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by fractionalhare 1905 days ago
They're actually hard capped at $10B, up from ~$5B a decade or so ago. But you're right, they are thoroughly capacity constrained. Pretty typical for quant strategies in general.

Based on what I see from quant prop trader friends of mine in the Chicago area, if Medallion was an order of magnitude smaller they could probably juice their returns up to 150-300% pretty reliably.