Hedge funds aren't about hedging anymore. Ted got the biggest market crash in last hundred years and still got trounced. He can't admit the truth because it's

Hedge funds aren't about hedging anymore. Ted got the biggest market crash in last hundred years and still got trounced. He can't admit the truth because it's destructive to his very business model. Hedge funds as a group over time always trail the market because of their high fees. Funds of Funds layer yet another layer of fees, making this bet suicidal. Ted Seides is a Wall Street con man grafting fees off poorly informed investors. He was delusional to make this unwinnable bet.