This is what it's like to watch a 'Master of the Universe' lose money

I’ve heard a lot of stories about investors losing money in my time covering Wall Street.

There are lots of ways to do it, and lots of ways to react to it.

By far the most fascinating people to observe losing money — also the hardest to watch — are super-rich investors.

The fascinating part of watching this rarefied group is not the scale of losses, or spillover to the rest of the investment industry.

It is that when real Master of the Universe-types lose money, you find out that money doesn’t really matter to them at all.

There’s one thing far more important.

Being right.

2015