James Simons, founder of Renaissance Technologies, gave a speech at MIT on 12/9/2010. He started the Renaissance Institutional Equities Fund (RIEF) and Medallion Fund that use proprietary trading algorithms. Renaissance is one of the most successful hedge funds. From Wikipedia: "Since 1989, the company's $5 billion Medallion Fund has averaged 35% annual returns, after fees." According to a document at Market Folly, the Medallion Fund made a 21%-98% annual return from 1993-2004 and made 80% in 2008 and 39% in 2009. Decent..