We don’t know what is more disturbing: that the largest 50 hedge funds (in a universe of about 777) account for some $716 billion in long equity assets or more than half the total (this number does not include non-equity long positions and, don’t laugh, shorts of any kind), or that as we reported over the weekend, the investment thesis creativity across the hedge fund world has completely gone down the drain (considering the most popular stocks over the past three years have been Apple, GM and Goo