What is the connection between having a degree and being successful in any business? 99.99% of MBA graduates work for companies. It has no statistical correlation between the two. You said financial institutions hire academic people for hedging. What's the need for hedge fund managers to work for financial institutions if they have business skills? Moreover any dumb can make some profits in hedging because it is designed for robbing. People like you are confused and trying to spread confusion. You are a bully who diplomatically say "Academics are cool while others are dumbs" My middle finger UP!
Essentially, anyone that disagrees with him is a bully. Which indicates he does not have the aptitude nor intellectual capability to prove any of his half-baked theories. You're not bully-buster, what you are is a immature developmentally dysfunctional child in the body of a 51 year old man. Grow up.
I guess I am part of the 00.01 as I have MBA and don't work in financial institutions, have done short duration in past contractual work for oil companies. Businesses I have started and sold though, having education definitely helped. I disagree with your statement "Moreover any dumb can make some profits in hedging because it is designed for robbing." If you knew how to hedge, you never be starting this post and be happy with making profits. I started hedging 20+ years ago and keep learning new ways to reduce risk. I have never found it easy, much backtesting of futures and future & stock options. And there other ways to hedge as well. We all are born to trade and hedge each day from exchanging currency to buy bread is a trade and placing it in plastic wrap is hedge to extend keeping bread longer. I don't care much for those who give the middle finger, so I won't continue with this post.
I trade options on index. It is the most risky way of stock trading. It needs great perfection in strategiy and discipline in execution to succeed in options trading. No trader is as skillful and knowledgeable as a successful options trader.