Joe Montana's hedge fund has a bad month

Full Disclosure: I was a huge Joe Montana fan back in his glory days with the 49ers, and I still have a huge poster of him on the wall in a closet.

Joe Montana's place as one of the greatest quarterbacks of all-time is secure but, sadly, the same cannot be said about his skills as a hedge fund honcho. According to a piece in The New York Post, "HRJ Capital, a California investment firm that counts the Hall of Fame quarterback on its roster, saw almost all of the gains ratcheted up so far this year at one of its hedge funds get wiped out as the housing crisis tackled the markets."

The fund of funds (a hedge fund that invests in other hedge funds) lost 12.3% in the first two weeks of August because of investments in hedge funds that had subprime exposure. Montana also has a couple former teammates with him at the firm, Ronnie Lott and Harris Barton.

Should investors in his fund be worried? Of course not! This is Super Joe! The Comeback Kid!

I wonder if he owns HanesBrands (NYSE: HBI), which plastered Montana's face all over television commercials in the early 1990s, and paid him a nice endorsement fee.