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Tourbillon Capital, which manages $US3.4 billion, has been losing money in its flagship fund as the bull market rages on.

The New York-based firm, which focuses on stocks and is run by Jason Karp, has written in quarters past about why the firm is struggling. The firm’s most recent client letter, for the second quarter of this year, was reviewed by Business Insider, and the themes are much the same.

The fund’s latest client letter also indirectly raises a fundamental question about the industry: What is the role of a hedge fund manager?

Janet Yellen could be on her way out as chair of the Federal Reserve. On Friday, she’ll deliver a speech on financial stability at the Fed’s annual economic symposium in Jackson Hole, Wyoming. It could be her last, following months of speculation that President Donald Trump would nominate a different candidate when her four-year term ends in February.

“There could be an end-of-an-era feel to Jackson Hole this year,” according to Luke Bartholomew, an investment strategist at Aberdeen Standard Investments.

In other news, stocks are flashing a bigger warning sign than they did for Brexit and the US election. Millennials are following one of the classic rules of investing, according to the cofounder of Robinhood. And President Trump’s inability to get anything done is crushing one key area of the stock market.

Thomas Barrack, a real-estate billionaire and close ally of Trump, has questioned business leaders who have stopped advising the president. Goldman Sachs CEO Lloyd Blankfein fired out a cryptic tweet about a “shadow across the country.” And Steven Mnuchin’s wife bashed a woman for being “adorably out of touch” and paying less tax than her.

In other news, BHP Billiton wants to ditch its US shale business, and Ford wants to build electric vehicles in China.

Lastly, here are 21 vintage photos of Hawaii from before it became a state.

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