Ten to 15 percent of hedge funds are committing some sort of fraud, according to Gontran de Quillacq of Navesink International. The trader turned expert witness has a new project in the works, the Gilded Research Group, which detects misstatements at hedge funds. Hedge funds, Quillacq argues, are structurally opaque. But, in a wide-ranging conversation with Mike Green, Quillacq explains how he uses statistics and econometrics to see when returns are too good to be true. Quillacq and Green also discuss the war in Eastern Europe, assessing the range of potential outcomes. As de Quillacq points out, Russian tsars don’t usually survive long after losing wars. Recorded on April 8, 2022.