Renaissance Technologies

6126.121 - 6150.207 David Rosenthal

Okay, once again, I'm sorry, audience. I have to say, hold on one more minute for another perspective that I have to offer on the carry element. But I want to finish the story first. Okay, so 2001, they raised the carry to 36%. 2002, they raised it to 44%. And then in 2003... They actually say, hey, we can't incentivize you out of the fund, outside investors. We are going to kick you out.