Investing is hard - or everyone would be doing (and succeeding) it. The only "wrong" people I hear about in this story are his investors that haven't cut their

Investing is hard - or everyone would be doing (and succeeding) it. The only "wrong" people I hear about in this story are his investors that haven't cut their losses yet. His job is to operate his fund, which he's doing - the losing investors job is to protect their capital, which they don't seem to be doing. tldr; risk management and all those boring terms people don't want to think about still apply.