Can you copy-paste here? no login https://www.wsj.com/articles/the-future-is-bumpy-high-tech-hedge-fund-hits-limits-of-robot-stock-pic
Yeesh, buy a subscription. The cost is peanuts. This is the relevant portion -- Their new trading system brought in much better profits, and more investor interest. After modest 2011 returns in its flagship fund, Voleon notched gains of 34.9% in 2012 and 46.3% in 2013, according to an investor. Still, following two more up years, Voleon suffered a loss of more than 9% in 2016, prompting concern among some of its investors. “Nothing focuses your mind like a drawdown,” Mr. Kharitonov said, referring to the loss. “We learned a lot from last year.” This year has been better. The firm, which has about $1.8 billion under management, was up about 4.5% through October in its flagship fund, one investor said. Its annualized return since inception is about 10.5%.
“Nothing focuses your mind like a drawdown,” Mr. Kharitonov said, referring to the loss. “We learned a lot from last year.” So let me get this straight. They don't know how the black box spits out its trades but they learned a lot from the loss?