[throwawaymath]

It’s all relative. Renaissance is famous because they do it on (low) double digit billions. On the other hand, 80% at a proprietary trading firm - where you might be working with double digit millions - isn’t spectacular. I can tell you that several small outfits in Chicago and the Bay Area return well over 200% consistently. But they are severely capacity constrained and basically disburse profits to the partners and traders each year. Their capital is only in the eight figure range.

[shostack]

Can you elaborate on what drives the capacity constraint for someone not in the industry?