Renaissance Technologies (Audio)

Renaissance Technologies is the best performing investment firm of all time. And yet no one at RenTec would consider themselves an “investor”, at least in any traditional sense of the word. It’d rather be more accurate to call them scientists - scientists who’ve discovered a system of math, computers and artificial intelligence that has evolved into the greatest money making machine the world has ever seen. And boy does it work: RenTec’s alchemic colossus has posted annual returns in the firm’s flagship Medallion Fund of 68% gross and 40% net over the past 34 years, *while never once losing money*. (For those keeping track at home, $1,000 invested in Medallion in 1988 would have compounded to $46.5B today… if you’d been allowed to keep it in.) Tune in for an incredible story of the small group of rebel mathematicians who didn’t just beat the market, but in the words of author Greg Zuckerman “solved it.”
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[@thinkingcitizen]

Really interesting. My older brother studied Electrical engineering at Princeton and got a job at Renaissance right out of college back in 2013/2014. Really weird thing was he never liked to say where he worked….

[@shobhavs613]

What was is job there?

[@lilrex2015]

I think these podcasts are great, but why are they always audio only? its sometimes nice to see your faces.

[@recursion.]

just watch any other podcast on mute.

[@lilrex2015]

@@recursion. How is that a solution?

[@NewEraMarketingSolutionsLLC]

Gay boiii

[@Xnkta]

​@@NewEraMarketingSolutionsLLC a real thought leader. A truly enlightened human.

[@Theboardbro]

They used to make a bunch of podcasts with both audio and visual but changed over time for some reason

[@afghanrebel]

Summary: Medallian fund is avg hold is 1 day & in 2007 & 2008 they made 150% each year. As volatility increases their return increases, front running big funds. Either leaked info or able to detect it very clearly

[@MRT-co1sd]

Did they lost money during Covid in 2020?

[@afghanrebel]

@@MRT-co1sdno they didnt

[@rohitnair9304]

Haven't clicked on a thumbnail faster. Thanks for doing this.

[@hrishikeshjaiswal]

This is shocking but I bookmarked this episode for a long time and today I decided to listen to it and coincidentally Jim Simons died today only. May he rest in peace.

[@zachmorrison8320]

You killed him

[@hrishikeshjaiswal]

@@zachmorrison8320 bro please don't say that

[@therealjayz8036]

I m not on social media. I didn’t even realized he died until I read your comment

[@murrayspiffy2815]

3 Hours Long - and I listened twice. I listened twice because I know a person that works there - who is the smartest person I've met or known.

[@megatonante]

why doesn't anyone try to copy the Mediallion fund approach?

[@samyueldanyo8679]

Thanks, great info as usual. However, comparing Buffet with RenTech is IMO unfair. The modern Berkshire strategy (value quality investing) is not gated (theoretically there should be much more competition), can be executed by an individual or a small team even with 10s of billion AUM (much better efficiency even compared to 200 people at RT), and most importantly can compound for a very long time even at very large numbers (much closer to the overall market cap), and is naturally scalable since quality companies tend to become the largest companies. That is of course in a sense the opposite of what RenTech does (they do not invest, they trade) and hence while nothing to scoff at - Jim maybe has gotten out 30-40B while Buffet is at 140B even after giving away half.

[@-Meric-]

Wow I didn't expect this one. One of my favorite companies on my favorite podcast lets go

[@xxjoshbrownxx]

Your show is so solid. Such a fan. Thank you

[@hasantarek6521]

I couldn't find the Berkshire episode that you mentioned at the end.

[@ericchang9568]

The crazy carry & fees are also for tax purpose: since tax on fees can be deferred. They can be aggressive & make the carry 99%, but IRS will probably be disgusted and finally cracking down on them.

[@sebastianschmidtataktien-e4705]

Great episode Ben & David. My question may be stupid, but I am wondering what is the turnover ratio of the Medallion Fund.

[@chrismoneystl]

1:03:00 more trades to create more data.

[@camerondavis1257]

how can i find the paper?

[@amanallahchaouachi145]

let's go boys so pumped for this one!

[@mooktakim]

Maybe they aren't good at predicting the future, instead they create scenarios which potentially could be profited from and they have agents that make it happen

[@kopkaljdsao]

They are simply day trading. Except they have lowest possible spreads and interest rates. Bots. Ivy league talent. Creative accounting. Lowest costs + best talent + maximum scale tru automation = profit. Secrecy is due to their trades being predictable. A rival with enough data can automate trading targeting their trades, destroying their profitability.

[@scalpot]

they did martiangle lol no

[@sudeeprao1284]

Great episode. I read the book and even still learnt a few new things.

[@MarcelinaMakowski]

52:10 Strong BUY. Still early innings. NVIDIA is the dominant leader in AI and the preferred technology partner globally. Even w new competition on the horizon, NVIDIA is far ahead of the competition. 85% market share. 76% margin. Unrivaled demand for new Blackwell chip. Demand far exceeds production for Blackwell through to 2025 and beyond. No competitor has anything close to Blackwell. And forward P/E is about 33 (cheap for a high growth stock). Buy this stock and wait. You will be rewarded

[@Realm44-d3e]

This is the most incredible KZbin video I have come across and only because , Spirit duh Thank you ! This might just be what I needed ;) !

[@LuisFelix82]

Any one know where to fin the paper?

[@CharlesVaughn-bm9gq]

Amazing returns but Berkshire with less percentage return is worth much more. It compounded on tens of billions.

[@skyhook1340]

I like the real talk on intel. I think AMD is the stock to buy if you want exposure to the chips market.

[@saiakshayarun7637]

Brilliantly said…. They haven’t beaten the market just solved it…

[@moritzw42]

Fascinating

[@billy-bund]

I wonder who has a better net income per employee metric?… Renaissance or Tether/Bitfinex

[@arnavutkoy-u6x]

What is medallion 2023 return?

[@eddierosario1537]

Y’all have to make a part 2

[@LaurelisherF]

I always find your lessons very practical and practical. Thank you for making trading so accessible and understandable to everyone!

[@chrismoneystl]

1:25:37 one model for everything

[@shreyassmallappa7829]

Can you guys make video as well as audio podcast from next podcasts (not just the audio).

[@ishansengar5920]

Thank you for accepting my suggestion on Renaissance.

[@dwight_klaus2981]

RIP Jim

[@alonamaloh]

"He's the extroverted theoretical mathematician". You can tell because when he talks to you he looks at *your* feet.

[@InezPhillips]

Классно тащишь здесь) продолжай в том же духе, только делай видосики почаще))

[@steveleahy796]

Did you REALLY say Lebron and MJ and not Kobe and MJ? Wild for that.

[@chrismoneystl]

This debate knows no boundaries.

[@rickyrelease9665]

Let’s gooooo

[@AmazianLinsation82]

A I = Automatic Insert

[@user-qh9to4fy9b]

NPCs can’t listen without video

[@grigorioschristodoulou5229]

Their performance is only matched by Madoff, just saying

[@HansSchick]

Thete is a smell in the air ,but what is it. ? They were busted for tax avoidance, so one rotten apple has been found . Where there is one, it infects the rest of them .

[@SusanErik]

Sólo quería decir cuánto aprecio su dedicación para ayudar a los traders a tener éxito. Sus estrategias son algunas de las más efectivas que he visto en mi vida y su disposición a compartirlas con nosotros sin ninguna expectativa de pago es realmente inspiradora. Gracias por ser un mentor tan increíble Stuart Michael

[@yusufmohammed7988]

Por favor chicos, ¿hay alguna manera de contactar al Sr. Stuart Michael? Eso suena muy útil y agradecería algunas buenas instrucciones.

[@kennethjames5282]

No estoy aquí para conversar por él, sino para testificar solo de lo que estoy seguro: es digno de confianza y la mejor opción jamás vista.

[@proctorjames5329]

Esta es una refrescante coincidencia. Recuerdo que le di mis primeros ahorros de $20,000 y él me abrió una cuenta de corretaje. Resultó ser lo mejor que me ha pasado en la vida.

[@donaldmoore114]

La clave para la estabilidad financiera es tener las sugerencias de inversión adecuadas para una cartera diversa. Muchos fracasos y pérdidas en las inversiones ocurren cuando se invierte sin la orientación adecuada.

[@damiangonzala4223]

¡¡¡Una mejor manera es conseguir la guía adecuada !!!! Lo más importante es el tecnicismo y Stuart Michael sigue demostrando su valía.

[@drj2220]

Lets go

[@Sanjeev_Radhakrishnan]

No way lfg

[@llm-reacts]

Is this AI?

[@ralphalf5897]

The lambasting of technical analysis... especially when it comes to a podcast on RenTech of all things... is laughable as it is naive.

[@VivekDharDubey-rh3kw]

good

[@HPhenomenal]

Good podcast but to call technical analysis as voodoo doesn't make sense at all. David, later in the episode, clearly admits that all investing is a reduction of supply/demand of a certain product in a certain market. That's basically what technical analysis is - the study of market action.

[@kopkaljdsao]

Price analysis alone is voodoo. Only If you put in ALL data, can you find usable patterns. Number of shares and price with with exact open and close times for offers, trades and options.

[@q00per45]

“Technical might be generous”…… “voodoo”……. WRONG

[@LaurelisherF]

Этот сайт сразу привлек мое внимание своим оформлением) реально классно играть здесь)

[@FrancisFrancis-jt2oe]

have been following your signals and strategies for several months now and I can say that they really work. Thank you for helping me achieve financial freedom.

[@whotube88]

You accidentally posted this in the main comments instead of your bot comment thread above.

[@Nedumgottil]

I hope you read this comment Kirk

[@paulorr9262]

Ehhhh

[@LaurelisherF]

Пацы, кому там нужны были советы для начинающих? Пишите под этим коментом.

[@davidanalyst671]

this content would get more views. Like more views than anything else on youtube besides mr beast. Go get a job. Both of you need jobs where you go and your boss tries to give your depression and your coworkers only care about being horrible people to you. Then after 2 years, come back and do this content. Josh Brown, a guy who goes on CNBC like every other day talks about your podcast on his show "The compound" stocks show, and thats what brought me over, but you guys act like a couple of college kids who spend too much time googling things. You need to focus more on the people and what they are thinking like why "Renaissance" was a good name... instead of just saying Yeah bro, its such an amazing name high five bro. You never said that you have an advantage if you research the currency, the country, the industry, and the company all in one go, then you are investing in a sure thing backed by a sure thing. Instead you guys said they put together their macro investors, and their micro investors. Its amazing high five my brosky. I get the feeling you guys research independently, and then discuss the schedule and main points for 5 minutes and then start recording. Thats incredible. Its like having two experts. You guys have the time and expertise to really pour your hearts into researching the topics. Does 14k views after 2 weeks pay your bills? Stop being bros, and start being Walter Isaacson. Josh Brown a guy who is on TV literally mentions "acquired" on his podcast the compound. So go get a depressing job, go watch walter isaacson, and pay closer attention to your content. you have energy and thats great, but go watch "the big short" You two are the two kids who just graduated and trading in their garage, and there are people who are very fckn serious about their jobs are interested in your content, and they turn off your podcast when you say omg yeah brosky, bottoms up!!! You have a great idea because the news media fails at everything it is trying to do. you have a great idea because the news industry as a whole fails us at delivering what is going on. You have a great idea because you two do research independently, and it comes together great. You have a great idea because you have the time to research the details. Don't fck it up by being "omg bro. the name rennaissance is so great because its micro and macro. hell yeah bro!!"

[@davidanalyst671]

I want you two to get depressing jobs so you stop being bros. I want you to watch more Walter Isaacson Interviews. Your interviews remind me of Lex Fridman except all about companies and the guest is not there for the interview. You should be getting Lex Fridman viewership. Josh brown a guy who is on TV loves your show, he mentions is on his podcast, but you guys need to stop acting like fraternity brothers and more like walter Isaacson and deliver content like people are going to learn from your videos and apply it to their lives. You are smart enough to know Rennaissance, and spend time researching it, don't present your content to the world like Im watching Wayne's World to people who manage Billions of AUM on wallstreet. You will continue to drop months of research on projects and get 14k views if you present your projects like this is Waynes world for Stocks.

[@davidanalyst671]

once you guys stop being waynes world for stocks, I would write on "the compound" show's comments section that they need to do an interview with you. but you arent ready for that. If you get 14k views on your videos, on a topic like this, it means your approach is wrong.

[@crunchycho]

data. data. models/algorithms are cool, but it's all data.

[@MarcelinaMakowski]

52:10 Strong BUY. Still early innings. NVIDIA is the dominant leader in AI and the preferred technology partner globally. Even w new competition on the horizon, NVIDIA is far ahead of the competition. 85% market share. 76% margin. Unrivaled demand for new Blackwell chip. Demand far exceeds production for Blackwell through to 2025 and beyond. No competitor has anything close to Blackwell. And forward P/E is about 33 (cheap for a high growth stock). Buy this stock and wait. You will be rewarded