Insider Today: Mark Cuban vs. Big Pharma

Hedge funds’ old-turned-new strategy

Sometimes to beat the market you need to be the market.

That’s the concept behind “portable alpha,” a decades-old strategy gaining momentum on Wall Street. The approach includes mirroring the broad market via a benchmark, like the S&P 500, coupled with an actively managed strategy from a hedge fund.

The trend is being driven by institutional investors, but hedge funds are happy to oblige amid a difficult fundraising environment.

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This week’s quote:

“They hear this language, and they’re aware that this was made up by somebody’s grandfather 70 years ago, and it stuck.”

— Recruiter and TikToker Emily Durham, on the generation rejecting corporate jargon and workplace norms.

More of this week’s top reads:

• Want to work for Blackstone straight out of college? Here’s the best route.
• Don’t feel sorry for Linda Yaccarino.
• Tech’s most powerful bromance is bolstered by billions of dollars of deals.
• A software engineer explains how he splits his time between NYC and SF.
• A thief locked a traveler out of his Google account, destroying years of work.
• Starbucks is trying to make coffee fun again.
• The poster who sparked the fake JD Vance couch story speaks for the first time.

• London’s hedge fund rich are looking to avoid new taxes by relocating to Milan and Dubai. People who have made the move tell us what it’s like.

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  The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Lisa Ryan, executive editor, in New York. Amanda Yen, fellow, in New York.