Value Hunting's Sharpshooters Hurt

s financial stocks such as Fannie Mae and Freddie Mac continue to struggle, there is plenty of pain to go around. But those taking a real beating include superstar investors who focus on so-called value stocks. Several notable hedge-fund and mutual-fund managers -- including Marty Whitman, Richard Pzena, Bruce Sherman and Wally Weitz, among others -- are down about 20% or more this year in certain funds they run, partly because of heavy dollops of financial shares.

Some question whether these investors became too wedded to their picks, and too unwilling to throw in the towel on their losers.

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