In 2008, after RIEF dropped about 17 percent, Renaissance’s researchers waved the losses off; they were within their simulations and seemed puny compared to the S&P 500’s 37 percent drubbing, including dividends, that year. The scientists became concerned in 2009, however, when RIEF lost over 6 percent and the S&P 500 soared 26.5 percent. All those investors who had convinced themselves that RIEF would generate Medallion-like returns suddenly realized the firm was serious when it said it was a very different fund. Others grumbled that Medallion was still killing it while RIEF was struggling,
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