I'm kind of a carbon fiber hood expert so hopefully this will help everyone out. I know there is some confusion out there about all the ways a carbon hood can bite the dust.
If the hood turns yellow it is UV damage to the resin. This can't really be fixed unless you sand it down to the carbon and go for the "dry carbon" look. I have a feeling this is what some of the shady companies in L.A. have been doing lately.
If the hood gets a white haze in it you typically have oxidation. The method posted above will buff that out or you can take the clear off and re clear it.
If you have small, round divots in the surface of the hood, this is usually oxidation that's just out of control. This is usually caused by using a crappy non-clearcoat safe wax like turtle wax. You can USUALLY sand this out but you will HAVE to reclear it.
If you have large bubbles or a large section that appears to be pulling away from the fiber underneath you most likely have a factory defect. Most reputable companies would replace the hood in this situation. However, since you're the second owner of the hood you're probably SOL if this is your case.
As far as maintenance of the
carbon hood goes, it is the same as a stock hood. You want to keep it clean and keep it waxed with a good, clearcoat safe wax like mother's. If you won't be driving the car for a while, cover the car with a car cover. A $20 car cover is well worth it down the road.