Hedge fund billionaire Bill Ackman published a doozy of an investment letter

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Hedge fund billionaire Bill Ackman published a doozy of an end-of-year investment letter.

Here are the highlights:

Also in hedge fund land, SumZero, an online community for buy-side professionals, has put out its annual hedge fund compensation report. Those working in distressed debt are expecting a big bump in pay.

Last of all, an investment bank is trying to rid employees of fear and greed.

Good luck with that.

Here are the top Wall Street headlines at midday –

Legendary tech banker Frank Quattrone is stepping down as CEO of his boutique firm – Tech banker Frank Quattrone is stepping down as CEO of Qatalyst, the boutique bank he founded in 2008.

Everyone on Wall Street is saying the same ridiculous thing about China For about a week now, everyone on Wall Street has been saying the same ridiculous thing about the Chinese economy — that with a little communication, the volatility that the country is experiencing (and spreading around the world) will end.

REALITY CHECK: Working for a hedge fund probably won’t make you a multi­millionaire – You might think working at a hedge fund will automatically mean you’ll get paid ridiculous amounts of money.

The market is freaking out about the wrong oil companies Investors are worried about US producers, but it’s the emerging market oil producers who have bigger financing needs.

The first thing you should do when you start at a Wall Street bank – Navigating through your first Wall Street job is not going to be easy.

BlackRock just upped its stake in 4 US tech giants The world’s largest asset manager, with $4.5 trillion, now has a 5.6% stake in Facebook, a 5.6% stake in HP, a 5.7% stake in Apple, and a 5.6% stake in Microsoft, according to SEC filings published recently.

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