To expand a bit on Renaissance - it&#x27;s a quant fund, which means computers trade. As such, they make hundreds, thousands of trades per day, so the fact that they possess <i>alpha</i> (i.e. superior performance, rather than blind luck) is a statistical <i>fact</i>. Furthermore, this performance has been consistent over decades.<p>Of course, this doesn&#x27;t mean that this performance will necessarily continue indefinitely; knowledge diffuses, and their strategies will eventually become public, turning from &quot;alpha&quot; into &quot;beta&quot; (like trend following has in the past). They need to keep innovating to continue beating the market.<p>Also, the biggest issue of strategies like this is that they are severely constrained - you just can&#x27;t put more than a certain amount of money into them. In contrast, some other strategies are much less constrained; like trend following (CTAs manage tens of billions of funds), and global macro (Bridgewater manages 50bn).