> It's basically insinuating that the techniques Renaissance used are somehow unfair because Medallion has such high returns, as if those returns were anointed

> It's basically insinuating that the techniques Renaissance used are somehow unfair because Medallion has such high returns, as if those returns were anointed by God instead of the work of the people at the fund The general assumption I've heard from friends in the industry -- which may be justified or may not be, I am certainly not qualified to say -- is that they're juicing the Medallion fund with returns from their other funds, they're just using clever trading mechanisms to effectively "launder" what would otherwise be highly illegal transactions. The advertising mileage they get out of Medallion alone would probably make the activity worthwhile, but I'm sure the tax-free income from the Roth IRAs doesn't hurt either.