Trading 'expert' ordered to refund fees

I am sure many folks in Singapore are bombarded with the recent case of Dr. C who was successfully sued by a group of students. See this Link.

The basis of the claim lodged by the complainants is that Dr. C misrepresented to them on his qualification. Is it a joke? Yes, at least to me. When a self-proclaimed options guru markets his course, the participants relied only on his academic qualifications. Well, there is a big difference between academic qualifications and practical / experience qualifications.

Lecturers (or nka Assistant Professors) are all assumed to have at least Doctorate Degree, and it is a requirement. Do they necessarily possess practical experience? Not really. They need to be exposed to the development outside the campus in order to understand what the heck it is going on in the world. Having a paper qualification is good but it does not mean that this person is an expert.

If we all respect trading as a business, and is a skill we need to practise in order to get better and better, we just have to do and learn from someone who does it professionally and day in day out. Learning trading from a PhD will give us very good textbook knowledge. In this case, of course, I have the privilege to speak to Dr's classmates many years ago and understand his background and his trading journey. From what I was told, I did notice immediately that this guy is going to be in trouble one fine day. It's just a matter of time. Why? It's because when he is teaching someone options, he does not even bother (or should I say he knows?) talking about volatility and Greeks. He simply asked his students to have "faith" on him (btw, what faith is he talking about?). He also taught my good friends a 911 strategy which clearly does not make any sense as he did not reveal the entire risk of making that particular adjustment.

On the brighter side, without him in this market for the last few years, options won't be a popular subject at all. Most of my friends would probably not wake up and still live in the dream of knowing the so-called most powerful strategy in the Planet, which after I had a chance to look at it, is merely a pure gambling on direction without regard to volatility at all.

So, Dr. , you have done a few good deeds. Kudo to you! Salute!!