Richard Drew / AP

More hedge funds closed in 2016 than in any year since the 2008 recession, as investors moved money to larger firms and withdrew assets, reports Bloomberg. Over 1,000 firms were liquidated, the most since 2008, and only 9,893 asset management funds remained open, the fewest since 2012.

As Bloomberg points out, the data — compiled by Hedge Fund Research Inc. — rounds out a difficult year for hedge funds, which have been criticized for their high fees and underperformance. Meanwhile, the decline has proven to be beneficial to investors, as hedge fund management fees have already fallen to 1.48%, and the average performance charge has dropped 10 basis points to 17.4%.

Why this matters: The data reveals the growing trend toward passive investing and away from active investing.

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Ina Fried, author of Login
25 mins ago - Technology

Amazon wants to flood America with Alexa cameras and microphones

Photo: Amazon

In a Thursday event unveiling a slew of new home devices ahead of the holidays, Amazon made clearer than ever its determination to flood America with cameras, microphones and the voice of Alexa, its AI assistant.

The big picture: Updating popular products and expanding its range to car alarms and in-home drones, Amazon extended its lead in smart home devices and moved into new areas including cloud gaming and car security. The new offerings will also fuel criticism that the tech giant is helping equip a society built around surveillance.

Ben Geman, author of Generate
1 hour ago - Energy & Environment

Oil's turbulent long-term future

Illustration: Aïda Amer/Axios

The oil sector is facing risks from all sides.

Why it matters: Risk in the industry is nothing new. But these are especially turbulent and uncertain times. The industry's market clout has waned, the future of demand is kind of a mystery, and future U.S. policy is too, just to name three.

Meadows on Wray's voter fraud dismissal: "He has a hard time finding emails in his own FBI"

White House chief of staff Mark Meadows dismissed FBI Director Chris Wray's testimony that the U.S. has never historically seen evidence of widespread voter fraud, including by mail, during an appearance on "CBS This Morning" on Friday.

Why it matters: Meadows' statement highlights the Trump administration's strategy to sow doubt in November's election results by challenging the legitimacy of mail-in ballots, which are expected to skew heavily in Democrats' favor.

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