1/Today in @bopinion, I talk about the legacy and career of Jim Simons, the founder of Renaissance Technologies, who is stepping down as the hedge fund's

2/Simons' fund beat the market -- consistently, by huge percentages, after fees.

That's an astonishing

3/How did he do it?

Basically, by being relentlessly smarter and better-managed than the competition.

4/So does Simons' success mean markets are inefficient?

Yes and no.

Obviously yes, since Renaissance could (and can) beat the market. But there are a few key caveats...

5/First of all, RenTech's most eye-popping and consistent returns are in its flagship Medallion Fund.

But most investors can't invest in that fund. It doesn't take your