[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.)