I find it really hard to believe that the fund can be generating returns so consistently by pursuing a variety of different strategies over time.

It seems very unlikely that Renaissance/Medallion constantly finds these things, whereas other operations almost never do.

The conspiracy theorist in the back of my brain thinks that Renaissance/Medallion hires a lot of eggheads so they can plausibly claim to keep finding mathematical and operational edges, but the actual money-making strategy might be something else entirely.