Most fund operators have no fucking clue what is going on, the primary objective is to churn accounts and collect fees from the suckers who make the assumption that there is some secret knowledge or highly skilled mathematicians working on your behalf. Trust me you are just a number and it is like running a fast food restaurant, read what analysts say and regurgitate and churn. Quanative analysis is just a fancy term for rolling dice millions of times via computer software and then throwing out guesses. Most folks working at firms are lemmings and follow the crowd. Why do you think these portfolio managers kept loading customer portfolios with junk like these financial companies when the looming mortgage crisis was pretty much in plain sight. Simple, they really do not do any research they just follow crowds and follow what analysts say (Who pretty much skim over balance sheets and take swags + follow other analysts) no one wants to piss off the company analysts are paid to check out. Hedge funds, another scam most of what they do is buy stock and write options on them nothing real special. You can do the same thing, write puts on stock you want to own via limit orders, then write calls on them if they are put to your account, other hedge funds just gamble outright and will just throw out bets that make no sense period. Primary goal collect fees. For those who want to keep it simple. Here is all you need to do. Put write against SPY, and write calls on your SPY if they get put to your account. wash,rinse,repeat and you will beat the hedgies and have a portfolio that will do well for you over a 10 year period. If you have good reading comprehension, willing to spend a few hours a day keeping up with the news, reading the economist etc.., keeping up with the world around you, can read/understand balance sheets, have a good understanding on how the markets work,orderflow, how options get priced,basic hedging strategies,money management etc.. You will beat the "pros" over a 10 year period.