I think there are a few implied questions though. First, does alpha exist? Second, can alpha reliably be separated from beta? And third, can future alpha be pre

I think there are a few implied questions though. First, does alpha exist? Second, can alpha reliably be separated from beta? And third, can future alpha be predicted from past performance? I think Renaissance's track record only answers the first question. But apparently the last few years have been really tough for quant funds, some strategies actually lost money on average. And I'd have no idea how to separate well run quant funds that like Renaissance that can withstand changing market conditions and funds that will fail when market conditions change. Also, I'd be a little nervous assuming that a well run fund will stay well run. I think that some managers do have actual skill, and would provide value. But I think that trying to find those managers would usually be really difficult.