So hedge fund "genius" David Einhorn is down 18 percent this year, even though the S&P is up 5 percent.

Last year, his fund gained 2 percent while the S&P gained 22 percent. He slightly underperformed the market in 2016, while getting crushed in 2015 when he LOST 20 percent while the S&P gained 1 percent.

Same thing with Ackman. Through June 5, his Pershing Square hedge fund had returned 7.5 percent for 2018, handily beating the S&P 500’s 3 percent gain. But this is the same guy who:

o Lost 20.5% in 2015 when the S&P gained 1 percent.

o Lost 13.5% in 2016 when the S&P gained 12 percent

o Lost 4% in 2017 when the S&P gained 22 percent.

So over the last 3 years, while the S&P was up more than 34%, Ackman lost his investors 38 percent… and he’s still got 8 billion under management!

Why are these guys still considered the "smart money?" And if you had millions to invest, why the hell wouldn't you just put it in a Vanguard Index fund instead of with them?