I am confused. This article is very positive about DE Shaw. Nonetheless, it says DE Shaw is a "$47 billion firm [assets underlying management (AUM)], earning its investors more than $25 billion". That is a return of 53% which sounds good until you consider the firm was started 32 years ago - at which point the compound interest rate is less than 1% a year. I realise the AUM has likely grown over time, but this rate of return is less than inflation at a time when the market has grown considerably. This is a negative return while, per the article, many employees have become millionaires and Shaw himself a multi billionaire. From the article it appears that DE Shaw is good at is attracting assets underlying management and paying themselves well without providing value to their customers. What have I missed?