The third one was definitely the least, it was losing money (and specifically to trader-invisible things that never got worked on).

The whole of the trading strategy (and capital traded, return profiles, etc) between the first two was fairly different, so it’s hard to compare.

I would say though that the first firm was significantly outperforming its peers in a way the second firm did not, although both were very successful.

The technology wasn’t the whole story in either case, but the first firm had significantly more and better opportunities as a result of just having a better stack all around