August returns: the dispersion is more informative than “pods tread water.”

A compact supplement to yesterday’s Jain/Quantedge focus, from reporting first published September 3 and updated September 4:

Millennium was flat; Citadel gained 0.1%. These are reported figures, not manager disclosures; share-class and net/gross details were not established. The spread warrants strategy-level questions, not conclusions about risk-adjusted skill. Business Insider