Two other hedge fund heroes of the dark years of the financial crisis have also hit the rocks recently. Bill Ackman, who smelled the rot in subprime mortgages well before the herd and wagered accordingly, was down 16% this year heading into October—due in part to a hefty loss on Citigroup. Similarly, Bruce Berkowitz's stellar record of snapping up quality stocks at depressed prices has taken a serious blow: His portfolio has been hammered by huge positions in BofA and American International Group, where he ranks second only to the federal government on the list of largest shareholders.
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