$3.7 BILLION HEDGE FUND: This market doesn't make any sense (AAPL)

pulse

June 26, 2017 8:54 PM

Tourbillon Capital's Jason Karp: "People are just paying significantly more for assets without any fundamental improvement in those assets."

Jason Karp.

The stock market's seemingly endless gains don't make much sense, according to a $3.7 billion hedge fund.

More than eight years into the market's latest bull cycle, the second-longest on record, stocks have rallied notably since President Trump was elected in November.

"Tourbillon Capital's Jason Karp wrote in a recent letter to investors that was reviewed by Business Insider.

Karp was referring to stocks' gains in the first quarter, which were heavily marked by tech. He wrote that "

Tourbillon's main fund, which manages about $2.9 billion, was down 4.1% net of fees through May of this year, according to investor documents. The fund has a 19.6% net exposure to the market. Tourbillon managed $3.7 billion as of February this year.

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