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Renaissance Technologies is the best performing investment firm of all time. And yet no one at RenTec would consider themselves an \u201cinvestor\u201d, at least in any traditional sense of the word. It\u2019d rather be more accurate to call them scientists \u2014 scientists who\u2019ve 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\u2019s alchemic colossus has posted annual returns in the firm\u2019s 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\u2026 if you\u2019d been allowed to keep it in.) Tune in for an incredible story of the small group of rebel mathematicians who didn\u2019t just beat the market, but in the words of author Greg Zuckerman \u201csolved it.\u201d

Sponsors:

Many thanks to our fantastic Season 14 partners:

• J.P. Morgan Payments
• ServiceNow
• Vanta

Links:

• The Man Who Solved the Market
• The Quants
• Bloomberg\u2019s 2016 RenTec profile
• Quartr's visualization of RenTec's returns
• All episode sources

Carve Outs:

• Modern Treasury\u2019s Transfer Conference Registration
• The New Look
• Cole Haan x Acquired!
• Class of Palm Beach (and the Mini Kelly inside the Birkin!!)

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Note: references to Fortune in ServiceNow sponsor sections are from Fortune \xa92023. Used under license.

\u200dNote: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.