Publicly traded firms and investment vehicles associated with David Einhorn, Cathie Wood, Warren Buffett, Bill Ackman, Carl Icahn and Michael Saylor have all underperformed the S&P 500 in 2025, Cointelegraph reported. Strategy, led by Saylor, fell 19% year to date while the benchmark gained 12.6%, a 31.6-percentage-point gap. Cathie Wood's ARK Innovation ETF and Warren Buffett's Berkshire Hathaway also lagged. The divergence emerged as technology mega-cap stocks drove much of the market's advance, highlighting the risks of concentrated or value-oriented strategies and renewing the debate over active management versus low-cost index investing. The results do not establish whether the underperformance is temporary or lasting, and investors still need to assess each vehicle's strategy, fees, risk and role in a diversified portfolio.