quote:
Medallion, a quantitative fund, has generated average annual returns of about 40% from its inception more than three decades ago. The perk was substantial given Medallion’s enormous levies, which include annual management fees that run as high as 4% of net assets and performance fees equaling as much as 44% of profits.

quote:
Renaissance had obtained an exemption from the US Department of Labor that allowed employees to hold Medallion through their Roth IRAs. That meant no taxes, ever, on their future earnings from the fund

quote:
The fee waivers and tax break -- especially important as Medallion primarily generates short-term profits that are subject to much higher taxes than long-term gains -- super-charged returns. Renaissance’s IRA plan grew to $1.7 billion at the end of 2020, from about $100 million at the end of 2012, the year it started.

IRS don’t like capitalist.

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Posted by Hussss

Helena, AL

Member since Oct 2016

7794 posts

Posted on 8/16/22 at 6:29 am to Shepherd88

But they love totalitarian government and “STAKEholder” capitalism.

LINK

You only need to hear the 3 (Larry Fink of Blackrock) and 5 (Augustine Carstens of the BIS) minute marks to see what they REALLY like

This post was edited on 8/16/22 at 6:37 am

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Posted by Diseasefreeforall

Member since Oct 2012

7306 posts

Posted on 8/16/22 at 6:48 am to Hussss

Are Renaissance employees getting some kind of a break on their Roth IRA's that regular people aren't?

Supposedly the Medallion Fund for employees vastly outperforms their flagship public fund because of additional leverage and more short-term trading but that seems like the opposite of what would be expected and kind of fishy to me.

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