[sokoloff]

Your accusation makes no sense.

If you simply bought the S&P 500 in Jan 2016 and held until now, you are up 78%. (76 goes to 135)

If you bought in Dec 2016 and held til now, you’re up 49% (76 goes to 113)

I find “they roughly tracked the market over the time cited” to be a far simpler explanation than “they’re definitely doing illegal insider trading and covering it up with math mumbo-jumbo.”

https://dqydj.com/sp-500-return-calculator/

[xibalba]

You've got bias in your sample of the S&P. Medallion has blown away the S&P over a few decade span. They had years of >100% return.

[sokoloff]

I simply picked the timeframe over which the accusation of illegal activity was leveled. (I'm not arguing that those are representative long-run returns; I am arguing that those are returns which are directly comparable to [and easily explain] the growth of AUM for the time period cited.)