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Investors grow frustrated with hedge funds after historic losses [FT]
Funds were down 5.6 per cent on average in the first six months of 2022, according to HFR. While a narrower HFR daily index of performance shows them clawing back around 0.5 per cent last month, the industry is nevertheless on track for its second-worst year of returns since 1990, when the data provider’s records begin — beaten only by steep losses during the 2008 global financial crisis…. There are already signs that the losses are deterring investors, many of whom were already wary of hedge funds. Having received a net $13.92bn of inflows last year, hedge funds attracted just $440mn in the first quarter of this year, including a large outflow in March, according to data group eVestment.

Tesla’s Stock-Split Proposal Tops a Packed Annual Meeting Agenda [Bloomberg]
Tesla’s board will shrink to seven members. Two of them — venture capitalist Ira Ehrenpreis and Kathleen Wilson-Thompson, another director who joined after Musk’s “funding secured” ordeal — are up for re-election. Proxy adviser Institutional Shareholder Services has recommended shareholders vote against both…. Proposal 7 calls for Tesla to prepare an annual report on how much money it’s spent on lawsuits and disputes related to abuse, harassment and discrimination, amid state and federal investigations into allegations that racism runs rampant within its workplace.

U.S. job openings fall to nine-month low; labor market holds tight [Reuters via Yahoo!]
Despite the larger-than-expected decrease in vacancies reported by the Labor Department in its Job Openings and Labor Turnover Survey, or JOLTS report, on Tuesday, the jobs market still favors workers. At least 4.2 million workers voluntarily quit their jobs in June and layoffs declined…. "The JOLTS report on the whole is one of many labor market indicators that don't look 'recessionary' despite more downbeat signals coming out of some other economic indicators," said Daniel Silver, an economist at JPMorgan in New York.

Trump Faces Questions About His Net Worth in Interview He Tried to Avoid [NYT]
If past depositions are any guide, Mr. Trump will be likely to strike a combative tone with Ms. James’s lawyers while portraying himself as the unwitting victim of a vindictive legal opponent. He might also lob the occasional insult at his interviewers…. That apparent lack of discipline could work to Ms. James’s advantage, lawyers who have deposed him said. Mr. Trump thinks of himself as his own best advocate and might ignore advice from his attorneys to avoid directly answering questions….
The former president will have an added incentive to avoid candidly answering Ms. James’s questions: the lingering criminal investigation into the very same conduct.

Wikipedia Blocks Some Users From Editing Its ‘Recession’ Page [Bloomberg]
Starting on Wednesday, updates from unregistered users or new accounts will have to be reviewed and accepted by an editor before being visible to most readers. The move comes after the entry received dozens of edits that violated Wikipedia policies, urging editors to make the page “semi-protected,” restricting revisions…. In the meantime, Wikipedia’s volunteer editors have created a thread to debate the phrasing of the definition and “avoid making clowns of ourselves.”

What the $1.3 Billion Mega Millions Jackpot Reveals About the Economy [WSJ]
The outsize jackpot generated $703.6 million in sales nationally, lottery officials said…. The number of people grasping at a dollar a dream is an economic indicator of sorts, said David R. Just, an economics professor at Cornell University. Declines in GDP and incomes, and increases in unemployment, correlate with an increase in lottery-ticket sales, several studies have found.
“It’s a little bit of desperation,” Dr. Just said.

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