A hedge fund boss and Warren Buffett disciple made a 40% gain during the brutal coronavirus sell-off after more than two years of betting against the stock market. Kevin Smith, the founder and investment chief of Crescat Capital, revealed in an investor letter that the group's macro fund posted a 40.5% gain between February 20 and March 20. Another key Crescat fund delivered a 34.3% gain over the same period, while the S&P 500 plunged by almost a third.