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Ugly October: ‘Hedge’ funds fail to protect

CNBC – Hedge funds designed to protect against falling and volatile markets have made a strong pitch to investors: Trust us with your money, and we’ll make lots of it for you when years of relatively smooth, positive stock returns inevitably end.

The beginning of the end—or at least a temporary market pullback, depending on whom you ask—finally came in October and market gyrations increased. The S&P 500 is down nearly 3.5 percent and the CBOE Volatility Index, or VIX, is up nearly 14 percent for the month as of Monday.

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