saying with hedge funds, it is a bad year for value investors, and you know that when seth klarman ising money. his hedge fund declined about 3.8 percent in september, according to a person with knowledge. was heard by losses in energy and health care stocks. joining us now in austin is sabrina willmer, who wrote the story about seth klarman's losses per they took the heaviest hits on health care and energy, right? sabrina: that is direct. mostly, the biggest holding of the u.s. equity holding was should near energy -- was shaneer energy. a lot of hedge funds piled into it, and that lost 30% during the third quarter. losses.ves some of the betty: right. and then? sabrina: and that is actually the energy part of the portfolio, which has rebounded a little bit in october, and so have biotechnology stocks. you are starting to see a little bit of a turnaround. this is still disappointing for known for making consistently strong returns each year. two losingnly had years in their history since 1982. if they do not turn things around, this could be their third losing year. betty: ok, would