I’ve heard some interesting theories lately focused around the idea that modern venture capital is becoming a sort of conspicuous consumption for the rich. They don’t need to make money, they want to say “oh yeah, I own equity in a few hot startups” at parties. And one of the best takeaways from Wizard of Lies, the Bernie Madoff story, is that even the wealthiest and most “sophisticated” investors and their teams of advisors barely care; they want to just give their money to someone hot and not ask questions or be bothered. Perhaps Renaissance is enjoying some of these effects. If I have a billion lying around, I’ll put 10 or 20 million with Renaissance just to say “oh yeah, those legendary Medallion quants, I invest with them”. Making money is besides the point on some level. Just a thought.