The Year of Wall Street's Fallen Idols

Millions of Americans are reeling from investment losses this year.

For many, the financial cost of the red ink is only part of the misery. They're also kicking themselves for the losses.

Maybe you feel you invested too much. Maybe you feel you should have invested in different assets.

This may prove scant consolation, but it is worth noting: The best of the best have done no better. So go easy on yourself.

This has been Wall Street's year of the fallen idols.

Marty Whitman, the legendary septuagenarian who co-manages Third Avenue Value, has seen crises come and go. There are few you could trust more in a panic. But his fund has almost halved this year. Bill Miller, the famous manager at Legg Mason Value, has fallen by nearly 60%. And that's not even the worst of it. Miller's more flexible, go-anywhere fund, Legg Mason Opportunity Trust, is down by two-thirds since the start of the year.

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