Proof of Superior Investment Expertise?
February 10, 2020 - Investing Expertise
Are there any investors who have compellingly beaten the market? In his December 2019 paper entitled “Medallion Fund: The Ultimate Counterexample?”, Bradford Cornell reviews performance of the Medallion Fund from Renaissance Technologies as a clear refutation of market efficiency. He focuses on gross returns (including portfolio trading frictions, but not management fees), because they reflect… Keep Reading