On the Legal Record in 2007... Statements from FORMER Ren Tech top advisor employees... who became extremely successful PHD finance math quants after leaving Ren Tech. Quote... Renaissance is aggressive about maintaining that edge, as an ongoing legal battle shows. The firm recently settled a high-profile lawsuit against hedge fund Millennium Partners LP, which hired two physics Phds fired by Renaissance in 2003 for refusing to sign non-compete agreements. The two physicists, Pavel Volfbeyn and Alexander Belopolsky, have not settled and contend that Simons is using the lawsuit to intimidate existing Renaissance employees. In its complaint, Renaissance said that the knowledge taken by Volfbeyn and Belopolsky could have earned them "hundreds of millions" using intellectual property that it had spent a fortune amassing. The two fired physicists wrote in a statement provided by their lawyer that Renaissance's alleged secrets "are nothing more than general ideas that are well known to people familiar with statistical arbitrage and quantitative finance" and went on to say that this could hardly cause direct financial damage to Simons... For his part, Kapner views Renaissance's aggressiveness as something seen to a greater or lesser degree at most black box trading firms. "They're all secretive because they think their models are better than other people," he said. The extent to which overconfidence in their model's superiority translated into excessive size and leverage by quant funds was evident in the steep losses of the past few weeks. "People (re: Ren Tec) are just losing sight of what they were doing," he said. "We used to have a saying on the trading floor: the greedy become the needy." End Quote... Here is Link to the August 2007 article this quoted info is based on... https://www.arezzotrade.com/wall_street.php