> had gains of 98% in 2008, in the middle of an economic meltdown Medallion does not act on its own or any human sentiment. It is a black box trading strategy

> had gains of 98% in 2008, in the middle of an economic meltdown Medallion does not act on its own or any human sentiment. It is a black box trading strategy that looks for signals. It's not aurprise that during downturns, the overall market is incredibly inefficient. Medallion makes money off of the market's inefficiencies. I don't know what that has to donwith internal vs external investors though. > How come they figured it out for one single fund, but aren't able to make any alternative strong strategies except the secret and closed one? I dislike responding to a question with a question, but why would that work? Medallion has made several people billionaires and has done so incredibly quickly. Trying to replicate it with the same strategy will just step on its toes. It helps to understand Medallion. It is a massive statistical trading system that places a huge amount of bets across all markets, like all of them, and hopes to win say 51% of the bets. When it reaches a certain size, they cap it by taking off all money above the cap and returning it to investors. You can't add more money to Medallion and keep its performance up. It moves the market too much and degrades its positions.