I don't know that making a bad investment makes them terrible fund managers, just as making a good one would not make them brilliant. Don't you need a string of data points?

If you are going to claim that they were not hired on merit, and that they are bad investment managers, you'll need to provide a lot more evidence on both points, rather than a "just asking questions" post on HN. Otherwise, it's just snark and not in keeping with HN's ethos.