Toby Howell

No other hedge fund has surpassed the $18.9 billion it brought in in 2025.

eclipsing the previous record set by Ken Griffin Citadel back in 2022.

What was the magic strategy that led to such insane overperformance?

The firm just picked really good stocks.

TCI operates a very concentrated fund with $52 billion in assets spread across just nine holdings.

Its top position that generated such outsized returns wasn't even an AI stock.

It was General Electric, which gained 86% alone.

Neil, $18.9 billion makes your brokerage account seem a little bit light.

I mean, make sure you remember that when you look at your own performance because a lot of people I know are saying, God, I'm a genius these days.

It really was a great year for, I mean, SP500 gained 16%.

You don't make $19 billion by accident, but it was one of the easier years to do that.

I mean, these facts are so fun to reiterate now.

Indiana had the worst winning percentage of any major conference team at 43%.

They were the first Division I college program to ever lose 700 games.

Since then, they've compiled a 27-2 record.

They were the first team to go 16-0 since Yale back in 1894.

Cignetti just wins, and he was absolutely right.

And I also have to say, if you go back to the podcast two years ago, I was without a college football team because I went to Brown.

We don't really have a great college football team.

And I did pick Indiana back then, so...