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Nobody's perfect.

It's hard for many people to look at hedge funds' successes without a touch of envy, and often impossible to behold their messes without schadenfreude. Forbes estimates that 46 of the world's billionaires made their money in hedge funds. Yet it's not at all difficult to recount episodes where specific hedge funds lost billions, and hedge-fund closings are routine.

The late, great dean of value investing, Benjamin Graham, said: "The investor's chief problem — and even his worst enemy — is likely to be himself."

"There is no perfect strategy, and there is no mistake-free investor," said Justin Carbonneau, partner at Validea Capital Management, which runs an ETF — the Validea Market Legends ETF (VALX) — that is based on investing models of market icons.

Here are a few recent bets made by market masters that haven't paid off for them but offer some teachable moments for all investors.

By Tim Mullaney, special to CNBC.com
Posted 8 April 2016

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