Ben Gilbert: belief

Transcript context

…On the other hand, this is the equivalent of when Don Valentine sold Sequoia’s Apple stake before the IPO to lock in a great gain, but miss out on all the upside to come. David, I think we should throw this out so people understand the volume of this. They’ve generated on the order of $60 billion of performance fees for the owners of the fund over their entire lifetime. On the one hand, 6X in a year isn’t bad. On the other hand, you owned a giant part of something that has dividend $60 billion in cash out to its owners. That’s just on the carry side. The owners are the principles. So just like dollars out of the firm, it’s probably twice that. I would estimate probably $150–$200 billion that have come out of Medallion over the last 35 years. Jim buys out Berlekamp, he rolls everything in the Medallion fund back into RenTech itself, moves everything back to Stony Brook, Straus moves to Stony Brook.…

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