This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. https://www.wsj.com/articles/twilight-of-the-stock-pickers-hedge-fund-kings-face-a-reckoning-11572197217 Jonathon Jacobson picked stocks for three decades. He spent the 1990s at Harvard University’s endowment, making winning bets on and against companies. Then he built a hedge fund, Highfields Capital Management, which made a mint in 2001 betting against Enron Corp. Recent history hasn’t been as kind. After badly trailing the market in recent years, Mr. Jacobson told investors in his $12.1 billion fund a year ago he was giving them their money back.