Your theory is interesting but it's just speculative fodder. Getting capacity in something like Medallion is pretty much impossible. The lowly head of a state p

Your theory is interesting but it's just speculative fodder. Getting capacity in something like Medallion is pretty much impossible. The lowly head of a state pension fund would never have access to such capacity. Doing this sort of thing destroys the reputation of hedge funds and is not a long-term positive expected value decision. (See Bluecrest: https://dealbook.nytimes.com/2014/05/29/fund-within-a-fund-creates-a-conflict/ https://dealbook.nytimes.com/2014/05/29/fund-within-a-fund-c...) While skepticism of Medallion is warranted, we're not doing ourselves favors by explaining away its success with activity that would have much more likely killed the firm vs sustained it.