Millennium Management
also referred to as: millennium
13 statements across 7 episodes · 6 bullish · 3 bearish · 7 people on the record · first statement Feb 4, 2019 by Steve Kuhn · said 52 times in 19 episodes since 2017 · across every show →
Mentions by year
brought up most by Ted Seides (19), Steve Kuhn (10), Richard Craib (8), Vincent Daniel (3), Michael Sidgmore (3), Bobby Jain (3), Sulaiman Alderbas (1), Matt Brown (1)
tap a year for its mentions
2026 13 mentions in 2 episodes 7 per episode
2025 5 mentions in 2 episodes 3 per episode
2023 14 mentions in 4 episodes 4 per episode
- Richard Craib – Crowdsourcing Data Science for Returns at Numerai (Capital Allocators, EP.314)
- Porter Collins and Vincent Daniel - Big Shorts and Big Longs (Capital Allocators, EP.325)
- Stan Miranda – Modern Endowment Model at Partners Capital (EP.334)
- Dmitry Balyasny – Multi-Strategy Platform at BAM (EP.341)
- every mention in 2023, scene by scene →
2022 2 mentions in 2 episodes 1 per episode
2021 3 mentions in 3 episodes 1 per episode
- Innovation in Private Markets 3: Sulaiman Alderbas – A Massive Restart at PIFSS (Capital Allocators, EP.194)
- Ted with Patrick O'Shaughnessy – Lessons from the World's Elite Money Managers (Capital Allocators, EP.184)
- Alex Shahidi and Damien Bisserier – Uncorrelated Return and Balanced Risk at Evoke-ARIS (Capital Allocators, EP.179)
- every mention in 2021, scene by scene →
2020 1 mention in 1 episode
2019 11 mentions in 2 episodes 6 per episode
2018 2 mentions in 2 episodes 1 per episode
2017 1 mention in 1 episode
Everything said about Millennium Management, oldest first
Feb 4, 2019 positive
Millennium's multi-decade track record statistically disproves efficient markets
“It's in decades, not in single digit years with hundreds of different groups on board. And it would be impossible statistically to think that that's random at this point. Let's put it that way. They continue to do well.”
Feb 4, 2019 bullish
Multi-manager platforms like Millennium have massive advantage in recruiting talent
“I think that means as of now, kind of the big market leader is in the big brands like the millenniums of the world have a pretty big edge because the person who wants to raise a hundred million dollar fund has a very difficult time doing that themselves, but M…”
May 11, 2023 positive
Craib: Millennium Management thrives by combining numerous uncorrelated strategies
“One of the reasons Millennium works is because they can get strategies that are uncorrelated, and that's what boosts the sharp. They have so many different strategies that are all uncorrelated, it's starts to become very hard to have a down year.”
May 11, 2023 positive
Craib: Numerai operates as an AI-driven version of Millennium Management
“I talk about Numerize being a kind of AI version of Millennium. Millennium, they do not have all the same people they had 20 years ago working at Millennium. They have a totally dynamic system of PMs coming in and out, and that's how year over year they've pro…”
Jul 3, 2023 negative
Daniel: Multi-managers like Citadel are new shadow banks relying on Fed bailouts
“So I really, truly believe that they are the new shadow banking system, that whenever something goes awry, there's a reason why Millennium hired who they hired, why Citadel hired who they hired, to make sure that when the calamity occurs, they call the Fed for…”
Jul 3, 2023
Jul 3, 2023 negative
Daniel: Seawolf's Strategy Cannot Scale to Citadel or Millennium's Size
“Ted, I doubt it, because I don't think what we're doing here is infinitely scalable. Whereas I look at what a Millennium and Citadel have done, and I get the scale that they run at, and I think it's amazing. But the way we like to run money, we can't be big, b…”
Aug 21, 2023 negative
Multi-manager hedge fund platforms consume 80% of their gross alpha in fees
“The EROC is terrible. And another way to think about it is, of the total gross alpha, how much do they keep? It's about 80%. We get 20% of the alpha. The alpha's huge. Absolutely huge. But we could never get comfortable with only getting 20%.”
Oct 2, 2023 neutral
BAM is still building its quantitative trading business and infrastructure
“The quant businesses there, for example, are very developed, whereas we're in the process of building out a quant business. So they have the advantage of having that P&L stream where we don't yet, and they have the infrastructure for it where we're building.”
Sep 8, 2025 bullish
Seides: Major private equity platforms will acquire deal teams within five years
“I'd be very surprised if you don't see one of the larger private equity players try to grow through acquiring teams. They are long capital and short origination or dealmaking capability relative to the capital they could command. So it does make sense that if …”
Feb 16, 2026 positive
Feb 16, 2026 neutral
Bobby Jain: Multi-manager hedge funds are effectively bank prop desks
“The multi-managed industry was the prop desks. It's not that different. The culture shock of moving from CS to Millennium was not that high at all. It was the same thing. A lot of it was the same people, as there was a transfer of people from the prop desks to…”
Feb 16, 2026
Jain: Multi-manager hedge fund sector was tiny in 2016-2017 led only by Millennium and Citadel
“There was a big talent war in 2017 to 2022. Interest rates were zero. The whole multi-manager industry was tiny in 2016, 17, when Millennium and Citadel were really the two big ones that were managing third party capital.”