<table class="image-container float_right" width="200"><tr><td><div class="image"><img src="http://static3.businessinsider.com/image/504fcb0aeab8ea0607000011-400-300/apple-39.jpg" border="0" alt="rotten apple" /></div><a href="http://www.flickr.com/photos/brankomaster/3366153318/">brankomaster / Flickr</a></td></tr></table>A number of <keyword id="116445" type="COMPANY" weightage="60" keywordseo="Hedge-funds">hedge funds</keyword> have completely vacated <keyword id="6354427" type="CITY" weightage="60" keywordseo="Apple">Apple</keyword> in the fourth quarter, according to 13Fs filed with the Securities and Exchange Commission.
This is significant because the tech giant's stock is normally a hedge fund favorite.
So far we have four funds that have sold out of their stakes completely in Q4. 
Here's the rundown: 
<ul>
<li>John Thaler's JAT Capital exited it position in Apple during Q4. The fund held <a href="http://www.sec.gov/Archives/edgar/data/1040273/000108514613000612/0001085146-13-000612.txt">189,098 shares at the end of Q3. </a></li>
<li>"Tiger Cub" Stephen Mandel dropped his entire Apple stake in the fourth quarter. Lone Pine held more than 805,000 shares at the end of Q3, <a href="http://www.sec.gov/Archives/edgar/data/1061165/000090266413000946/0000902664-13-000946.txt">according to a 13F.</a></li>
<li>Dan Loeb's Third Point LLC also sold its Apple stake in Q4. Third Point had 710,000 shares at the end of Q3, according to a 13F filing.</li>
<li>"Tiger Cub" Andreas Halvorsen's Viking Global <a href="http://www.sec.gov/Archives/edgar/data/1103804/000110380413000004/0001103804-13-000004.txt">dumped its entire Apple stake in Q4</a>, the filing shows. The hedge fund owned <a href="http://www.sec.gov/Archives/edgar/data/1103804/000110380412000035/0001103804-12-000035.txt">1,094,000 shares</a> at the end of Q3.</li>
<li><keyword id="1106044" type="PERSON" weightage="60" keywordseo="John-Burbank">John Burbank</keyword>'s Passport Capital sold all its stake in the fourth quarter, according to a 13F. The fund owned 60,736 shares for the quarter ended 9/30/2012, <a href="http://www.sec.gov/Archives/edgar/data/1352428/000117266113000543/passportcapital4q12.txt">according to a 13F.</a></li>
<li><keyword id="650345" type="PERSON" weightage="60" keywordseo="Eric-Mindich">Eric Mindich</keyword>'s <keyword id="498416" type="PERSON" weightage="60" keywordseo="Eton-Park">Eton Park</keyword> Capital Management sold all of its Apple stake in the fourth quarter, <a href="http://www.sec.gov/Archives/edgar/data/1314588/000131458813000004/ep123112.txt">according to a 13F filing with the SEC. </a> The hedge fund had 250,000 shares at the end of the third-quarter, <a href="http://www.sec.gov/Archives/edgar/data/1314588/000131458812000008/0001314588-12-000008.txt">according to that 13F</a>.</li>
<li>Barry Rosenstein's <a href="http://www.businessinsider.com/jana-partners-dumps-apple-2013-2">JANA Partners</a> sold its stake in Q4. At the end of Q3, the hedge fund held 143,148 shares of the tech giant, <a href="http://www.sec.gov/Archives/edgar/data/1159159/000090266412001463/p12-1802form13fhr.txt">the Q3 13F filing shows</a>. </li>
<li>Leon <a href="http://www.businessinsider.com/cooperman-sells-apple-buys-facebook-2013-2?utm_source=feedburner&amp;utm_medium=feed&amp;utm_campaign=Feed%3A+typepad%2Falleyinsider%2Fsilicon_alley_insider+(Silicon+Alley+Insider)">Cooperman's Omega Advisors</a> dumped its stake. He previously had 266,404 shares of the tech giant's stock at the end of the third quarter, <a href="http://www.sec.gov/Archives/edgar/data/898382/000089457912000321/0000894579-12-000321.txt">according to a filing</a>. </li>
</ul>
We're going to keep updating this post as the filings come out.

Here Are All The Hedge Funds That Are Completely Getting Out Of Apple

<table class="image-container float_right" width="200"><tr><td><div class="image"><img src="http://static1.businessinsider.com/image/504e522d69bedd4611000006-400-300/aple.jpg" border="0" alt="rotten apple" /></div><a href="http://www.flickr.com/photos/lara604/4749531404/">Lara604 / Flickr</a></td></tr></table><keyword id="650345" type="PERSON" weightage="60" keywordseo="Eric-Mindich">Eric Mindich</keyword>'s <keyword id="498416" type="PERSON" weightage="60" keywordseo="Eton-Park">Eton Park</keyword> Capital Management sold all of its <keyword id="6354427" type="CITY" weightage="60" keywordseo="Apple">Apple</keyword> stake in the fourth quarter, <a href="http://www.sec.gov/Archives/edgar/data/1314588/000131458813000004/ep123112.txt">according to a 13F filing with the SEC. </a>
The hedge fund had 250,000 shares at the end of the third-quarter, <a href="http://www.sec.gov/Archives/edgar/data/1314588/000131458812000008/0001314588-12-000008.txt">according to that 13F</a>.
That makes three big hedge funds including Barry Rosenstein's <a href="http://www.businessinsider.com/jana-partners-dumps-apple-2013-2">JANA Partners</a> and Leon <a href="http://www.businessinsider.com/cooperman-sells-apple-buys-facebook-2013-2?utm_source=feedburner&amp;utm_medium=feed&amp;utm_campaign=Feed%3A+typepad%2Falleyinsider%2Fsilicon_alley_insider+(Silicon+Alley+Insider)">Cooperman's Omega Advisors.</a> 
Apple's stock has been known to be a hedge fund favorite.

ANOTHER Hedge Fund Has Dumped Its Apple Stake

<img src="https://static-ssl.businessinsider.com/image/5dc990983afd371d983ad1a3-2000/gettyimages-1034344694.jpg" alt="David Tepper" /><a href="https://www.gettyimages.co.uk/detail/news-photo/david-tepper-owner-of-the-carolina-panthers-prior-to-the-news-photo/1034344694?adppopup=true">Getty/Scott Cunningham</a>David Tepper's full attention will be on his NFL team, the Carolina Panthers.<ul class="summary-list"><li>The $3.3 trillion hedge fund industry saw several big names call it quits in 2019, as Appaloosa founder David Tepper and Moore Capital chief Louis Bacon both decided to turn their funds into family offices, while Bridgewater's co-CEO Eileen Murray announced she is leaving her post next year. </li><li>Other names, like BlueMountain co-founders Stephen Siderow and Andrew Feldstein, were partially pushed out of the industry thanks to poor performance.</li><li>In the last couple years, big names like Jonathon Jacobson, Leon Cooperman, Jason Karp, John Griffin, Eric Mindich, and more have closed down their funds. </li><li><a href="https://www.businessinsider.com/prime">Click here for more BI Prime stories.</a></li></ul>Jonathon Jacobson, the billionaire founder of Highfields Capital Management who returned outside capital last year, <a href="https://www.wsj.com/articles/twilight-of-the-stock-pickers-hedge-fund-kings-face-a-reckoning-11572197217">reportedly wasn't having fun anymore</a> when he closed his fund. David Tepper, however, looks like he's having the time of his life. The billionaire founder of Appaloosa Management announced that he was turning his fund into a family office in May, with the understanding that he'd be spending more time focusing on the football team - the NFL's Carolina Panthers - he recently bought. Not only has he put his stamp on Panthers already, firing the firm's long-time coach, but Tepper has also brought a Major League Soccer team to Charlotte. <a href="https://www.charlotteobserver.com/sports/spt-columns-blogs/scott-fowler/article238407293.html">According to The Charlotte Observe</a>r, Tepper - who was known for having <a href="http://nymag.com/news/features/establishments/68513/">a set of brass testicles</a> on his office desk at New Jersey-based Appaloosa - teased the mayor of Charlotte at the announcement ceremony for the new team, imitated Elvis, and predicted that the soccer games will be "a little bit of a party.""Charlotte loves a party. And we're going to bring them a party," he said. While not every big name that has stepped back or left the hedge fund industry this year is living it up like Tepper, there are still notable things on the horizon for people like Eileen Murray and Louis Bacon.

Louis Bacon, David Tepper, and more: Here are the biggest names that said goodbye to hedge funds in 2019

<img src="https://static-ssl.businessinsider.com/image/58da56102dfbdb1b008b4843-678/undefined" alt="Eric Mindich, Founder and CEO of Eton Park Capital Management attends a session at the World Economic Forum (WEF) in Davos January 29, 2010. REUTERS/Christian Hartmann" />Thomson ReutersEton Park Capital Management Founder and CEO Mindich attends session at WEF in DavosHarvard's $35.7 billion endowment withdrew some money from a hedge fund run by one of its former students after an ugly year of losses, <a href="https://www.bloomberg.com/news/articles/2017-06-06/harvard-man-mindich-loses-out-in-endowment-hedge-fund-overhaul">Bloomberg's Michael McDonald</a> reported on Tuesday.The endowment withdrew from Eton Park Capital Management, the hedge fund run by Eric Mindich that announced it was shutting down in March. Mindich graduated from Harvard in 1988."A combination of industry headwinds, a difficult market environment and, importantly, our own disappointing 2016 results" challenged the fund's sustainability, Mindich said in a <a href="http://www.businessinsider.com/one-of-the-biggest-hedge-fund-launches-of-all-time-is-reportedly-shutting-down-2017-3">letter to investors</a> when the fund shut down. Its launch in 2004 with $3.5 billion was considered one of the largest hedge fund launches ever. McDonald reported that Harvard's move came amid an overhaul of the endowment, the largest in higher education. Harvard's fiscal 2016 annual report showed that the endowment lost 2% that year, hurt by low interest rates, market volatility, and execution, which was a "key factor." Mindich's flagship fund lost 9.4% last year, versus the 12% gain on the S&amp;P 500, partly because of a wrong bet on Japanese stocks, Bloomberg reported.<a href="https://www.bloomberg.com/news/articles/2017-06-06/harvard-man-mindich-loses-out-in-endowment-hedge-fund-overhaul">Head over to Bloomberg for the full story »</a> <h3>NOW WATCH: <a href="http://www.businessinsider.com/resume-words-make-hiring-managers-cringe-2017-5">9 phrases on your résumé that make hiring managers cringe</a></h3> Please enable Javascript to watch this video

Harvard's endowment backs away from a former student's hedge fund after an ugly year of losses

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/58d3f8b5d349f97b098b53f8-586/ericmindich.jpg" alt="Eric Mindich" /></div></div></div>Eton Park is reportedly shutting down.Bloomberg News is reporting that the founder, Eric Mindich, "doesn't believe he'll be able to run a global, multi-disciplinary investment firm under current conditions," citing a person with knowledge of the matter.Mindich's fund was considered to be one of the largest hedge fund launches when it started more than a decade ago with $3.5 billion.The firm's flagship fund posted a 9.4% loss last year, according to a report by Institutional Investor's Steve Taub.This is a developing story... <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/watches-worn-most-powerful-men-finance-larry-fink-warren-buffett-rolex-ray-dalio-2017-3">These are the watches worn by some of the most powerful men in finance</a></h3> <div> <div> <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="g0a25mYTE6uRpJNAu6rFcACj-WtCRgKL" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> <script> if (typeof RunFunctions === 'undefined') { var RunFunctions = []; } RunFunctions.push(function() { var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'g0a25mYTE6uRpJNAu6rFcACj-WtCRgKL',{ autoplay: 'false' }); }); </script> <noscript><div>Please enable Javascript to watch this video</div></noscript></div> </div> <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script> </div>

One of the biggest hedge fund launches of all time is reportedly shutting down

<div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/58d90f7d112f7047028b6fc1-2400/undefined" alt="eric mindich" data-mce-source="REUTERS/Christian Hartmann" data-mce-caption="Eric Mindich, Founder and CEO of Eton Park Capital Management attends a session at the World Economic Forum (WEF) in Davos January 29, 2010.">REUTERS/Christian HartmannEric Mindich, Founder and CEO of Eton Park Capital Management attends a session at the World Economic Forum (WEF) in Davos January 29, 2010.</img></div></div></div>Around midday on March 23, the news that a once-vaulted hedge fund would be closing started rippling through New York's hedge fund community. Eton Park Capital, a $7 billion hedge fund run by former Goldman Sachs wunderkind Eric Mindich, <a href="http://www.businessinsider.com/one-of-the-biggest-hedge-fund-launches-of-all-time-is-reportedly-shutting-down-2017-3">announced it would shutter</a>. Performance had been disappointing the previous year, but strong before that. Mindich was well-regarded. The fund was of a significant size. Even some of the investors were shocked to hear of the closure. In several ways, Eton Park's rise and closure symbolizes a broader journey for the hedge fund industry.When Mindich launched his New York-based fund in 2004, the industry was living large. Multi-billionaire dollar launches weren't uncommon. The broader industry was booming. Eton Park started with $3.5 billion, thought to be the largest hedge fund start-up of its time. <a href="http://www.nysun.com/business/mindich-opening-35-billion-hedge-fund/4110/">Newspapers that no longer exist covered the launch</a>. <div class="KonaFilter image-container display-table float_right click-to-enlarge"><div><div class="image on-image"><a title_source="HFR" title_caption="The hedge fund industry has ballooned in size, starting as a cottage industry and now managing money for some of the world's biggest public pensions, endowments and other institutional investors." class="zoomin" href="https://static-ssl.businessinsider.com/image/58d93713112f7091008b719c-960/screen shot 2017-03-27 at 115512 am.png"><img src="https://static-ssl.businessinsider.com/image/58d93713112f7091008b719c-1048/screen shot 2017-03-27 at 115512 am.png" alt="Screen Shot 2017 03 27 at 11.55.12 AM" data-mce-source="HFR" data-mce-caption="The hedge fund industry has ballooned in size, starting as a cottage industry and now managing money for some of the world's biggest public pensions, endowments and other institutional investors." /></a>HFRThe hedge fund industry has ballooned in size, starting as a cottage industry and now managing money for some of the world's biggest public pensions, endowments and other institutional investors.</div></div></div><a href="http://www.nysun.com/business/mindich-opening-35-billion-hedge-fund/4110/"></a>That year, the industry managed about $1 trillion and was on the road to tripling those assets over the coming decade, per HFR.More than 1,400 hedge funds launched that year, far outpacing the 300 or so closures, according to HFR. The next year was the industry's best, with more than 2,000 startups putting up a shingle.Fast forward to now, and the tables have turned. Hedge fund closures have outpaced launches for the past two years. Performance overall has been lackluster, to put it kindly. Even <a href="http://www.businessinsider.com/folger-hill-loses-director-of-risk-management-rayne-gaisford-2017-3">high-profile launches of yesteryear are struggling today</a>. "It's not cool to invest in hedge funds anymore," laments one start-up hedge fund manager, speaking about wealthy families which traditionally backed launches. The manager, who requested anonymity, said family offices have been less interested.It's not uncommon to hear hedge funders reminisce about the good ol' days, before the financial crisis. That's because many are struggling to raise money, or keep the capital they have. They're lowering their fees to investors, and it costs more now to run a business given increased compliance costs in the post-Madoff years.<div class="KonaFilter image-container display-table float_left"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/58c6ed8fc14077606d8b46a5-787/screen shot 2017-03-13 at 30450 pm.png" alt="hedge fund launches and closures" data-mce-source="HFR">HFRHedge fund closures have outpaced launches for the past two years. It wasn't always that way.</img></div></div></div>"Even two or three years ago, you could start with two-and-twenty," said Mark Doherty of consulting firm PivotalPath, referring to hedge funds' traditional lucrative management and performance fees. "Now you're lucky with one-and-something."To be sure, the hedge funders who remain are enormously well paid, and there is little sympathy in most corners. Still, the new challenges have made the industry less lucrative and created more hurdles to get a fund off the ground.For every story about a top <a href="http://www.businessinsider.com/brandon-haley-gears-up-for-big-hedge-fund-launch-with-holocene-2017-2">manager launching with $1 billion</a>, or a <a href="http://www.businessinsider.com/dan-loeb-philippe-laffont-back-ben-melkmans-light-sky-macro-2017-2?TB_iframe=true&amp;width=370.8&amp;height=658.8">start-up that got backing from idolized Wall Streeters like Dan Loeb, Louis Bacon and Steve Cohen</a>, there are dozens more hustling to get up and running.So what does it take to launch a fund? Business Insider asked a handful of new managers and consultants to get the lowdown.<h2>Raise capital, but not too fast</h2>"Institutional investors want everything before they start: three year track record, perfect operations, more than $100 million in [assets under management]," said Keith O'Callaghan, chief operating officer at FQS Capital, which invests in new funds. "We're looking at a chicken and egg syndrome."The key is to start with significant assets, but to keep growth tempered.He added: "Ballooning [assets under management] over a short period of time is a warning sign for us that potentially the return profile could change. Some managers find it difficult to transition from running a $50 million to $500 million book."<h2><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/58d9612e112f701f008b739e-2400/undefined" alt="Cost of money thumbnails 05" data-mce-source="Gene Kim">Gene Kim</img></div></div></div>Lots of money and fancy pedigree</h2>Opinions differ on how much a manager needs to start a fund - anywhere from $10 million to $250 million, though most hovered around $100 million. Those that start on the lower range can consider outsourcing back-office services. And some start-ups have been known to seek cheap rents at places like WeWork's coworking office space.Keep in mind that compliance and regulatory costs are a "big line item," said one start-up fund manager, who estimated the costs in the hundreds of thousands. "It would have been de minimus before Dodd-Frank," the manager said, referring to the landmark post-crisis regulatory rule. Either way, investors say they expect managers to put up significant portions of their net worth. They're also expecting wannabe managers to have spent time at investment firms with good reputations.<h2>Long track record</h2>New managers need at least three years of a performance record to show potential investors, said Keith O'Callaghan, COO at FQS Capital, which invests in hedge fund start-ups. Some hedge funds don't let their traders take their performance sheets with them, so they might need to manage money on their own for awhile to build up a fresh record.Performance is only piece of the puzzle, though. "Even an attractive track record doesn't mean we will invest," O'Callaghan said.<h2>Patience and more time<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/58d961e4112f7043268b6f51-569/6252390746900d6e9b00z.jpg" alt="watch" data-mce-source="Alan Turkus/Flickr" data-link="http://www.flickr.com/photos/aturkus/6252390746/in/photolist-awv8Ws-nQe48r-agVyLu-b24SS-dNE3Ph-MsUgz-bCsFe6-br5W7z-e4S4r7-5M5zoy-dHYEju-dHkFDj-4Dmw4G-8Eyi7-enaRoV-mDMWkB-do7Xj-agSLqt-51XCKy-drN9RL-dwu51S-egP8Bb-9oscpL-hrzqUG-9aL3Fa-iaK4sR-jUS7F3-nRnAEF-armYeX------------bWSza9-c8EDjj-eL71YT-fAnEPx-82CWm4-eL6WjK-eLimad-awLgp3-eLikCo-dwAU1C"><a href="http://www.flickr.com/photos/aturkus/6252390746/in/photolist-awv8Ws-nQe48r-agVyLu-b24SS-dNE3Ph-MsUgz-bCsFe6-br5W7z-e4S4r7-5M5zoy-dHYEju-dHkFDj-4Dmw4G-8Eyi7-enaRoV-mDMWkB-do7Xj-agSLqt-51XCKy-drN9RL-dwu51S-egP8Bb-9oscpL-hrzqUG-9aL3Fa-iaK4sR-jUS7F3-nRnAEF-armYeX------------bWSza9-c8EDjj-eL71YT-fAnEPx-82CWm4-eL6WjK-eLimad-awLgp3-eLikCo-dwAU1C">Alan Turkus/Flickr</a></img></div></div></div></h2>"How quickly a hedge fund grows from a launch has been widened," Barsam Lakani, head of prime services sales at Jefferies, told Business Insider.He added: "There is still evidence that investors will allocate to the right kind of launch. They're just not as frequent ... They're taking a more cautious approach, they're doing more due diligence, more homework on any potential investment, and that's ultimately going to lead to fewer allocations to asset managers ... Instead of it being a day-one process, it maybe becomes a six-month and 12-month process."<h2>Flexibility</h2>Managers should keep an open mind to how they want to build their business and the type of investor they want to attract, Lakani added."You don't necessarily have to comply with what people think are the norm," he said. "Whenever you're going to launch a fund you need pedigree and track record, but the characteristic that you need today is that notion of flexibility."For instance, managers might consider offering co-investments, which are essentially investment ideas that show up in the hedge fund, but which investors can invest in separately. The start-up manager who said wealthy families weren't interested in hedge funds, said offering co-investments was a way to entice them.<h2><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/58d968bb112f7060008b7396-2400/undefined" alt="mall shopping sale" data-mce-source="Joshua Lott/Getty Images" data-mce-caption="Shoppers walk past a retail shop at Somerset Collection shopping mall in Troy, Michigan.">Joshua Lott/Getty ImagesShoppers walk past a retail shop at Somerset Collection shopping mall in Troy, Michigan.</img></div></div></div>Discounts and creative fees</h2>"It's no longer enough to offer discounted fees," Lakani said, adding that founders' share classes, which provide a discount for first investors, have become the norm.Some managers, meanwhile, are <a href="http://www.businessinsider.com/dan-loeb-philippe-laffont-back-ben-melkmans-light-sky-macro-2017-2?TB_iframe=true&amp;width=370.8&amp;height=658.8">experimenting with decreasing their management fee as assets rise</a>. <h2>Tempered expectations</h2>Few launches start with a billion, let alone a couple hundred million, but that doesn't mean a fund won't eventually grow large. Lakani said he has known funds that launched with less than $20 million two to three years ago that are now managing north of $1 billion. <h2>Be different</h2>"People are looking for differentiation," said a New York-based manager who recently launched a fund. Start-ups need to pitch something that is unique, "whether it's a sector focus, derivatives that other people don't understand, some kind of specialized skill set," the manager said. <h2>Get a fancy name - maybe</h2>A <a href="https://poseidon01.ssrn.com/delivery.php?ID=994020123000099102092078022069096010116045067060095028110096086103022124108022018101018063099111026042034104124026083081001020029066004033083006079123111013026092037089020100016026015107082025094127023019117012027083122008030115073118003115073100017&amp;EXT=pdf">recent study</a> found that hedge fund names with gravitas, "defined as a combination of words from geopolitics and economics, or suggesting power," raise more money. But don't get too excited: "adding one more word with gravitas to the name of the average fund brings more than a quarter million dollars more in annual flows." In other words, peanuts in the world of hedge fund capital raising.The study also found a correlation with strong hedge fund names and negative investment performance. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/inside-warren-buffett-11-million-laguna-beach-vacation-house-2017-3">Take a look inside the Laguna Beach vacation home Warren Buffett listed for $11 million</a></h3> <div> <div> <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="Vzc2c2YTE696LhUIHe7A4uwCQ8s2v1pK" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> <script> if (typeof RunFunctions === 'undefined') { var RunFunctions = []; } RunFunctions.push(function() { var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'Vzc2c2YTE696LhUIHe7A4uwCQ8s2v1pK',{ autoplay: 'false' }); }); </script> <noscript><div>Please enable Javascript to watch this video</div></noscript></div> </div> <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script> </div>

Some of the biggest hedge funds are closing - here's what it takes to launch one today

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/58d4170fd349f97b098b552e-1127/undefined" alt="donald trump paul ryan" data-mce-source="Zach Gibson/Getty Images">Zach Gibson/Getty ImagesSpeaker of the House Paul Ryan.</img></div></div></div>Stocks closed little changed on Thursday <a href="http://www.businessinsider.com/house-republicans-trump-healthcare-vote-2017-3">after sources told Business Insider</a> that Republicans canceled Thursday's vote on "Trumpcare" after failing to reach agreement on the bill.All three major indices ticked up in the morning, fell back in the early afternoon, and ultimately closed basically where they started.First up, the scoreboard:<ul><li>Dow: 20,662.68, +1.38, (+0.01%)</li><li>S&amp;P 500: 2,344.09, -4.15, (-0.17%)</li><li>Nasdaq: 5,811.52, -10.05, (-0.17%)</li><li>US 10-year yield: 2.418, +0.022</li><li>WTI Crude: $47.75, -0.29, -0.60%</li></ul>1. <a href="http://www.businessinsider.com/trumpcare-ahca-obamacare-house-vote-trump-paul-ryan-freedom-caucus-2017-3">The Republican effort to overhaul the US healthcare system faces its biggest test yet Thursday</a>. Members of the House of Representatives are expected to vote on the American Health Care Act. Despite a push from President Donald Trump and administration officials, Republicans from both the conservative and moderate wings of the party have come out against the bill.2. <a href="http://www.businessinsider.com/barack-obama-statement-on-obamacare-affordable-care-act-2017-3">Obama defends Obamacare</a>. "So the reality is clear: America is stronger because of the Affordable Care Act," the former president said in a statement released on the seventh anniversary of the Affordable Care Act.3. <a href="http://www.businessinsider.com/initial-jobless-claims-march-23-2017-2017-3">Initial jobless claims rose above 250,000 for the first time in eight weeks</a>. Claims, which count the number of people who applied for unemployment insurance for the first time in the past week, rose by 15,000 to 258,000.4. <a href="http://www.businessinsider.com/one-of-the-biggest-hedge-fund-launches-of-all-time-is-reportedly-shutting-down-2017-3">One of the biggest hedge fund launches of all time is shutting down</a>. Eton Park Capital Management is shutting down. In a letter sent to investors earlier on Thursday, founder Eric Mindich wrote that he plans to return 40% of all investors' capital by the end of April, and that the fund's other investments would take longer to unwind over the "coming months," with some investments taking even longer.5. <a href="http://markets.businessinsider.com/news/stocks/ford-slashes-its-guidance-2017-3-1001862368-1001862409">Ford guidance disappointed</a>. Shares of <a href="http://markets.businessinsider.com/stock/F-Quote?utm_source=markets&amp;utm_medium=ingest" target="_blank">Ford Motor</a> are down 1.5% at $11.59 Thursday morning after the automaker reported it expects adjusted first-quarter earnings of $0.30 to $0.35 per share, well below the $0.47 that is expected by the Bloomberg consensus.6. <a href="http://www.businessinsider.com/bitcoin-price-spikes-above-1000-2017-3">Bitcoin spikes above $1,000</a>. Bitcoin was trading up 1.2% at $1,049 a coin as of 7:37 a.m. ET after aggressive selling on Wednesday slammed the cryptocurrency below the $1,000 level for just the second time since the beginning of February.ADDITIONALLY:<a href="http://www.businessinsider.com/asset-class-sp-500-industry-annualized-total-return-performance-chart-2017-3">These exquisite quilts illustrate the importance of diversification in investing</a>.<a href="http://www.businessinsider.com/county-population-change-map-2015-2016-2017-3">The fastest growing and shrinking counties in America</a>.<a href="http://markets.businessinsider.com/news/stocks/amazon-stock-price-upgrade-due-to-prime-only-credit-card-2017-3-1001863381-1001863381">Amazon has a new weapon in its war on brick-and-mortar retail</a>.<a href="http://www.businessinsider.com/whole-foods-is-losing-at-its-own-game-2017-3">Whole Foods is losing at its own game</a>.<a href="http://www.businessinsider.com/cost-of-cigarettes-most-expensive-cities-2017-3">How much cigarettes cost in the 10 most expensive cities in the world</a>.<a href="http://www.businessinsider.com/sears-suppliers-are-getting-nervous-about-possible-bankruptcy-2017-3">Sears has a bigger problem than plunging sales - but nobody's talking about it</a>. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/7-mega-billionaires-who-made-a-fortune-last-year-2017-3">7 mega-billionaires who made a fortune last year</a></h3> <div> <div> <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="txZTM5YTE64gA4GFRYvPGavZ6kzc9laH" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> <script> if (typeof RunFunctions === 'undefined') { var RunFunctions = []; } RunFunctions.push(function() { var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'txZTM5YTE64gA4GFRYvPGavZ6kzc9laH',{ autoplay: 'false' }); }); </script> <noscript><div>Please enable Javascript to watch this video</div></noscript></div> </div> <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script> </div>

STOCKS DO NOTHING: Here's what you need to know

Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours.The Republican effort to overhaul the US healthcare system faces its biggest test yet Thursday as members of the House of Representatives <a href="http://www.businessinsider.com/trumpcare-ahca-obamacare-house-vote-trump-paul-ryan-freedom-caucus-2017-3">are expected to vote on the American Health Care Act</a>."Trump trades" would be <a href="http://www.businessinsider.com/r-if-healthcare-vote-fails-would-jeopardize-trump-trades-gundlach-2017-3">jeopardized if the healthcare vote fails</a>, according to DoubleLine Capital chief Jeff Gundlach. This view was echoed by <a href="http://www.businessinsider.com/r-healthcare-bill-woes-could-cause-stocks-correction-blackstones-wien-2017-3">Byron Wien, </a><a href="http://www.businessinsider.com/r-healthcare-bill-woes-could-cause-stocks-correction-blackstones-wien-2017-3">vice chairman of Blackstone Advisory Partners</a>.You can keep up to date with the <a href="http://www.businessinsider.com/politics">latest on the AHCA here</a>. Eton Park, one of the biggest hedge fund launches of all time, <a href="http://www.businessinsider.com/one-of-the-biggest-hedge-fund-launches-of-all-time-is-reportedly-shutting-down-2017-3">is shutting down</a>."A combination of industry headwinds, a difficult market environment and, importantly, our own disappointing 2016 results have challenged our ability to continue to maintain the scale and scope we believe necessary to pursue our investment program consistent with our founding principles," <a href="http://www.businessinsider.com/one-of-the-biggest-hedge-fund-launches-of-all-time-is-reportedly-shutting-down-2017-3">founder Eric Mindich said in a letter to clients</a>. A $1.4 billion hedge fund expects a new wave of tech M&amp;A, particularly in software, as new kinds of buyers come to the fore. "We believe that <a href="http://www.businessinsider.com/kevin-oram-peter-uddos-praesidium-hedge-fund-on-tech-ma-2017-3">we are now in the early part of a major M&amp;A wave that will be more intense than any period</a> in the past," Praesidium's Kevin Oram and Peter Uddo said in a note to clients. And Bridgewater, the world's largest hedge fund, published a 61-page paper on populism <a href="http://www.businessinsider.com/bridgewater-associates-says-populism-is-at-highest-level-since-1930s-2017-3">that says the movement is at its highest level since the eve of WWII</a>.Here's how much money <a href="http://www.businessinsider.com/dealogic-preliminary-rankings-for-q1-2017-3">Wall Street banks have made advising on deals so far this year</a>. These exquisite quilts illustrate <a href="http://www.businessinsider.com/asset-class-sp-500-industry-annualized-total-return-performance-chart-2017-3">the importance of diversification in investing</a>. Here are OPEC's 7 <a href="http://www.businessinsider.com/most-important-oil-players-ahead-of-opec-meeting-2017-3">"agents of influence" you need to pay attention to</a>. And here's how to avoid <a href="http://www.businessinsider.com/heres-how-to-can-avoid-land-mines-in-fixed-income-2017-3">land mines in fixed income</a>, according to Legg Mason.The US economy is <a href="http://www.businessinsider.com/the-us-economy-is-sounding-an-alarm-that-everyone-is-ignoring-2017-3">sounding an alarm that everyone is ignoring</a>. And there's a gaping <a href="http://www.businessinsider.com/a-critical-immigration-trend-undermines-donald-trumps-entire-case-for-a-border-wall-2017-3">hole in the rationale for Trump's border wall</a>, according to Business Insider's Pedro da Costa.The Tesla Model 3 could be the safest car on the road - <a href="http://www.businessinsider.com/tesla-model-3-safest-car-on-the-road-2017-3">and that's bad news for every other automaker</a>. Apple just bought the app it once crowned <a href="http://www.businessinsider.com/apple-buys-workflow-app-acquisition-2017-3">"most innovative" and made it free for everyone</a>. And Emirates just used Jennifer Aniston to <a href="http://www.businessinsider.com/pakistan-national-airline-huge-flaw-trump-laptop-ban-2017-3">take a shot at the US laptop ban that's turning into a huge headache</a>.Rolex unveiled a new watch that's <a href="http://www.businessinsider.com/rolex-unveils-yacht-master-ii-with-gems-2017-3">shinier than anything we've seen from the brand before</a>. And lastly, these are the <a href="http://www.businessinsider.com/watches-worn-by-most-powerful-ceos-2017-3">watches worn by the most powerful CEOs in the world</a>. <a href="http://markets.businessinsider.com/stock/INTC-Quote"></a>Here are the top Wall Street headlines from the past 24 hours.<a href="http://www.businessinsider.com/r-credit-suisse-considers-stock-sale-instead-of-swiss-unit-ipo-sources-2017-3">Credit Suisse considers stock sale instead of Swiss unit IPO</a> - Credit Suisse is considering an accelerated bookbuilding to raise capital instead of selling a minority stake in its Swiss banking division.<a href="http://www.businessinsider.com/jhl-capital-grants-spring-2017-presentation-2017-3">FUND MANAGER: Trump's take on Reaganomics won't work in America - here's where it will</a> - In October 2015, James Litinsky, the founder of hedge fund JHL Capital <a href="http://www.businessinsider.com/jhl-capital-conglomerate-boom-2015-11">proclaimed that the age of giant (and growing), over-leveraged companies was over</a>. He was talking about companies like Valeant Pharmaceuticals, and - as we now know - he was very right. <a href="http://www.businessinsider.com/whole-foods-is-losing-at-its-own-game-2017-3">Whole Foods is losing at its own game</a> - It wasn't too long ago that John Mackey was considered a pioneer.<a href="http://www.businessinsider.com/sears-suppliers-are-getting-nervous-about-possible-bankruptcy-2017-3">Sears has a bigger problem than plunging sales - but nobody's talking about it</a> - <a href="http://markets.businessinsider.com/stock/SHLD-Quote">Sears</a> has a bigger problem than plunging sales: dwindling inventory.<a href="http://www.businessinsider.com/virgin-america-brand-disappear-in-2019-2017-3">The best airline in America will disappear forever in 2019</a> - It's official, Virgin America's days are numbered.<a href="http://www.businessinsider.com/nike-is-facing-headwinds-after-a-middling-quarterly-report-2017-3">Nike's business is "going to get darker before the dawn"</a> - <a href="http://markets.businessinsider.com/stock/NKE-Quote">Nike</a> is facing a scary time in its history.<a href="http://markets.businessinsider.com/news/stocks/ford-slashes-its-guidance-2017-3-1001862368-1001862409">Ford's guidance disappoints</a> - Shares of <a href="http://markets.businessinsider.com/stock/F-Quote?utm_source=markets&amp;utm_medium=ingest" target="_blank">Ford Motor</a> are down 1.5% at $11.59 Thursday morning, after the company released <a href="http://phx.corporate-ir.net/phoenix.zhtml?c=87772&amp;p=irol-secText&amp;TEXT=aHR0cDovL2FwaS50ZW5rd2l6YXJkLmNvbS9maWxpbmcueG1sP2lwYWdlPTExNDg1NjYwJkRTRVE9MSZTRVE9JlNRREVTQz1TRUNUSU9OX0JPRFkmZXhwPSZzdWJzaWQ9NTc%3d" target="_blank">disappointing earnings guidance</a> for the first quarter. <a href="http://www.businessinsider.com/did-nafta-cost-or-create-jobs-2017-3">The real reason we talk about NAFTA so much</a> - Donald Trump and Bernie Sanders, who both used NAFTA as a favorite target during their presidential campaigns, will tell you it was a "disaster" for the US economy, and that it cost the US hundreds of thousands of jobs. <a href="http://www.businessinsider.com/best-restaurants-in-the-hudson-valley-2017-3">The best restaurants in the Hudson Valley, New Yorkers' new favorite getaway spot</a> - NYC may get the majority of New York state's culinary cred, but you're doing yourself a major disservice if you sleep on the Catskills and Hudson Valley.<a href="http://www.businessinsider.com/best-mens-dress-shoe-startups-2016-10">Five new dress shoe companies every guy should know</a> - Finding the right dress shoes for your needs isn't always an easy task.

What you need to know on Wall Street right now

Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours.Around midday on March 23, the news that a once vaunted hedge fund <a href="http://www.businessinsider.com/how-to-raise-money-to-launch-a-hedge-fund-2017-3">would close started rippling through New York's hedge fund community</a>. Eton Park Capital Management, a $7 billion hedge fund run by former Goldman Sachs wunderkind Eric Mindich, <a href="http://www.businessinsider.com/one-of-the-biggest-hedge-fund-launches-of-all-time-is-reportedly-shutting-down-2017-3">announced it would shutter</a>. In several ways, Eton Park's rise and closure symbolize <a href="http://www.businessinsider.com/how-to-raise-money-to-launch-a-hedge-fund-2017-3">a broader journey for the hedge fund industry</a>. With some of the biggest hedge funds around closing, Business Insider took a look at <a href="http://www.businessinsider.com/how-to-raise-money-to-launch-a-hedge-fund-2017-3">what it takes to launch one today</a>.Elsewhere in finance news, an increasing number of Americans have stopped paying their car loans, <a href="http://www.businessinsider.com/wall-street-is-worried-about-car-loans-2017-3">and Wall Street is starting to worry</a>. And Goldman Sachs just <a href="http://www.businessinsider.com/goldman-sachs-promotes-joanne-hannaford-to-head-of-the-technology-division-for-emea-2017-3">named a new head of technology in EMEA</a>.President Trump is making huge changes to his <a href="http://www.businessinsider.com/trump-infrastructure-tax-plan-changes-after-ahca-trumpcare-2017-3">economic plans after the "Trumpcare" defeat</a>.The <a href="http://markets.businessinsider.com/index/dow_jones">Dow Jones industrial average</a> closed in negative territory for the eighth day in a row on Monday, <a href="http://www.businessinsider.com/dow-jones-industrial-average-stock-market-8-day-losing-streak-2017-3">the first such losing streak since the European debt crisis was at its peak</a>. The <a href="http://www.businessinsider.com/trump-rally-great-unwind-rosenberg-2017-3">Trump rally's "great unwind" might just be getting started</a>, according to David Rosenberg at Gluskin Sheff. And <a href="http://www.businessinsider.com/survey-heres-where-america-wants-trump-to-focus-his-efforts-2017-3">here's where America wants Trump to focus his efforts</a>, according to Legg Mason. In more positive news, a gauge of US home <a href="http://www.businessinsider.com/us-house-prices-sp-corelogic-caseshiller-index-january-2017-2017-3">prices rose to a 31-month high in January</a>. And US consumer confidence <a href="http://www.businessinsider.com/consumer-confidence-conference-board-march-2017-2017-3">exploded to the highest level since 2000</a>.Elsewhere, GM is jumping as it faces off with David Einhorn over <a href="http://www.businessinsider.com/r-einhorns-greenlight-capital-urges-gm-to-create-two-share-classes-2017-3">a plan to split its stock in to two classes</a>. American Airlines is buying a <a href="http://www.businessinsider.com/r-china-southern-airlines-to-sell-200-million-shares-to-american-airlines-2017-3">$200 million chunk of China's largest airline</a>. And the former CEO of Valeant is suing the <a href="http://www.businessinsider.com/r-former-valeant-ceo-sues-company-over-unmade-compensation-wsj-2017-3">embattled drug company for not paying him more than 3 million shares</a>.In deal news, tech startup Yext <a href="http://www.businessinsider.com/yext-prices-ipo-valuation-2017-3">priced its IPO at $8 to $10 a share</a>. Chinese tech giant <a href="http://www.businessinsider.com/r-chinese-tech-giant-tencent-takes-5-percent-stake-in-tesla-2017-3">Tencent has taken a 5% stake in Tesla</a>. And a Chinese conglomerate <a href="http://www.businessinsider.com/a-chinese-conglomerate-is-in-talks-to-buy-a-controlling-stake-in-forbes-2017-3">is in talks to buy a controlling stake in Forbes</a>.In media news, Wall Street Journal staffers signed a <a href="http://www.businessinsider.com/wall-street-journal-diversity-letter-from-newsroom-2017-3">letter criticizing the control white men have over the newsroom</a>. Lastly, you could soon own a 104-metre-long private mega-yacht complete with a helipad, glass elevator, cinema, and beach club - <a href="http://www.businessinsider.com/inside-fraser-yachts-160-million-private-mega-yacht-2017-3">but it'll cost you £160 million ($200 million)</a>.<a href="http://markets.businessinsider.com/stock/INTC-Quote"></a>Here are the top Wall Street headlines from the past 24 hours.<a href="http://www.businessinsider.com/yum-ceo-gregory-creed-on-artificial-intelligence-2017-3">YUM CEO: Machines could "run the world" by the mid to late 2020s</a> - Greg Creed, the CEO of <a href="http://markets.businessinsider.com/stock/YUM-Quote">Yum Brands</a>, the owner of KFC, Pizza Hut, and Taco Bell, spoke about how he sees technological innovation developing over the next decade or two, and how his industry has already seen changes.<a href="http://www.businessinsider.com/the-movie-business-is-in-big-trouble-2017-3">The movie business is in big trouble, and studios are scrambling to figure out the future</a> - Anyone in the movie business who tells you they're not scared stiff about the future is probably lying.<a href="http://www.businessinsider.com/apple-share-price-how-apple-could-hit-200-ubs-milunovich-2017-3">How one analyst thinks Apple could hit $200</a> - UBS analyst Steven Milunovich believes Apple might be able to hit a $200 stock price if everything goes right for the company over the next few years. <a href="http://www.businessinsider.com/banker-at-goldman-sachs-offers-her-advice-2017-3">A top Goldman Sachs dealmaker says she learned a major career lesson eating in a cafeteria in Milan</a> - It's no secret that women are often <a href="http://www.businessinsider.com/subtle-ways-women-treated-differently-work-2014-6">treated differently in the workplace</a>. And that is especially the case in more male-dominated fields such as financial services.<a href="http://www.businessinsider.com/emirates-dhs-laptop-ban-business-effect-2017-3">EMIRATES PRESIDENT: We don't know if the US laptop ban will hurt business - but here's how things went this weekend</a> - Emirates Airline won't be able to gauge the financial effects of the US government's <a href="http://www.businessinsider.com/us-government-laptop-ban-effect-today-what-we-know-2017-3" target="_blank">ban on laptops on flights from the Middle East until May</a>, but the rollout of the policy last weekend was relatively smooth, its president, Sir Tim Clark, said in an interview with Business Insider.<a href="http://www.businessinsider.com/johnson-johnson-ceos-burnt-out-2017-3">Johnson &amp; Johnson just launched a $100,000 burnout prevention bootcamp for CEOs</a> - If you're going by <a href="https://hbr.org/1996/07/when-executives-burn-out">the Harvard Business Review</a>, executive burnout has been a problem for nearly 40 years.<a href="http://www.businessinsider.com/r-update-1-fda-approves-regeneron-sanofi-37000-per-year-eczema-drug-2017-3">The FDA just approved a new drug to treat eczema that costs $37,000 a year</a> - The FDA on Tuesday approved Regeneron Pharmaceuticals and Sanofi's Dupixent for treatment of moderate to severe atopic dermatitis, a product widely seen as the most important future growth driver for the two companies.<a href="http://www.businessinsider.com/massive-gold-coin-worth-millions-stolen-from-german-museum-2017-3">Thieves broke into a German museum and stole a massive $4.5 million gold coin</a> - Thieves broke into the German capital's Bode Museum before dawn Monday and made off with a massive 100-kilogram (221-pound) gold coin worth millions of dollars, police said.<a href="http://www.businessinsider.com/clothing-items-guys-should-have-before-30-2017-3">22 clothing items every man should own before he turns 30</a> - When a man turns 30, he turns around and looks back at his life.<a href="http://www.businessinsider.com/chris-burchs-nihiwatu-resort-is-the-best-hotel-in-the-world-2017-3">Fashion mogul Chris Burch built a five-star resort on a remote Indonesian island - and it's officially the best in the world</a> - After founding or cofounding several internationally known retail brands - C. Wonder and Tory Burch - and <a href="http://www.burchcreativecapital.com/portfolio/">investing in several others</a>, Chris Burch is taking his entrepreneurial eye to a new industry: hospitality.

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/55d33a6d371d22a40e8c06db-900-675/black-friday-1.jpg" alt="Black Friday " data-mce-source="Getty Images " />Getty Images </div></div></div>It seems the hottest hedge fund trade right now is betting on a huge pharmaceutical merger that is up in the air.A number of hedge funds led by some of the biggest names in the industry have recently snapped up large, new positions in healthcare companies Mylan and Perrigo, according to regulatory filings.Hedge funds giants including David Tepper's Appaloosa Management, Kyle Bass's Hayman Capital, James Dinan's York Capital, Daniel Och's Oz Management and Eric Mindich's Eton Park Capital bought into one or both companies in the second quarter, according to regulatory filing data compiled by Bloomberg. John Paulson's Paulson &amp; Co. has also taken a big position, according to separate filings.Irish pharmaceutical company <a href="http://perrigo.investorroom.com/2015-04-29-Perrigo-Rejects-Latest-Mylan-Unsolicited-Offer">Perrigo has been resisting</a> a $36 billion cash-and-stock takeover bid from Netherlands-based Mylan since late April. Under the terms of the offer, Perrigo shareholders would get <a href="http://newsroom.mylan.com/index.php?s=2429&amp;item=123306">$75 cash and 2.3 Mylan shares</a> for each share of Perrigo stock.The deal hangs in the balance. Perrigo has called the proposed deal <a href="http://perrigo.investorroom.com/2015-08-14-ISS-Affirms-Perrigos-Position-That-Proposed-Mylan-Transaction-Would-Be-Value-Destructive">"value destructive</a>", and on Friday morning influential proxy adviser Institutional Shareholder Services (ISS) <a href="http://perrigo.investorroom.com/2015-08-14-ISS-Affirms-Perrigos-Position-That-Proposed-Mylan-Transaction-Would-Be-Value-Destructive">issued a report</a> recommending that Mylan shareholders vote against the proposed Perrigo takeover.Mylan's largest hedge fund shareholder, Paulson &amp; Co., came out later that day and <a href="http://www.prnewswire.com/news-releases/paulson--co-votes-in-support-of-mylans-proposed-merger-with-perrigo-300128801.html">said it</a> voted with all its 21.9 million shares, or 4.46 percent stake, in favor of Mylan's takeover bid of Perrigo. "The combination of Mylan's unparalleled generic capabilities with Perrigo's attractive OTC platform would create a global pharmaceutical powerhouse. The combined company will benefit from the growth in generics and OTC plus the migration of generics to OTC for many years to come", Paulson said in a statement.Mylan has also recently received <a href="https://www.mylan.com/en/news/press-releases/item?id=123322">the support from its largest shareholder Abbott Laboratories</a>, a 14.5 percent stakeholder, in its pursuit of Perrigo. Abbott sold <a href="http://www.reuters.com/article/2014/07/14/us-mylan-abbott-idUSKBN0FJ10F20140714">its </a><a href="http://www.reuters.com/article/2014/07/14/us-mylan-abbott-idUSKBN0FJ10F20140714">generics business in developed markets outside the US</a> to Mylan in a $5.3 billion all-stock deal last summer. Proxy advisors <a href="http://newsroom.mylan.com/2015-08-12-Glass-Lewis-Recommends-Mylan-Shareholders-Vote-For-Perrigo-Transaction-Proposal">Glass Lewis</a> and <a href="http://www.prnewswire.com/news-releases/egan-jones-joins-glass-lewis-in-recommending-mylan-shareholders-vote-for-perrigo-transaction-proposal-300127677.html">Egan-Jones</a> have also recommended that Mylan shareholders vote in favor of the proposed acquisition.Hedge funds have gone from being underweight to overweight healthcare in the last year, <a href="http://www.novus.com/blog/five-q1-2015-hedge-fund-trends-in-chart/">according to a report from research firm Novus.</a> Stan Altshuller, co-chief research officer at Novus, said there had been a number of long/short equity fund managers who are "tourists" to the health care sector and have jumped in on huge M&amp;A deals. Philippe Ferreira, senior cross-asset strategist at Lyxor Asset Management, recently told <a href="http://blogs.wsj.com/moneybeat/2015/08/10/health-care-deals-prop-up-hedge-funds-that-bet-on-ma/">The Wall Street Journal's Stefanie Eschenbacher</a> that the healthcare sector had contributed about 60% of event-driven hedge funds' gains this year.Below is a round up of hedge fund that have stakes in Mylan and Perrigo. (Note: The * indicates that the fund has a stake in both stocks. Hedge funds only have to disclose their long equity holdings every quarter in a 13F form. These filings don't come out until 45 days after the end of each quarter. It's possible that they could have traded in and out of those positions since that time.) Hedge fund shareholders of Mylan:*Paulson &amp; Co. (21,913,061 shares) *Pentwater Capital Management (4,329,791 shares)*York Capital Management (2,561,480 shares)Fir Tree Incorporated (2,061,741 shares)Taconic Capital Advisors (1,955,000 shares)Farallon Capital (1,846,000 shares)Glenview Capital (1,815,874 shares)Columbus Circle Investors (1,494,449 shares) (sold 5,361 shares in Q2)*Eton Park Capital Management (1,456,404 shares)Arrowgrass Capital Partners (1,345,879 shares)Point72 Asset Management (1,331,200 shares)*Senator Investment Group (1,270,000 shares)*Oz Management LP (1,238,816 shares) Columbus Hill Capital Management (1,054,500 shares) North Tide Capital (1,000,000 shares)Appaloosa Management (989,528 shares)Ratan Capital Management (905,000 shares)Deerfield Management (871,000 shares) Marshall Wace (792,864 shares) (sold 54,654 shares in Q2)*Hayman Capital Management (780,251 shares) MD Sass Investors Service (700,835 shares) (sold 332,820 shares in Q2)Hedge fund shareholders of Perrigo: *York Capital Management (3,717,125 shares)*Oz Management (3,481,169 shares)*Eton Park Capital Management (2,986,851 shares)*Paulson &amp; Co. (2,097,500 shares)Visium Asset Management (2,091,441 shares)*Pentwater Capital Management (1,950,000 shares)Highfields Capital Management (1,934,104 shares) (sold 360,000 shares in Q2)*Senator Investment Group (1,150,000 shares)*Hayman Capital Management (836,593 shares)DE Shaw &amp; Company (703,443 shares)Renaissance Technologies Corp (634,367 shares)Jet Capital Investors (619,000 shares)Third Point (600,000 shares)Millennium Management (468,323 shares)Smithwood Advisers (460,000 shares)Chesapeake Partners Management (454,365 shares)Discovery Capital (449,320 shares)Davide Leone &amp; Partners (409,463 shares)Lone Pine Capital (375,924 shares)Two Sigma Investments (365,308 shares)Corvex Management (360,310 shares)Frontier Capital Management (349,502 shares) (sold 57,586 shares in Q2) <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/401k-james-altucher-retire-scam-investing-taxes-2015-6">James Altucher defends his outrageous claim that you shouldn't invest in your 401(k)</a></h3> <div> <div> <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="ZlMGV4dToitxii0-m5PgqpARbSW0lfvo" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> <script> if (typeof RunFunctions === 'undefined') { var RunFunctions = []; } RunFunctions.push(function() { var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'ZlMGV4dToitxii0-m5PgqpARbSW0lfvo',{ autoplay: 'false' }); }); </script> <noscript><div>Please enable Javascript to watch this video</div></noscript></div> </div> <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script> </div>

This must be the most crowded hedge fund trade right now

<img src="https://static-ssl.businessinsider.com/image/594c2de7a3630f1a008b4d39-1473/rts17510.jpg" alt="men suits waiting shadow Federal Reserve" />ReutersPeople wait for Federal Reserve Board Chairwoman Janet Yellen to attend a news conference after the Fed releases its monetary policy decisions in Washington, U.S., June 14, 2017.It's likely escaped your attention, but the Wall Street dad bro is having an existential crisis.You'll see it <a href="http://www.businessinsider.com/salt-2017-conference-trump-nervous-laughter-2017-5">at conferences</a> in between bites of muffins, and it's on financial TV for as long as anyone can stand talking about it without changing the subject. But the darkest takes on this crisis are really on the internet.That's where morose money managers share their concerns that, in an era of quant funds, passive investing, and giant central bank balance sheets, their very existence is obsolete.Here's an exhibit for your review from Ben Hunt, the chief investment strategist at Salient Partners. He writes a site and newsletter called <a href="http://epsilontheory.com/">Epsilon Theory</a> "that examines markets through the lenses of game theory and history."And he's a perfect example of someone who isn't sure what the role of a stock picker is in 2017. Other dad bros who are feeling the same way have been passing around one post in particular called "Tell My Horse" because he's done a marvelous job of articulating what's going on.<a href="http://epsilontheory.com/notes/tell-my-horse/">From Epsilon Theory:</a>"I'm having a hard time with this market, because I can see <a href="http://epsilontheory.com/notes/westworld/">what a powerfully stable social equilibrium is being established around this transformation of capital markets into a political utility</a>. I'm having a hard time with it because, like any powerfully stable social equilibrium, to be truly successful in that world you must give yourself over to that world. You must embrace that world in your heart of hearts. As Winston finally learned, to be happy you must love Big Brother. Or in our case, lever long, sell volatility, and love the Fed."You'd think think that with stocks moving higher and a potential tax cut on the way, the state of the dad bro would be strong, but it's not. This seemingly unending upward grind of stock prices is upsetting the balance of markets. The point of investing, is, yes, to make money. But it's also supposed to be a game of assigning value. It's a game of finding worth.Hunt went on to compare the current state of finance, where big "ideas" like artificial intelligence or central banks propping up asset prices dominate, to a "voodoo wasp," a creature that lays its eggs inside caterpillars. Those eggs then hatch, with the wasp babies then either eating their way out of the caterpillar or taking over its body like something out of a zombie movie.<h2>Hug your nearest dad bro</h2><a class="zoomin" href="https://static-ssl.businessinsider.com/image/594c2affa3630f1d008b4d1f-960/screen shot 2017-06-22 at 43826 pm.png"><img src="https://static-ssl.businessinsider.com/image/594c2affa3630f1d008b4d1f-1053/screen shot 2017-06-22 at 43826 pm.png" alt="passive v active flows" /></a>JP MorganRight now the job of value assignment doesn't matter. Active money managers are losing ground to robots who slosh around in markets based on algorithms. The Federal Reserve's low rates and massive asset purchases have ensured stocks move higher and volatility is nil. Passive and quant (robot) players now make up 60% of equity markets, according to JP Morgan. Humans are barely picking stocks right now. It's becoming a robot job. All of these are acting as a bludgeoning force pushing stocks ever higher, no matter what we would expect from those stocks' underlying value. And when value ceases to matter, the value hunters cease to matter. They have no purpose.Nineteenth century sociologist Emile Durkheim described what happens when people lose their sense of purpose in his book "Suicide" in 1897, and it remains one of the most in-depth examinations of the human mind in despair. In the book he describes a form of suicide called "anomic suicide." It's closely associated with the breakdown of a society and norms, making people question who they are. It's also closely associated with a person's expectations for themselves in modern society. Durkheim observed that when those things disappear, people fall into a deep despair.Anomic despair is a helpful framework for understanding many of the <a href="http://www.businessinsider.com/a-deaths-of-despair-crisis-is-gripping-america-2017-3">crises of middle- and working-class life</a> that have dominated headlines in the last few years. And now it's come for fund managers.The Wall Street dad bro - the one who still goes to his lacrosse reunion at Dartmouth and gets a new set of irons whenever he pleases - is facing a fate that has taken the livelihoods of many working men across the country over the last 30 years. So all the dad bro can think is: What if the machines make me obsolete?Even worse, he's thinking that if he wants to make money he has to ignore everything he's learned and every market instinct he's developed. All the logic gathered over years about the way money works, about what people buy, about how much they spend, about debt and accounting, about how governments work, about what's going to last.In the land of ETFs and algorithms, he's afraid he has to let go of that and just buy.<h2>Get numb and dumb</h2>Another exhibit, from Michael Batnick of Ritholtz Wealth Management. For a second there, he - a father and a responsible market participant - started kicking himself for not submitting to Bitcoin and the cryptocurrency craze."If you asked me what I thought about bitcoin a year ago, I would have said it's ridiculous. Today I have no opinion. My knowledge of cryptocurrencies is unchanged over the last year, but bitcoin is up 240%," he wrote in his blog <a href="http://theirrelevantinvestor.com/2017/06/15/a-lesson-in-humility/">The Irrelevant Investor</a>.In other words, Batnick, like so many others, has thrown up his hands. He's a value hunter and every single bit of his training looks at Bitcoin and says it's absurd. But, somehow, the cryptocurrency just keeps going up."The thing about bubbles, and for the record, I'm not brave or dumb enough to declare this one, is that they wear you down," he wrote. "They make you feel irresponsible for not getting involved. Today I found myself at this juncture. What if Bitcoin legitimately is the future of currency? What if this is how 30% of online transactions take place in ten years? Why wouldn't I buy on this pullback?"Bitcoin, unicorns, flying cars, self driving cars, <a href="https://t.co/qlCAGzMGWQ">cars that know your favorite song</a> - it's all the same. None of it makes sense within the context of the normal dad bro business of figuring out which investment strategies make sense and should pay off.<h2>Hold fast</h2>Now, this problem has been plaguing investors since about the end of 2015, but it's really getting ugly now. Hedge funds and mutual funds, the active managers of the world, have been posting anemic returns for several quarters. Last year, legendary trader Steve Cohen admitted that February 2016 was his nightmare scenario. With all the money managers of the world chasing the same trades, the moment flashed before his eyes when everyone would be on one side - the wrong side - and everything would collapse."One of my biggest worries is that there are so many players out there trying to do the same strategies ... if one big one goes down, will we take collateral damage?" Cohen said at the Milken Institute Global Conference in Los Angeles. "We were down 8% in February and for us that's a lot ... my worst fears were realized.""It happened in four days," Cohen added later, "and the markets were going up at that time."<img src="https://static-ssl.businessinsider.com/image/51f175f16bb3f7423b000016-590/screen shot 2013-07-25 at 30045 pm.png" alt="Steve Cohen" />Getty ImagesSteve CohenWhen not even Cohen can wield the markets, you know there's a problem. And instead of paying high "master of the universe" fees to guys like Cohen, investors are putting their money in lower-cost passive investing - the robots and the index or exchange-traded funds.Even the deal guys are starting to worry. With stocks looking expensive compared to their value, people don't want to do mergers and acquisitions or buy stakes in over-valued companies.Paul J. Taubman, chief executive officer of investment bank PJT Partners, recently admitted that he's scared too, according to Bloomberg."Right now there seems to be an unease about committing large sums of capital at these valuation levels, and yet the market continues to grind higher," Taubman said Thursday at a conference hosted by JMP Securities. "It's made it more complicated everywhere you look."Perhaps this is why money managers around the world smell something dangerous, but they can't put their finger on what it is. Hard economic data and soft data economic are dancing around each other without meeting. The market seems too trusting. When there is no volatility and every index looks like it can only go up - while at the same time commodities prices are in the sewer and there are sabers rattling all around the world - there's something moving in the water out there that the dad bros don't fully understand, and it's making the market unrecognizable.Something has to give.Or maybe it doesn't. Years ago, when I first started reporting about Wall Street, I heard something that stuck in my head. In between bagel and coffee breaks at a Bloomberg conference near Union Square, one speaker said succinctly: "In 20 years the worst job on Wall Street will be untangling the true value of stocks from the indices they've been lumped into."The dad bros are afraid of the markets becoming a massive Gordian knot. In the meantime they're afraid they either have to submit to what they see as an irrational regime or be killed.Funds are closing left and right. Guys like legendary investor Eric Mindich <a href="https://www.bloomberg.com/news/articles/2017-03-23/eric-mindich-s-eton-park-said-to-return-capital-to-investors">at the now defunct fund Eton Park</a> - they weren't supposed to go anywhere. They were supposed to grow old like Carl Icahn and call into CNBC when they got a belly ache to troll their enemies and complain about taxes and regulation.They weren't supposed to be winnowed out. <h3>NOW WATCH: <a href="http://www.businessinsider.com/things-got-awkward-when-april-ryan-asked-sarah-sanders-where-sean-spicer-was-2017-6">'Where is Sean?': Things got awkward when April Ryan asked Sarah Sanders why Spicer didn't attend the WH briefing</a></h3> Please enable Javascript to watch this video

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