Flipped...

Famous billionaire hedge-fund managers are brilliant people with smart hard-working employees, well-thought-out strategies and a track record that is unlikely to be attributable to chance.

 One thinks that their performance was random, flipped a coin 10 times and got 7 heads.  “Our success is due to our independent contrarian streak and our discipline in buying assets.”

Then they flipped the coin got only 3 heads  “We have had a run of bad luck due to the Fed’s distortion of markets, but we expect to bounce back stronger than ever.”

David Einhorn’s Greenlight Capital is down about 19 percent for the year, and his investor letter is a wondrous thing:

“Right now the market is telling us we are wrong, wrong, wrong about nearly everything,” Einhorn wrote in a letter dated July 31. “And yet, looking forward from today we think this portfolio makes a lot of sense.”