Three rock star fund managers, Bruce Berkowitz, Kenneth Heebner, and Bill Miller, are competing for last place as "their bets on an economic expansion backfired."

"Bet" is the operative word.  Heebner's fund was 36% invested in auto stocks at the end of 2010.  Berkowitz's fund had 74% of its holdings in financial stocks as of Feb. 28.
Miller's fund fell 0.5% through June 9, trailing 94% of rivals, according to Bloomberg data.

"Managers don't go from geniuses to idiots overnight" said Russell Kinnel, director of mutual fund research at Morningstar.

True. Gambling has little to do with intelligence and much to do with luck.  And apparently theirs has run out.

Investment News:  Berkowitz, Heebner, and Miller in tight battle -- for last place