“Jim believed the fund should be managed systematically, but he was fussing around when he had time, five to ten hours a week, trading gold or copper, thinking he was learning something,” Berlekamp says. Much like Baum and Ax before him, Simons couldn’t help reacting to the news. Berlekamp pushed back. “Like I said, Jim, we’re not going to adjust our positions,” a peeved Berlekamp told Simons one day.
