The gains Simons and his colleagues have achieved might suggest there are more inefficiencies in the market than most assume. In truth, there likely are fewer inefficiencies and opportunities for investors than generally presumed. For all the unique data, computer firepower, special talent, and trading and risk-management expertise Renaissance has gathered, the firm only profits on barely more than 50 percent of its trades, a sign of how challenging it is to try to beat the market—and how foolish it is for most investors to try.
