You just compared yourself to a bald Jewish guy's left testicle. Amazing times we live in. So many traders have had good runs but the market changes and they make nothing, then they leverage their earlier success into a criminal venture. It's smart, don't get me wrong, but it has little to do with actual trading. The debate isn't about him being smart or having talent, it's about his criminal behavior.
The guy has a 40 year track record. You call that a good run? LOL. Please just stop. He has a whole team of portfolio managers that trade every market in the world. I would venture to guess that 99% of all transactions didn't involve insider trading. Most of the portfolio managers are independent of each other. In fact, I knew a few guys who worked for him. They actually competed against each others books. Please educate yourself more before speaking on these matters.
Madoff had a 40 year "track record". His "team" has been convicted of insider trading, your guess doesn't mean much. Please educate yourself more before speaking on these matters.
I forgotten to mentioned that one of my ancestors owned the whole world, as told by God, to manage everything on earth. Besides, not only I can know the names of top 3 wealthiest people on earth, I can also spell them correctly, some of the times. With the help of a little bit further education.
So if SAC is successful at raising twenty B I guess the peanut trading gallery believes the pension funds/fund of funds/foundations etc who pony up are all looking for a piece of the wink wink insider trading booty.
Your argument is equivalent to saying "my ex-wife was a bitch, thus all women are bitches". A few members of his team have been convicted. There are plenty of PMs in his shop that have zero chance of trading on the inside information - guys that do statistical arbitrage, trade govies etc. It's a shop with about a hundred PMs and most are not doing LS or any sort of fundamental analysis.
If he was insider trading, do you think he would've carefully selected the portfolios to do it or promoted a culture of anything goes? https://www.ft.com/content/efda2ca2-ec69-11e6-930f-061b01e23655
" However, since starting his $11 billion family office Point72 Asset Management, the returns haven’t been as incredible. The firm returned 1% in 2016 compared to the more than 9% gain from the S&P 500. "
So you are admitting that you guess that 1% of his transactions involved insider trading? That is illegal you know. And all it takes is 99% of the transactions "on the outside" to lose, but 1% on the "inside" to win at much greater ratios, to = profit each quarter/year.