Haha, what the heck is going on here?
Not sure if I've mentioned this last year, someone from one of the local big Australian banks quietly informed me that their "fund managers" have no idea what the VIX is. So totally clueless regarding volatility, yet hundreds of millions of dollars are "managed" by these people. This industry is filled with morons!
Study shows upwards of 80% of hedge fund employees never actually knew what the word “hedge” meant
“It’s just like, you know, part of the title” said one trader confidently. “Another way of saying ‘badass’ fund or ‘rockstar’ fund.”...
When told that hedging involved systematically eliminating risk, most subjects just stared ahead blankly. Others checked the time.
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