This year has shown that the majority of big name investors/traders have appalling risk-management skills. Basically their technique is to be long - either outright, or in a roundabout way - and hope. A serious bear market has screwed them badly. This implies that their returns were made by taking gigantic risks. Their true Sharpe ratios are probably not that good. Why do so many of these guys have such noob risk management skills? They are supposed to be professionals. Drawdowns of 40%+ show that they weren't managing risk in any meaningful sense.