george soros nearly liquidating his position, david tepper trimming as well.ir shares in alibaba in the next segment as well, but when you think about some of this smart money getting out of the stock right before such a huge rally, that's got to hurt. that's got to hurt. >> stocks climb a wall of worry. >> they're also looking for such giant moves. the competition in the hedge fund space it's not enough to have 10 or 20% moves in stocks. they're looking for multiples at this point why so many of them are going private. for a lot of these people apple probably didn't seem aggressive enough for them to stay in. >> unbelievable. talk about being underestimated. good to see you, jon. congratulations on uber. >> i try. >> jon steinberg. >> a check on the markets which are hovering near the flatline despite the fact that earlier in the morning we were all talking about japan, the nikkei sinking on news that economy is in recession for the fifth time in the last three years. dow down by just about 1.5 points despite the fact that visa had been lifting at earlier in

david tepper at appaloosa. farallon capital 531,000. omega advisers 410,000. jana partners. the list goes on here at this point. but it's an interesting theme developing here as many of these hedge fund managers, big titans and heavyweights have now gotten into this alibaba trade. whether or not they stay there, we'll find out next quarter. this data, 45 days old but a very interesting theme for some of these big names. >> thanks so much, dom. it seems like it was the easy trade to make within the past 45 days. it's a harder trade to exit at this point. i mean, we saw 120 and we haven't seen it again. >> although that was just a couple days ago. that was another fresh high. here we are, pull back to what was the fresh highs before that day before it went to 120. i still like alibaba. i still like yahoo as well. it got through that 50 number. it's now trading close to $52 a share. we talked a week ago about the 60 strike calls. i don't think those are so ridiculous anymore. i think 55 is easily within their sights. >> the hedge funds are using this as a way to generate perfor

david tepper, to paraphrase mae west, "too much of a good thing can be wonderful," so really wait forr in the market when it is going for you. >> they are happening at restaurants, salons, where investors get together and trade information. are those conversations still happening? >> to a lesser degree because i think the medication with social media has changed that. you are referencing a relationship i have with scarsdale fats. his real name is bob ramberg. originally, he had george soros and michael steinhardt at a deli downtown, so he is known as scarsdale fats. club,ed it up to harmony and we would have these great discussions over lunch. could not be distributed, that the- the substance of conversation. it is where i'm at everyone. >> every bank has roundtable dinners every night of the week. they cannot even get big-name guys to go anymore. you're also very close to so many luminaries in the hedge fund space. is it there that the american people love warren buffett that they hate on hedge fund managers right, left, and center? thearren buffett is greatest investment manager of

david tepper will return assets by the end of this year.lag ship fund is down more than 2% through the end of october. and twitter cfc sending out a seemingly accidental tweet. this may be something he was sending as a direct message. it went public very briefly. it says, i still think we should buy them. he is on your schedule for december 15th or 16. we will need to sell him. af plan. that post was deleted but not before people followed it. not only for the mystery of who he may have been talking about but also for how business gets done. the idea that we will need to sell him on this idea. >> have to look at somebody' calendar. >> so they're selling the person they're buying? >> we should buy them, we're going to have to sell the guy, convince him to sell to us which this tells you the mechanics behind. >> who's going to be in town on the 15th and 16th? >> who would they buy? >> i'll tell you who does know. someone who has an appointment on the 15th or 16th has now been warned in advance. don't fall prey to the gimmicks. >> what we know

david tepper's $20 million hedge fund plans to return assets to f the year. one of the best performers. meanwhile, a new report from goldman sachs says the average hedge fund has lost 1% in a year in which the s&p has risen by 13%. many of hedge fund managers are putting their money into equity consumer discretionary stocks that have been poor performers this year. >> it is like the investing christmas bonus, right? i put my money there and there is my reward for the year. >> they have actually done well. great reward that may be says something about how much money he wants to manage. maybe he wants to keep that limited in order to keep performing the way that it does. many of them get too big. >> exactly. especially when they have had big successes, the money rolls in and it is hard to say no to that liquidity. on the flipside, why are investors still paying those fees when they are getting subpar returns? >> i think a lot of the fee structure is changing from when we were kids. >> when you are investing in hedge funds? [laughter] also, no currency comes clo

among the best, david tepper, bill ackman, they say you pay or you do not get in.hat does it say about the investment professional if they say we do not worry about the fees? >> we are not saying it is free. you believe you pay what you get for. we hope we are providing a great service and doing great by our customers. we believe if we do so, we can trust them. you have a financial system where nobody trusts the people doing business there, so we are breaking through that. we are taking investment outlets to everyday investors that have been left out of the casas and have not had financial firms focused on them, their needs, and their future. we believe if we do that, people will do right by us. we take $.10 of every dollar and apply it to charitable giving. we believe there is a group of customers out there looking for something different -- an investment firm with a conscience, an investment firm for the middle class. >> who are these people, and what are you selling them? >> everyday, middle-class investors that have not had an investment firm working for them.

. >>> now, cnbc has learned david tepper will return billions of dollars to clients following a disappointing year for his hedge fund. they will return between 10% and 20% of investor assets by the end of the year. >>> meanwhile, iran's supreme leader takes to twitter to weigh in on the nuclear talks. we'll tell you more after this break. >>> violence proactivities erupt in ferguson after a grand jury decides not toni diet the police officer that shot michael brown. was it a mistake? twitter's cfo of theed a public tweet intending to be private regarding a takeover plan. >>> and the dow and the s&p are set to consider their run ahead of economic data including gdp. >>> oil is a big story, now trading at $75.99. in the run up to the meeting, reports from moscow suggests russia could be willing to cut output by 300,000 barrels a day to support the price. a twitter page, of course, in focus today associated with iran's supreme leader, ayatollah saying arrogance has done sheriff best to brings iran to its knees, but they were not able to do so. this after a dealing deal was extended by seven mont

. >>> we have a news alert on hedge fund manager david tepper. >> the hedge fund manager famous for the bernanke put or guessing that stock markets move higher in the wake of quantitative easing giving back to investors. planning to return 10% to 20% of that i'm told from now to the end of the year and could be $2 million to $4 million. this is a time when his palomino fund having a tough time down through the end of october but not clear how he's doing for november and may have turned it around a bit. if he does end up returning money to investors as we understand he will be and first reported by institutional investor this afternoon, perhaps some top holdings will be affected like general motors, citigroup, priceline and whirlpool and something to watch for at the end of the year. >> all right. very good. thank you very much. >>> about 18 minutes left in the trading session. the dow virtually unchanged. nasdaq up 38 and the transports are booming again today in record territory. >>> look, now the industrials turning positive. up next, this this could make for an unhappy thanksgiving.