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Medallion Fund

also referred to as: medallion

17 statements across 2 episodes · 9 bullish · 0 bearish · 2 people on the record · first statement Aug 16, 2022 by David Rosenthal · said 88 times in 3 episodes since 2022 · across every show →

Mentions by year

brought up most by David Rosenthal (52), Ben Gilbert (36)

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2026 1 mention in 1 episode
2024 86 mentions in 1 episode
2022 1 mention in 1 episode

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Everything said about Medallion Fund, oldest first

Aug 16, 2022 bullish
Assertion Supported
Rosenthal: Medallion Fund averaged 66.1% annual return from 1988 to 2018
“So, supposedly, the Core Medallion Fund, which is now all private capital of Rentech employees and Simons himself, like there's no outside investors, averaged a 66.1% annual return from 1988 to 2018.”
David Rosenthal Aug 16, 2022 ▶ 33:06 Amazon.com · Acquired
Mar 18, 2024 neutral
Assertion Not checkable as stated
Rosenthal: Renaissance Restructures Its Entire Trading Model on a Two-Year Cycle
“Two years is kind of what I heard. That the model is fully restructured every two years. It's not like on a date every two years. It's being restructured every day, but collectively it's about a two-year cycle.”
David Rosenthal Mar 18, 2024 ▶ 2:26:43 Renaissance Technologies (Audio) · Acquired
Mar 18, 2024
Assertion Supported
Renaissance Technologies employees have their 401(k) retirement accounts invested in Medallion
“If you work there, your four oh one K is the medallion fund.”
David Rosenthal Mar 18, 2024 ▶ 2:08:49 Renaissance Technologies (Audio) · Acquired
Mar 18, 2024
Assertion Supported
Rosenthal: Renaissance Technologies has under 400 employees, with half in research
“There are less than 400 employees that work at Rentech, only half of which work in research and engineering, and the other half are either back office or institutional sales for the open funds.”
David Rosenthal Mar 18, 2024 ▶ 2:03:20 Renaissance Technologies (Audio) · Acquired
Mar 18, 2024 positive
Assertion Supported
Medallion never lost money and never returned under 30% gross post-1990
“From 1990 onward, they never lose money, and on a gross basis, they never even do less than 30%.”
Ben Gilbert Mar 18, 2024 ▶ 1:15:36 Renaissance Technologies (Audio) · Acquired
Mar 18, 2024 neutral
Assertion Supported
Renaissance Technologies' Medallion Fund excludes all outside investors
“To add to everything else that I just said, Rentech's flagship medallion fund doesn't take any outside investors. The partners of the firm have become so wealthy from the billions that the fund has generated that the only investors they allow in are themselves…”
Ben Gilbert Mar 18, 2024 ▶ 2:53 Renaissance Technologies (Audio) · Acquired
Mar 18, 2024 bullish
Assertion Partly supported
Rosenthal: Post-Simons Medallion averaged 77.3% gross and 40.3% net returns
“During the post-Jim era, the Peter and Bob era, from 20 10 to 20 22 was when we were able to get the latest data. IRRs are 77.3% gross and 40.3% net.”
David Rosenthal Mar 18, 2024 ▶ 1:54:58 Renaissance Technologies (Audio) · Acquired
Mar 18, 2024 positive
Assertion Supported
An estimated $150 billion to $200 billion has been distributed from Medallion
“I would estimate probably a 152 hundred billion dollars that have come out of Medallion over the last 35 years.”
David Rosenthal Mar 18, 2024 ▶ 1:12:22 Renaissance Technologies (Audio) · Acquired
Mar 18, 2024 positive
Assertion Supported
Medallion generated 136% gross returns in 2007 and 152% in 2008
“2007 medallion does a 136% gross. 2008 medallion does a 152% gross.”
David Rosenthal Mar 18, 2024 ▶ 1:50:27 Renaissance Technologies (Audio) · Acquired
Mar 18, 2024
Assertion Supported
Renaissance raised Medallion carry to 44% before expelling all outside investors
“Okay, so, in 2001, they raised the carrier to 36%. 2002, they raised it to 44%. And then, in 2003, they actually say, hey, we can't incentivize you out of the fund, outside investors. We are gonna kick you out. So, starting in 2003, everybody who's an outside …”
David Rosenthal Mar 18, 2024 ▶ 1:42:17 Renaissance Technologies (Audio) · Acquired
Mar 18, 2024 positive
Assertion Supported
Rosenthal: Medallion Fund achieved a 7.5 Sharpe ratio in 2004
“And I believe, if I have my research right, in 2004, they actually achieved a Sharpe ratio of 7.5.”
David Rosenthal Mar 18, 2024 ▶ 1:39:35 Renaissance Technologies (Audio) · Acquired
Mar 18, 2024
Assertion Supported
Gilbert: Medallion Achieved 12.5x Leverage via Basket Options
“Competitors generally had about seven dollars of financial instruments for every dollar of cash. By contrast, Medallion's option strategy allowed it to have 12 dollars and 50 cents worth of financial instruments for every dollar of cash.”
Ben Gilbert Mar 18, 2024 ▶ 2:14:43 Renaissance Technologies (Audio) · Acquired
Mar 18, 2024 positive
Opinion
Ben Gilbert: The Medallion Fund is Renaissance Technologies' only interesting asset
“The Medallion Fund is the crown jewel, or you might even say actually the only interesting thing about Renaissance.”
Ben Gilbert Mar 18, 2024 ▶ 58:16 Renaissance Technologies (Audio) · Acquired
Mar 18, 2024
Assertion Supported
Gilbert: Renaissance manages $60B-$70B in institutional funds plus $10B-$15B in Medallion
“The institutional funds have gotten big. They peaked at over a hundred billion, but they're currently between 60 and seventy billion that they manage on top of the 10 or 15 that's in the medallion fund.”
Ben Gilbert Mar 18, 2024 ▶ 2:04:05 Renaissance Technologies (Audio) · Acquired
Mar 18, 2024
Assertion Not checkable as stated
Gilbert: Medallion executes 150,000 to 300,000 trades daily across multi-day holdings
“They hold thousands of long and short positions at any given time, and their holding period ranges from one to two days or one to two weeks. They make between a 150,300 thousand trades a day, but much of that activity entailed buying or selling in small chunks…”
Ben Gilbert Mar 18, 2024 ▶ 2:44:28 Renaissance Technologies (Audio) · Acquired
Mar 18, 2024 bullish
Assertion Supported
Medallion delivered 68% gross returns and $60 billion in carry over 34 years
“So during the entire lifetime so far of Medallion, from 1988 To twenty-twenty-two, that's 34 years. The total net annual return number is 40%. Four zero over 34 years after fees. It's 68% before fees. Which equates to total lifetime carry dollars for the whole…”
David Rosenthal Mar 18, 2024 ▶ 1:56:06 Renaissance Technologies (Audio) · Acquired
Mar 18, 2024 bullish
Assertion Supported
Rosenthal: Medallion gained 149% gross and 76% net in 2020
“So, from at least the data that we were able to find on Medallion's performance over the past few years, twenty-twenty, they were up a 149% gross and 76% net.”
David Rosenthal Mar 18, 2024 ▶ 1:54:05 Renaissance Technologies (Audio) · Acquired
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