Originally Posted by http://bikeparts.wikia.com/wiki/Fred_%28bicycling%29
"Fred" is a derisive term used by "serious" road cyclists to describe other cyclists who do not conform to serious road cyclists' norms with regard to dress and equipment, and appear amateurish to them. The term is generally reserved for men, while the rare female Fred is sometimes called a "Doris."
The exact qualities that define one as a "Fred" vary widely among regions and cyclists. The main two definitions used for the term are actually completely contradictory.
In the UK, an early usage of the word is the more common—used by 'serious' roadies to refer to (often) bearded, sandal-wearing, touring cyclists without any high-tech gear. This usage still survives in the US. David Bernstein, presenter of The FredCast says the term is "used by 'serious' roadies to disparage utility cyclists and touring riders, especially after these totally unfashionable 'freds' drop the 'serious' roadies on hills because the 'serious' guys were really posers."
Recently, particularly in the US, a Fred is more often somebody with higher quality and more expensive gear than his or her talent would warrant. For example, a Fred could be guy with little cycling experience who watches the highlights of a few Tour de France stages, then goes to a bike store and buys a Trek carbon fiber Madone in Team Discovery colors, along with Team Discovery shorts and jersey, and then rides it on a cycling path at 15 mph (25 km/h). Some use "Fred" in a somewhat similar matter, but more synonymous with a roadie poseur. Such a person is more aware of roadie culture, and wants to be seen as a roadie despite lacking in the requisite ability and style (whereas the other type of Fred may have purchased some high-end gear, but is oblivious to road cyclist ways). An interesting corollary for the poseur type of Fred is that if someone is worried about being a Fred, he probably is one of these Freds. In addition, it is this type of Fred who is most likely to use "Fred" as a derisive term for others.
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The roots of the term "Fred" are unclear, though some believe it originated from[2] a touring rider named Fred Birchmore from Athens, GA. In 1934-35, Birchmore rode around the world on a bicycle he named Bucephalus. Birchmore and Bucephalus traveled approximately 25,000 miles. Bucephalus is now on display at the Smithsonian Institution in Washington, D.C. In one famous incident while touring in Italy, Birchmore passed a bunch of racers during a race he had crossed paths with by chance. And despite going up hill on his loaded 50 pound non-racing bike, he passed the finish line well ahead of the racers. The cheering crowd at the finish line assumed him to be the winner of the race.