The future is bumpy - WSJ

blueraincap said:
Can you copy-paste here? no login
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Yeesh, buy a subscription. The cost is peanuts.

This is the relevant portion --

Their new trading system brought in much better profits, and more investor interest. After modest 2011 returns in its flagship fund, Voleon notched gains of 34.9% in 2012 and 46.3% in 2013, according to an investor.

Still, following two more up years, Voleon suffered a loss of more than 9% in 2016, prompting concern among some of its investors.

“Nothing focuses your mind like a drawdown,” Mr. Kharitonov said, referring to the loss. “We learned a lot from last year.”

This year has been better. The firm, which has about $1.8 billion under management, was up about 4.5% through October in its flagship fund, one investor said. Its annualized return since inception is about 10.5%.
 
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“Nothing focuses your mind like a drawdown,” Mr. Kharitonov said, referring to the loss. “We learned a lot from last year.”

So let me get this straight. They don't know how the black box spits out its trades but they learned a lot from the loss?
 
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