he has been called one of the most successful traders of his generation now lewis bacon is returningent money from three hedge funds, according to a letter for more capital seized by bloomberg. he will reduce his involvement in trading. apple is overhauling software. bloomberg has learned that the -- it is changing after a swarm iphone andst operating systems. it makes it easier to spot problems earlier. paypal is making a big acquisition, its biggest ever, spending roughly $4 billion for online coupon site honey science. use it to find discounts at online shopping sites. that is your business flash update. vonnie: a member -- a number of gtvmberg users can track at go. this is bloomberg. ♪ mark: i'm mark crumpton with bloomberg's first word news. testifying on day five of the impeachment inquiry, fiona hill, the former national security council director for europe and russia, warned lawmakers not to believe what she described as "a fictional narrative." she was responding to the allegations that it was ukraine and not russia that interfered in the 2016 presidential election. >> i as

it is the end of an era hedge fund legend lewis bacon has decided to shutter more capital after several years of poor returns at his various funds he's returning capital to investors after 30 years and converting into family office the end of more capital now is a significant mark on the entire hedge fund industry bacon is known as one of the best traders of his generation alongside paul tudor jones george soros john paulson and bill ackman he rose to fame with his macro bets in the 1990 s. when he correctly called the collapse of the european exchange rate mechanism and when saddam hussein would invade kuwait about that yielded his fund 86 percent return through last year more capital had made $18300000000.00 for investors since inception making it the 15th most profitable hedge fund of all time but the hedge fund industry has been facing increasingly challenging markets thanks to persistently low interest rates and the takeover of quantum bots running the show allocation has been difficult as long shorts struggle to raise capital amid mediocre performance. so i know that you're all ab

it is sort of a legend in the market, lewis bacon, closing on mooreapital -- on capital. we do want to recap macy's, not a beat and not a raise, very different from other retailers. that stuck down 6% in premarket. they missed on earnings and same-store sales, and the guidance is lower for comp sales, as well as earnings. a gloomy day for macy's. they say they are positive and they feel good about their holiday strategy. their outlook does not say that. coming up on this program, much more of your morning trade and analysis and all of the news in today's first take. this is bloomberg. ♪ ♪ >> and then of course we have the external conflict, the issues of the rising of the great power in the form of china rising, and the united states having its relative decline. so we are at a point, i think, that is very similar to 1944. there's ariod of war, period of peace because nobody wants to fight the country that won the war, and there's a new world order. alix: that was bridgewater founder a ray dalio speaking in beijing. time now for bloomberg first take. we are going to give y