Part 5/9:
The breakthrough moment occurred when Elwyn Berlekamp took control of Medallion, pivoting its focus to short-term trades. Realizing that profitability could be achieved with a slight edge over the competition, Berlekamp inspired a culture of relentless optimization among the team.
By the 1990s, under Simons' stewardship, Medallion turned a corner, culminating in a remarkable 58% return in 1990. This performance solidified the hedge fund's reputation, setting it on a trajectory that would see it become the gold standard in the industry.