One of the biggest problems with people who think that they are smart is that they believe that the number of times they admit that they are wrong is inversely proportional to theirintellectual level.
My mama told me If you're the smartest person in the room then you're in the wrong room.
Many hedge fund managers have become billionaires perhaps this - plus their reputations as the smartest guys in the room - is why they have captured the investing public's imagination.