I think there are a few implied questions though. First, does alpha exist? Second, can alpha reliably be separated from beta? And third, can future alpha be predicted from past performance?<p>I think Renaissance&#x27;s track record only answers the first question. But apparently the last few years have been really tough for quant funds, some strategies actually lost money on average. And I&#x27;d have no idea how to separate well run quant funds that like Renaissance that can withstand changing market conditions and funds that will fail when market conditions change. Also, I&#x27;d be a little nervous assuming that a well run fund will stay well run.<p>I think that some managers do have actual skill, and would provide value. But I think that trying to find those managers would usually be really difficult.