FINANCE INSIDER: The Bill Ackman problem everyone forgot about

Finance Insider is Business Insider’s summary of the top stories of the past 24 hours.

The hedge fund industry has a problem: There are too many hedge funds.

That’s according to a Barclays survey, released this week, of 340 investors managing $8 trillion in total. The survey also found out that hedge funds may have a point when they whine about how hard their job is.

Elsewhere in hedge fund news, the Bill Ackman problem everyone forgot about is coming back to bite him and Valeant.

Like Jeb Bush and Ted Cruz before him, Donald Trump is pledging 4% GDP growth. And Carl Icahn thinks Trump’s speech outlining his new economic plan was “great.”

The breakout tech IPO of 2016 reported its first ever earnings — and beat expectations. There is “a pretty broad swath of deals ready for launch,” according to a top IPO banker.

Netflix has a problem, according to a $9 billion hedge fund. The firm also has a new explanation for bad US subscriber growth: the Olympics.

Americans have $12.29 trillion of debt — here’s what it looks like. And America’s worst borrowers are grabbing credit cards like it’s 2006.

The CFA Level 3 results are in.

Lastly, you can now get all the news you need to know delivered to you via Facebook Messenger.

Prefer Slack? We’ve got you covered there, too.

Here are the top Wall Street headlines at midday: Credit Suisse's CEO dodged an important question about his investment bankers -- Credit Suisse CEO Tidjane Thiam was candid during an interview with Bloomberg Markets' Francine Lacqua published Tuesday, but he was less transparent on one important point. JIM GRANT: Gold isn't a hedge on chaos -- it's an investment in chaos -- Jim Grant thinks gold is misunderstood. 'It's been a volatile year': Apple kills iPhone model months before launch -- Earlier this year, analysts predicted that Apple would release three new iPhone models in 2016. But in an interesting twist, Apple is likely to only release two new models of iPhone this fall. This Australian was shocked at how terrible American banking was, so he created a company to disrupt it -- When Josh Reich arrived in Pittsburgh from Australia in summer 2004 to start grad school, his first order of business was finding an apartment and setting up utilities. A 'paradox' is plaguing the art market -- Sotheby's made it out of the second quarter with a profit even though the art market remained in turmoil. One of Wall Street's most outspoken strategists succinctly captures how dull the market is right now -- It's summertime on Wall Street. How a 'complete science nerd' broke into Wall Street -- and then landed a job in private equity -- Shaun Mehra calls himself a "complete science nerd." 21 years ago today, news of Jerry Garcia's death froze Bloomberg Terminals across Wall Street -- On August 9, 1995, the Grateful Dead brought one of the biggest sources of information on Wall Street to a stop. Here are 21 of the best events in the world to spot a billionaire -- The world's richest people spend much of their time working to earn their fortunes, but there's always time for fun, especially when they appear on the guest lists for the most prominent film festivals, yacht shows, polo matches, football and soccer games, and tennis tournaments around the world.

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