However, the medallion fund has averaged 66% for 30 years before fees. Analyzed naively, that would be $4T from $1M - but it's not, because in order to keep it

However, the medallion fund has averaged 66% for 30 years before fees. Analyzed naively, that would be $4T from $1M - but it's not, because in order to keep it working, they have to cap the size. Many strategies only work when you don't affect the market too much. So for the rare continually successful, market beating funds, it's probably better to think of them as generating something like a fixed dollar return per year. So they have a very effective money machine, but it's minting billions, not trillions.