David Einhorn's most talked-about short idea from last week's Value Investing Congress is looking like a pretty good bet so far. The Greenlight Capital manager said he thinks customers will prefer a revamped menu from Yum Brands’ Taco Bell over Mexican fast-food rival Chipotle and recommended shorting Chipotle. He did not come out and recommend Yum, however, because nothing good is happening at its Pizza Hut holding, while Yum Brands holding KFC's China business is slowing down. Still, Yum reported strong results at Taco Bell on Wednesday, making the billionaire hedge fund manager look like a canny fast-food connoiseur. Meanwhile, shares of Chipolte are down nearly 10 percent since Einhorn’s presentation.

Peter Muller, founder of the Morgan Stanley Process-Driven Trading proprietary trading group, has raised $500 million from Blackstone Group for a new fund. His group is being spun out this year as a stand-alone hedge fund. Of course, if someone of Muller's stature had started a hedge fund before 2008, he would have raised several billion dollars. How times have changed.

York Capital Management may launch a hostile takeover of the Israeli conglomerate IDB Development after buying up bonds in the debt-laden company.

A hearing has been scheduled for October 17 in the insider trading case against Tokyo-based hedge fund firm Japan Advisory. Japanese regulators have brought five cases this year as they finally try to crack down on abuse in Japanese markets.