THE LONG GAME
2016 — 2025
← Back to the arenaTHE COMPLETE ARENA · 34 INVESTORS

Fame meets the record.

Thirty-four familiar names. Twenty fund and company records ranked over 2016–2025. Explore the other fourteen profiles below as their records are reviewed.

20 RANKED VEHICLES · JAN 2016 – DEC 2025Gold marker = SPX · Bars = 10Y / year
SPX · S&P 500SPY ETF · THE BENCHMARK
+14.7%10Y / YEAR
  1. Prem Watsa — Licensed original color photograph, cropped and AI enhanced
    Prem WatsaEpicFairfax · shareholders USD
    +17.2% ten-year annualized return+2.50 pp vs SPX / yr
  2. Photo unavailable
    Will DanoffEpicFCNTX · fund NAV
    +16.8% ten-year annualized return+2.11 pp vs SPX / yr
  3. Bill Ackman — Licensed original color photograph, cropped and AI enhanced
    Bill AckmanEpicPSH · NAV
    +15.8% ten-year annualized return+1.08 pp vs SPX / yr
  4. Photo unavailable
    Joel GreenblattRareGINDX · co-managed
    +15.4% ten-year annualized return+0.67 pp vs SPX / yr
  5. Cathie Wood — Licensed original color photograph, cropped and AI enhanced
    Cathie WoodRareARKK · NAV
    +15.0% ten-year annualized return+0.31 pp vs SPX / yr

  6. Defeated Underperformers

    Warren Buffett — Licensed original color photograph
    Warren BuffettCommonBerkshire · market value
    +14.3% ten-year annualized return−0.38 pp vs SPX / yr
  7. Photo unavailable
    Bill NygrenCommonOAKMX · co-managed NAV
    +13.7% ten-year annualized return−1.00 pp vs SPX / yr
  8. Cliff Asness — Licensed original color photograph, cropped and AI enhanced
    Cliff AsnessCommonQLEIX · co-managed NAV
    +12.3% ten-year annualized return−2.44 pp vs SPX / yr
  9. Photo unavailable
    Chris DavisCommonNYVTX · Class A NAV
    +12.1% ten-year annualized return−2.63 pp vs SPX / yr
  10. Mohnish Pabrai — Licensed original color photograph, cropped and AI enhanced
    Mohnish PabraiCommonPabrai Fund 3 · net
    +11.4% ten-year annualized return−3.29 pp vs SPX / yr
  11. Peter Schiff — Licensed original color photograph
    Peter SchiffCommonEPIVX · affiliated fund
    +11.4% ten-year annualized return−3.36 pp vs SPX / yr
  12. Photo unavailable
    Terry SmithCommonFundsmith T Acc · USD
    +10.8% ten-year annualized return−3.87 pp vs SPX / yr
  13. Photo unavailable
    Mario GabelliCommonGABAX · Class AAA NAV
    +9.6% ten-year annualized return−5.14 pp vs SPX / yr
  14. John Rogers Jr. — Licensed original color photograph, cropped and AI enhanced
    John Rogers Jr.CommonARGFX · Investor NAV
    +9.5% ten-year annualized return−5.20 pp vs SPX / yr
  15. Photo unavailable
    Tom GaynerCommonMKL · shareholder return
    +9.3% ten-year annualized return−5.42 pp vs SPX / yr
  16. Photo unavailable
    Bruce BerkowitzCommonFAIRX · fund NAV
    +8.9% ten-year annualized return−5.81 pp vs SPX / yr
  17. Photo unavailable
    Dan LoebCommonThird Point Offshore · net
    +7.5% ten-year annualized return−7.17 pp vs SPX / yr
  18. Photo unavailable
    David HerroCommonOAKIX · co-managed NAV
    +6.8% ten-year annualized return−7.93 pp vs SPX / yr
  19. Photo unavailable
    John HussmanCommonHSGFX · fund NAV
    −2.2% ten-year annualized return−16.94 pp vs SPX / yr
  20. Photo unavailable
    Carl IcahnCommonIcahn funds · composite
    −6.7% ten-year annualized return−21.44 pp vs SPX / yr

Rankings and rarity badges use ten-year annualized returns. A vehicle’s return is not the investor’s personal return; fund NAV, market value and composite figures are identified below each name. Figures are approximate USD total returns. Bars extend from zero; negative returns extend to the left. Gaps are in percentage points (pp) per year.

14 MORE FAMILIAR FACES

In the arena. Awaiting a rank.

Historical careers and records still under review. Unranked means no comparable score has been assigned; it does not mean the investor lost to the market.

Photo unavailableMichael BurryRecord to verify · ScionRay Dalio — Licensed original color photographRay DalioRecord to verify · BridgewaterJim Cramer — Licensed original color photographJim CramerRecord to verify · CNBC · Charitable TrustPeter Lynch — Licensed original color photograph, cropped and AI enhancedPeter LynchHistorical profile · Fidelity · Magellan eraCharlie Munger — Licensed original color photograph, cropped and AI enhancedCharlie MungerHistorical profile · Berkshire · historical profileGeorge Soros — Licensed original color photographGeorge SorosHistorical profile · Quantum · historical profileKevin O’Leary — Licensed original color photographKevin O’LearyFund review pending · O’Shares · associated ETFKen Griffin — Licensed original color photograph, cropped and AI enhancedKen GriffinRecord to verify · CitadelStanley Druckenmiller — Licensed original color photograph, cropped and AI enhancedStanley DruckenmillerHistorical profile · DuquesneJim Simons — Licensed original color photograph, cropped and AI enhancedJim SimonsHistorical profile · Renaissance · historical profileHoward Marks — Licensed original color photograph, cropped and AI enhancedHoward MarksRecord to verify · OaktreePaul Tudor Jones — Licensed original color photographPaul Tudor JonesRecord to verify · TudorPhoto unavailableDavid EinhornRecord to verify · Greenlight CapitalPhoto unavailableRon BaronFund review pending · Baron Partners Fund
ETFs Arena Read the ranking rules Investment Calculator
Sources & comparison notes · as of Dec 31, 2025

The arena features 34 investor profiles. Twenty selected vehicles are ranked by 10-year annualized outperformance versus SPY, the S&P 500 ETF. This is a dated research snapshot, not a live ranking of all investors. Figures are estimates from published annual returns or adjusted year-end NAVs and share prices. The record details identify the method and sources. Fundsmith and Fairfax are converted to USD. This is a return ranking, not a risk-adjusted assessment; the vehicles have different mandates and exposures. Charts use annual observations only. SPY is market-price total return; ARKK, GINDX, EPIVX and PSH are NAV returns after fund expenses. Berkshire is per-share market value. NAV and shareholder returns are different measures; these labels stay visible.

The homepage’s SPIVA figures cover all active U.S. large-cap funds, including growth, core and value styles. Over the twenty years from 2006–2025, 92.89% underperformed the S&P 500. The one-year and ten-year figures use the same category and end date. Fund returns are after fees, excluding sales loads. SPIVA includes funds that merged or liquidated during the period when calculating the share that failed to survive and outperform. These figures describe historical fund results, not the percentage of individual investors who will fail. See SPIVA Year-End 2025, Report 1a, page 12; methodology is in Appendix B, pages 41–42.

Annual data: ARK prospectus, 2016–2024 · ARK, 2025 · Berkshire · Gotham · Pershing Square · SPY annual returns · Fidelity: SPY 1Y / 5Y / 10Y cross-check · SPIVA.

GINDX is co-managed by Joel Greenblatt and Robert Goldstein. Berkshire is a conglomerate. PSH NAV includes the effects of its structure and buybacks; it is not its listed-share return. EPIVX is EuroPac International Value Class A at NAV, excluding its initial sales charge (up to 4.5%); including that charge reduces its published 10Y return to 10.84%. Peter Schiff is associated with the adviser and investment philosophy; James Nelson and Luke Allen manage the fund. It invests internationally, so SPY is an opportunity-cost comparison, not its mandate benchmark. Icahn’s figures are the published investment-fund composite, net of expenses, not IEP shareholder returns or his personal return. Annual observations cannot measure intra-year maximum drawdown. No risk score is fabricated. Historical performance does not establish future returns.

New annual records: EuroPac 2026 prospectus, Class A calendar-year chart · EuroPac December 2025 factsheet · Icahn annual reports: 2018 (2016–18), 2019, 2022 (2020–22), 2025 (2023–25).

Added records & portrait sources

The fourteen newly ranked records use the full 2016–2025 period. Adjusted-NAV estimates can differ slightly from published fund returns. Pabrai Fund 3’s conflicting headline ten-year figure is disclosed in its profile. Each record links to its data sources.

Prem Watsa · Will Danoff · Bill Ackman · Joel Greenblatt · Cathie Wood · Warren Buffett · Bill Nygren · Cliff Asness · Chris Davis · Mohnish Pabrai · Peter Schiff · Terry Smith · Mario Gabelli · John Rogers Jr. · Tom Gayner · Bruce Berkowitz · Dan Loeb · David Herro · John Hussman · Carl Icahn ·

Fourteen other profiles remain unranked while comparable records are reviewed. Fame does not establish performance.

Image credits, licenses & independence notice. Profile pictures use licensed original color photographs. Low-resolution photos may be AI upscaled; credits identify the source license and changes. Uncleared photos are withheld.