Personally I don't view Fred as a traditional update. I view it more like Google tightening up their pre-existing quality control knobs on the algo. Thankfully for me, the sites impacted in my industry have not recovered. When Fred hit, they lost rankings and my traffic jumped up.
I do think it is possible to recover from Fred but I expect most sites impacted by Fred won't recover. Why? The mindset of those webmasters tends to be more focused on short-term gimmicks. It is hard to improve your quality signals for Google with that type of mindset. If you want to recover from Fred, I would start with asking yourself what unique value does your website provide? Good luck.