and billy nor david tepper -- billionaire david tepper ending his long career in investing to spend morewith his nfl team. defending the megadeal before a key shareholder vote. we begin with the market in another ugly day for stocks. itss&p 500 on track for third-down week in a row. an equity strategist joins us from newton, massachusetts. thanks for joining us. what stood out? .att: number one of course, the poor numbers on the pmi side, not just in the u.s. but in germany and other parts of the world. but you also had, we had oil breaking down, below $60, kind of a round number. the market isn't always highly coordinated to oil, but it has been more recently. that didn't help. and the trade negotiations, we have seen a big change. people are realizing not only have trade negotiations, tensions risen, but they have completely broken down, and it will be quite a while before this can get back on track. so i think people have to price in coming to the conclusion, i have to price things differently than i was thinking three weeks ago. romaine: so what exactly are the pricing in? slower eco

the fact he was there and he was doing what he was doing inspired others to try to find the next david tepperthat has been the game from the beginning. with david leaving and others whose track record is not as good, leaving the game, i'm not there.at inspiration is even though it has been difficult to find the next tepper anyway. thing that separated him from other big-name managers is that he thrived for several years post crisis. another names could not find to get it going post 2009. what did he have in your view? people say the next tepper. what allowed him to click? nir: such a good point. when you look at his track record, he was fantastic going the other way, everyone talks about being contrarian. you look did it when at his performance. not only in the financial crisis. wasperformance showed he defensive during the bust and loaded up on risk assets in 2003. he followed that same claim book -- playbook. it is not as though everyone could see where risk asset prices were. could actually buy an big quantities when it mattered. that is what makes his record extraordinary. most of the vol

today the details behind david tell tepper's decision and as the market falls, looking for opportunities for safety and high-yield etfs giving out almost 6%. investment committee is here to tell you where they stand. and the big call on a restaurant stock after its huge run "the halftime report" with scott wapner starts right now. >>> it is good to have you with us on this may 23rd. let's begin with the markets watching stocks fall pretty much across the board today we will get to the david tepper story in a bit but steve you have 286 of the s&p 500 in correction territory of those 159 are in bear market territory or worse. >> so i think it's a great time to buy protection. not the protection we talk about in terms of volatility but spf 30, spf 15 just go to the beach there's nothing happening in the market until june, end of june, and maybe it doesn't happen then look, i used to wake up every morning and read "the journal," and i still do here at cnbc and now what i do is look for tweets it's ridiculous. you can't imagine money that way. with everything dependant upon the china trade wa

. >> the billionaire hedge fund manager and one of the original jersey boys, david tepper, is planningstors and head back to a family office after more than 25 jersey boys, david tepper, is planning to return money to years running apple's analysis center. he follows a raft of other hedge fund managers. why is this? is it the environment or is it personal reasons, he has made his money and can do what he wants? >> the decision to convert his hedge fund and turn it into a family office isn't totally unexpected, but it is still a significant moment. of the $13 billion, a good chunk of it was david tepper's own money, but the fact that now he is thinking of returning outside capital draws, and into a significant air on wall street. like you mentioned, he has been running this hedge fund for 25 years and now he has other preoccupations. why now? for one, he has a football team to run. last year, he bought the carolina panthers. it is not much fun anymore. hedge funds have to deal with the nagging questions of investors. if you are a rich billionaire and if you have a lot of your own money,

it is still david tepper's own money, but the fact that now he is thinking of returning outside capitalignificant air on wall street. like you mentioned, he has been running this hedge fund for 25 years and now he has other preoccupations. why now? he has a football team to run, he bought the carolina panthers. it is not much fun anymore. hedge funds have to deal with the nagging questions of investors. if you are a rich billionaire and have tons of euro money why deal with that headache? deal withn money, why that headache? it kind of makes sense. ♪ taylor: if you you go into the bloomberg terminal, it really in thehts with huawei middle year the suppliers for the company. it is a global lift here. you have chinese companies, u.s. companies as well -- 310 suppliers feeding into huawei. the red color indicates the declines over the past five days. there are about 30,000 functions on the bloomberg, and we always enjoy showing you our favorites on bloomberg television. maybe they will become your favorites too. here is another function you go>, find useful, quic< which leads you to our qu

david tepper's following other big names who have quit the hedge fund industry to manage their own capitalmberg learned he plans to return money to investors. portion of the $13 billion belongs to the tempora family. bloomberg is learning that some bio firms are balking at the high price. and the slow pace of the deal. they are seeking a minimum value of up to $33 billion for universal music. the company held talks with china's tencent, but the u.s.-china -- u.s.-china trade war could put any an and to that -- an end to that. two hours into the open, another day of selling. , almost500 is down 1.2% all components of the dow are lower, just coca-cola holding onto fractional gains, but the dow itself is down 1.3%. the vix is slightly elevated, still below 17. that is your u.s. markets. guy: a quick look at one particular asset in the foreign-exchange markets. this is euro-dollar, bouncing back. earlier on, it was down to a two year low. it had a reasonably impressive bounce off of that low earlier. we are now trading 11.65. -- 1.1165. pay attention to this little bounce back. ♪ when you rest

. >> david tepper with his hedge fund about converting to a family office, according to a source with knowledge of the matter timeline with converting into a family office not yet been established. said, in other words, it could be imminent or it could be years from now we weren't able to determine the exact reason for the move. have converted to family offices in recent years, lamenting the difficulty generating alpha in this current market environment but performance doesn't appear to be the driver for tepper. generated 25% annualized returns since inception 26 years ago unable to outperform the market. own represents 70% of the $13 billion management and typically returns a portion to investors to manage the size of his aum to maximize returns it would be surprising to see the convergence to the family office >> leslie, thank you >>> big sell-off on wall street this hour. now, here's a taste of some of the other stories we're watching today. alternative meat will be a $140 billion market in a decade the pace of rapid growth with the animal free industry could capture 10% of overall

. >> hedge fund titan david tepper considering turning his fund into a family office leslie picker withhat story. >> the question now is when does he plan to do that david tepper has held discussions with limited partners in his hedge hundred appaloosa about one day converting to a family office. are now, the timeline to return capital to those lps has not been established, and i'm told it could be this year or years down the road. so it's unclear what exactly tepper's motive is behind the move his returns have been pretty fine 25% annualized returns since inception in '93 and last year i'm told he beat the market. his own capital already represents 17% of the fund's $13 billion worth of assets. but if he returns capital he may liquidate some current holdings. the largest of which at the end of the first quarter were micron, pg&e, and allergan those holdings may have changed, though, in the seven weeks since q1 ended guys >> 70% of his a.u.m. is already his own money. >> exactly >> if he's a family office can he keep the other 30% if they decide to accept the changing terms or it will h

netflix, amazon, buffett and soros management and netflix and new position at amazon, and others, david tepper, the last filing in facebook, new position in amazon are they still there in the size that they were who knows. >> i believe that they are and i believe they probably got an opportunity like quint said to add to it last week with when we had that aggressive sell off this week, monday, when you had the aggressive sell-off. i think you had chances to add to that. but i will point out also these stocks are going to move the bittia eta of these stocks,w much they move relative to the s&p and swing it are why some of these men and women are in these very names, because get a lot of bang for their buck in these names and it's more of a broader exposure than it is so specific. >> they've been the place to be. year to date, facebook up 43%, amazon 27 1/2%, apple's up 20% so apple had the decline as the overall market declined more recently even it has come back and down today for another reason we will talk about in main netflix up 33%, google 14%, and s&p is up 15. >> i think what these inve

david tepper is moving away from finance in another sign that the golden days of the hedge fund industryhe billionaire plans to return assets under management to investors and take a larger role in energy is carolina panthers nfl franchise he is the highest profile manager to quit the in over eight years. joining us to discuss is bloomberg's wealth reporter. john, why is tepper quitting now? in the industry for a quarter of a century and the most recent years have been the hardest time to be a hedge fund manager. i think he is looking at snap returns, and not a lot of close attention from investors and thinking i have got $11 billion of net worth, this new team i own, it is not worth it to the go around have some fun. -- worth it. let's go around and have some fun. hedgethis is the latest profile manager -- high profile manager to quit. are the days of hedge fund over down -- of the hedge fund over now? >> roger: absolutely. we had to spend more money to get a peace of it. -- piece of it. matt: what is the next beyond meat? what is the next ipo candidate? roger: if i had to do a wild gue

. >> i was i was jammed also trying to get confirmation of david tepper, bloomberg reporting that it'scome a family office been trying to get confirmation of that as well involving mr. tepper this is a larger man of assets that he'd be returning to investors. a lot of is his still his. >> but he bought a team. that is a full-time job. [ bell ringing ] >> this has been rumors about this in the past when i followed up on them, they haven't been true. this time perhaps it is. we'll look at that in a moment. >> there's the opening bell at the cnbc realtime exchange the big board, as we said, it is fleet week in new york the navy, coast guard, marine corps doing the honors at the nasdaq it's rattler midstream lp, a limited partnership by diamond back energy. what do you think about the south of 60 on crude, given the summer driving season and geopolitical concerns. >> i'm surprised i just got rusty brazil, the export amounti that we're doing now of everything, we're the swing vote we're pumping like mad meanwhile the companies that are pumping are not -- their stocks aren't going up, their

david tepper's appaloosa increased its stake in facebook by 40% to more than half a billion shares newositions in netflix berkshire hathaway disclosing the size of its stake in amazon. 483,000 shares worth roughly shy of a billion dollars warren buffett told cnbc last week that he was not the one making this purchase but one of his other portfolio managers were behind the amsn buy but not all fang names are loved equally as many of the fund managers we cover made bearish moves in alphabet. google's parent company. glenview tiger management each decreasing their stake in alphabet remember these positions are as of the end of march and may have changed in the six weeks since guys >> leslie picker leslie, thank you very much. two-part question. do you follow the big money into fang and what's with alphabet not getting the same love as others >> the alphabet quarter conference call is very disappointing. this stock is pretty cheap at about 20 times but remember that revenue growth decelerate decelerated from 22% to 19%. that is hardly horrible but it was a surprise and on the conference ca

today the details behind david tell tepper's decision and as the market falls, looking for opportunities etfs giving out almost 6%. investment committee i

it's unclear if david tepper sold it especially after last night's news that cal fire is attributing catastrophic campfire to pg&e's electric transmission lines a reminder that the 13f filings only detail positions through the end of march and may have shifted in the six weeks since then >> i do like that berkshire just says a place holder position buy me 1% of amazon. >> just a place holder just a drop in the bucket for them >> doesn't move the needle for them >> exactly >> all right, thank you, leslie picker >>> coming up, groucho marx said i don't want to really belong to a club that would have a person like me as a member, but it might be worth making an exception if you get into this new club nexus. we'll tell you about the new venture with some big backers, including joe louis, tiger woods, ernie els, and justin timberlake that's next. sfx: [phone ringing] you still have service? call the insurance company it's them, calling us. it's going to be a week before they can get through on these roads shhh, sorry, i didn't catch that. i said ask how soon they can be here not you. righ

. ♪ -- david the original tepper, is planning to return money to investors after more than 25 years runningdphones managers. is it the environments or is it personal reasons, he has made his money and can do what he wants? >> the decision to turn his hedge fund into a family office isn't totally unexpected, but it is still a significant moment. the fact that now he is thinking --returning outside capital like you mentioned he has been running this for 25 years and now he has other preoccupations -- why now? run,s a football team to he bought the carolina panthers. the have to deal with nagging questions of investors and why deal with that headache? ♪ ♪ if you go into the bloomberg terminal, it really highlights the suppliers for the company. you have chinese companies, u.s. companies -- it is all feeding into huawei, in the red color indicates the declines over the past five days. >> there are about 30,000 functions on the bloomberg, and we always enjoy showing you our favorites on bloomberg television. maybe they will become your favorites. here's another function you will find useful. it

. >> david tepper is not on the list. >> dan loeb. that was december?ember hit this market hard. >> yes, it did about half the people who were on the list last year fell off this year. and several of those people were in pretty good shape going into the final quarter. and some of them fell off due to december alone. >> like all the rest of us. >> right, exactly. >> the other piece of it is, these numbers actually, even though they seem huge, and i don't want to diminish their size, are lower than what they've been in previous years so when ray dalio was last on this list in 2011, he was paid $3.9 billion in that year. so what changed? >> well, one thing that we've observed about this list over the years is that a bad year in the equity markets often translates to lower earnings i won't say poorer earnings. much lower earnings on the rich list that is a function of the fact that managers get irritated when you say -- when you compare the performance of hedge funds to the s&p 500 because hedge funds encompass a lot of different strategies but long/short e