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There are a some information about Renaissance Technologies available in The Quants from Patterson. Basically, and it's also what I heard in general, they are using intensively algorithmic trading, and from what I understood there are using Information Theory (they worked with Shannon if I remember well). I'd say it'd be harsh to say it's the next Madoff ...

Your example shows a fundamental ignorance of how hedge funds operate: Hedge funds cannot advertise and are limited to 499 investors. Given these restrictions plus the capital requirements to hold positions overnight, it is a virtual guarantee that a fund would not take an investment of $10K. Hedge funds are usually LPs, which means that the GP (the asset ...

"There is no secret sauce!" - Inside the Black Box: The Simple Truth About Quantitative Trading, by Rishi K.Narang In this book, which is well worth reading to get a good conceptual overview of the different components of a quant trading system, the author tells about "one of the most successful" quant funds hiring only the best academic researchers ...