently obliterated in the massive short squeeze also known as the most recent bear market bounce.

Continue reading Is the world's most successful hedge fund under SEC investigation?

Is the world's most successful hedge fund under SEC investigation? originally appeared on BloggingStocks on Fri, 15 May 2009 14:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>hedge fundsHedgeFundsJames SimonJamesSimonMedallion FundMedallionFundRenaissance TechnologiesSECFri, 15 May 2009 14:00:00 EST<![CDATA[With hedge funds down 10.8%, two big winners up 58%, 24.6%]]>http://www.bloggingstocks.com/2008/12/02/with-hedge-funds-down-10-8-two-big-winners-58-24-6/http://www.bloggingstocks.com/2008/12/02/with-hedge-funds-down-10-8-two-big-winners-58-24-6/http://www.bloggingstocks.com/2008/12/02/with-hedge-funds-down-10-8-two-big-winners-58-24-6/#commentsHedge funds have had a lousy year, losing an average of 10.8%. But two hedge funds -- big winners in 2007 -- kept making money this year as well. Meanwhile, those two winners mask an awful lot of losers who will probably find their way into oblivion.

The winners for 2008 (at least through September) are run by James Simons (a math genius whose money-making techniques elude explanation) and John Paulson (who made so much money last year shorting subprime). Here are the details:

  • Medallion Fund, run by Simons' Renaissance Technologies LLC, has $8 billion in assets and gained more than 58% -- or $1.43 billion in profits; and
  • Advantage Plus fund, Paulson's $13 billion investor in takeovers, restructurings and other corporate events, returned 24.6% through September.

Meanwhile, investors are scrambling for the exit for the typical hedge fund, withdrawing $87.5 billion. Total industry assets fell 11% from the peak of $1.93 trillion in the second quarter of 2008 to $1.72 trillion at the end of the third. Hedge fund closures by the middle of 2008 were 15% ahead of 2007. And that may be only the beginning for the world's 10,000 funds.

Isn't capitalism great?

Peter Cohan is President of Peter S. Cohan & Associates. He also teaches management at Babson College and edits The Cohan Letter.

With hedge funds down 10.8%, two big winners up 58%, 24.6% originally appeared on BloggingStocks on Tue, 02 Dec 2008 15:25:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>advantage plusAdvantagePlushedge fundsHedgeFundsinthenewsJames SimonsJamesSimonsJohn PaulsonJohnPaulsonmedallion fundMedallionFundTue, 02 Dec 2008 15:25:00 EST