Often one hears the phrases “dumb” money and “smart” money when commentators are discussing financial market participants. Such classifications are not only arbitrary they are also meaningless. More than twenty years toiling away both on the sell-side and the buy-side side has taught us that asset markets are great levellers. There are countless instances where “smart” money suffers traumatic P&L underperformance (one prominent, and unquestionably smart, UK hedge fund manager has had a rather torrid time of it over the past 18 months) while “dumb” money has shined [1] [2]. Additionally, even those investors with proven strong investment track records