Hedge Funds Q1 2019 YTD best aggregate returns since start of 2012

The two characteristics of any dumb money is:
#1) They try to beat the market
#2) They take on huge directional risk while trying to doing so.
Another question:

Someone here introduced me to volatility pumping. I ran backtesting SPY and investing regularly over time #1 & #2 + volatility pumping will do very well in most long time frame tests. The question is what am I missing?
 
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