If you read about "Long-Term Capital Management" then you will see only "external" actor saved some money.
There is good book about LTCM
LTCM had lots of clever people. Good riskmanagers ( human ) Very good traders and "exit" plan but couldn't apply when they got a hit.
cf : https://en.wikipedia.org/wiki/Long-Term_Capital_Management
LTCM was made by only stupid Quants, that i hate.
We are at the opposite of Quants.
We are "Quals".