• Two Sigma's billionaire cofounders, John Overdeck and David Siegel, are heading to arbitration.
• The pair stepped down from the $60 billion quant in August.
• Despite the cofounder drama, the firm's flagship returned 10.9% in 2024.

Two Sigma's billionaire founders are not done fighting, but luckily for investors, they're no longer at risk of being collateral damage.

The cofounders, John Overdeck and David Siegel, are heading to arbitration over their long-standing feud about how to manage the $60 billion asset manager that they started in 2001.

According to a Bloomberg report, the firm disclosed the arbitration in a letter to investors on Wednesday and said that it isn't party to the dispute. The firm did not respond to a request for comment.

Many hedge funds stumble when it comes to succession planning. For example, Bridgewater Associates went through several top executives over a decade before Ray Dalio finally let go of the reins. Investors in managers with aging founders push their funds to come up with succession plans, with varying degrees of success.

In the case of Two Sigma, the LPs are likely breathing a sigh of relief that the dispute between the two billionaires didn't complicate succession plans or stop the firm from humming along.

Two Sigma's investors enjoyed solid returns through 2024, as its flagship Spectrum fund gained 10.9%. The manager also made 14.3% in its Absolute Return Enhanced strategy, a person close to the New York-based quant giant told Business Insider.

The firm announced in August that Overdeck and Siegel would step down from their roles atop the firm to become the manager's co-chairmen. Carter Lyons, formerly the firm's chief business officer, and Scott Hoffman, former Lazard general counsel, took over as co-CEOs in September.

Siegel's and Overdeck's visions for Two Sigma decoupled in recent years to the point that the firm had to make a disclosure in a filing saying that its management committee "has been unable to reach agreement on a number of topics" — including succession.

While a leadership change affects every fund, quant platforms have proven themselves to be more capable of adapting. D.E. Shaw and Renaissance Technologies, two of Two Sigma's biggest competitors, have turned over their C-suite and continued to produce strong results.

The cofounders' decision to leave their day-to-day at the firm left LPs feeling optimistic.

"It's what we wanted to see," one Two Sigma investor told BI in August.

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• In 2015, Mina Grace Ward, 60, was diagnosed with Graves' disease, an autoimmune disorder.
• In hopes of improving symptoms like hair loss and fatigue, she went sober and changed her diet.
• She's been in remission since 2018, regrowing her hair and no longer having panic attacks.

Editor's note: Business Insider has verified all medical records mentioned in this article.

When I was 50, I was diagnosed with Graves' disease, a common autoimmune disorder that causes an overactive thyroid.

I was a textbook case. I experienced the main symptoms — rapid weight loss, high blood pressure, hair loss, fatigue, inflammation, anxiety, depression — all at the same time. I lost 15 pounds in two weeks and was completely debilitated. I couldn't get out of bed.

There is no cure for Graves' disease. Some people can go into remission after undergoing a thyroidectomy or taking short-term medication, though success rates aren't high. A year into treatment, my endocrinologist didn't give me much hope for getting better; she was throwing different prescriptions at me and they weren't leading to much improvement in my health.

She told me that my diet, which I considered balanced, wouldn't cure me. I wasn't convinced. Because I was sick and tired of feeling sick and tired, I decided it couldn't hurt to cut a few things out.

While I never drank heavily, I was used to having wine with dinner or grabbing a few cocktails at a concert. I knew alcohol is a toxin and that no amount is safe to consume, so I stopped drinking.

Between going sober and cutting out some inflammatory foods like red meat, I started to feel better. My thyroid tests gradually yielded normal levels, and have stayed that way since 2018.

I've also grown my hair back, stopped experiencing panic attacks, and feel happier than ever.

I became more mindful of what I consume

Even before my Graves' diagnosis, I thought about going sober; I knew how a few drinks could add up.

I also gave up foods that could make my symptoms worse, like seafood, which is high in iodine and can trigger hyperthyroidism. I essentially followed a more plant-based version of the Mediterranean diet.

About six months after making these changes, I saw my endocrinologist again. She said my thyroid levels were getting better. By 2017, they were normal.

Since then, I've loosened up my diet a little — I eat cheese in moderation, for example. I fluctuate, listening to how my body feels.

Still, I haven't given up sobriety.

Going sober fixed my worst symptoms

One of my most distressing Graves symptoms was hair loss. I was losing so much that I was actually balding on the top of my head. Since changing my diet, I fully changed course: my hair feels fuller and healthier.

My moods were also impacted by Graves' — anxiety and depression are common symptoms, and I experienced both.

I realized that I felt worse when I drank. I cried all the time. Since quitting, I stopped feeling the sadness I used to. I also no longer have panic attacks. At my worst, I had them three or four times a day.

The biggest change was in my energy levels. Fatigue is a major symptom of Graves' — I was always exhausted. Going booze-free improved my sleep; I started getting a full eight hours and waking up more rested and refreshed. My energy came back.

Even though I didn't have Graves' in my 20s and 30s, I know drinking eventually catches up to you as you age. While I had fun when I was younger, I now want to focus on living longer and maintaining the highest quality of life I can.

I am still in remission

To be considered in remission from Graves' disease, you have to have normal thyroid levels for two years without medication.

At first, I was close to hitting remission. My doctor weaned me off hyperthyroidism medication and I reached a year and 10 months with good test results. Because I underwent a very stressful time in my life, my symptoms were triggered again. I was put back on medication, and this time, I made sure to follow my new diet as closely as possible and try stress-relieving exercises. Within three months, my numbers went back to normal.

I've now been in remission for seven years, since 2018. I try to use my experience to make a difference: I wrote a cookbook of recipes that helped me reduce my symptoms. My four sons, who work at an Italian restaurant I started with my ex-husband, recently included more vegetarian, vegan, and gluten-free options on the menu after seeing how much they helped me.

I turned 60 this year. I know I'm so much happier because I chose to go sober and change my diet. I absolutely love life; I've never felt this healthy and this alive, all because I started taking care of my body.

• Firefighters are using a range of technologies and equipment in their efforts against the fires in California.
• New AI-powered sensors for detection are paired with kerosene-powered aircraft for suppression.
• Here are some of the tools on the scene helping to protect lives and property from the flames.

With a 27,000-acre inferno bearing down on America's second-largest city, fire crews are using multiple tools at their disposal in their efforts to protect lives and property.

California firefighters have a range of old and new technologies to aid in their task, ranging from AI-powered sensors for fire detection to kerosene-powered aircraft for suppression.

US and Canadian water bomber planes and helicopters have been some of the most prominent pieces of equipment in the field as they scoop up seawater to quench the blazes nearby.

Less visible forms of tech are also contributing to the effort — sometimes without any initial human involvement.

UC San Diego's ALERTCalifornia project now has a network of cameras at high-risk sites, with 115 located in Los Angeles County alone, with more than 1,140 cameras across the state.

Last month, Orange County fire officials credited the system for being instrumental in their first AI detection of a vegetation fire, which allowed first responders to contain the incident to less than a quarter acre.

Startups are getting involved too. Sonia Kastner, CEO and cofounder of the Salesforce Ventures-backed startup Pano AI, told Business Insider that new trends in firefighting are shifting as fire seasons worsen, with an increased focus on early detection and rapid containment.

"You can think of it as similar to how we treat cancer," Kastner said. "We screen early, then treat cancer aggressively at stage one, so that it never becomes stage four."

Rather than relying on bystander reports, Kastner says cameras and analysts can provide first responders with quicker confirmations and more precise locations.

" It's a matter of luck of whether a bystander sees the fire," Kastner said. " And then there's a mandatory confirmation step where a single fire engine is dispatched to drive around and try to find the fire. With that, you lose hours."

Satellites and drones are also taking a more significant role in wildfire management and response, offering drastic before-and-after comparisons of the fire's effects.

The cameras and sensors are only good for letting responders know where a fire is — getting it under control still requires the use of more physical kinds of tech.

The US Forest Service's website details the range of aircraft it uses to respond to wildfires, ranging from single-engine air tankers that can deliver up to 800 gallons of fire retardant, to larger air tankers that carry up to 4,000 gallons and water scoopers that collect water from nearby sources.

In addition to government planes, aircraft from private sector partner Coulson Aviation, which has a contract with Los Angeles County — have also been spotted dousing flames.

In particular, the Canada-based company operates a fleet of specialized helicopters that can drop water with a high degree of accuracy, though high winds in recent days have complicated the effort.

"The Coulson Crew is currently on the frontlines of the Palisades Fire in California. We remain dedicated to supporting suppression efforts and safeguarding lives and property," the company said in a post on X.

Meanwhile, crews on the ground continue to rely on tools and techniques developed over a century of modern firefighting, with hoses, chainsaws, and even buckets.

It's hard, dangerous work, but modern technologies are helping responders on the ground and in the air do the job more effectively.

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