Interview with James Simons, Billionaire Mathematician [video]
His Medallion Fund seems to have done really well. From another article:<p><i>Simon's flagship fund, Medallion, requires aminimum investment of several million dollars and charges a 5% management fee and a jaw-dropping 44% performance fee. The fund is closed to new investment and has returned an astounding annual average net of 38% (remember, that's after the high fees). Since its 1988 launch, the fund has lost money in only one year, 1989, which saw a drawdown of 4%.</i><p>But I have to ask: why limit the fund to multi-millionaire investors? Why not open it to the other investors too and let them benefit for a change? This is just the "rich-getting-richer". If anybody needs a 38% average annual return, it's most certainly <i>not</i> a multimillionaire; it's more likely a middle-class person who could use the gains.<p>I apologize for sounding negative here, but this inequity is something that bothers me.