The Wizard's Downfall: Lessons from WZRD's Catastrophic Collapse The recent performance of The Opportunistic Trader ETF (WZRD) has sent shockwaves through the financial community, leaving investors wondering how a fund touted as a high stakes, actively managed vehicle could lose nearly 96% of its value in a single year.
The answer lies not in the fund's structure or strategy but in the hubris of its manager, Larry Benedict.
Benedict's reputation as a market wizard precedes him, having run a proprietary trading desk at Spear, Leeds & Kellogg and founded Banyan Equity Management.