Morning! Michelle Abrego here. Founders of the largest hedge funds are eyeing their legacy and appointing their successors.

Before we dive into that, also on deck is a VC with a novel approach, what investors should know about President Joe Biden's surprise move to reclassify cannabis, and the latest on Credit Suisse.

And we have some breaking news this morning: Former Fed chair Ben Bernanke and professors Douglas Diamond and Philip Dybvig were awarded the Nobel Prize in economics for their research on banks and financial crises. 

Now, let's get this week started! 

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1. Hedge funds aren't typically known for succession planning. Billionaire Leon Cooperman converted Omega Advisors into a family office because he didn't want to spend the rest of his life "chasing the S&P 500" for investors. David Tepper returned investors' money when he decided he wanted to focus on managing his NFL team, the Carolina Panthers. 

But last week, Ray Dalio bucked that trend and handed off the biggest hedge fund in the world to a team he's been carefully crafting for years. It looks like he might not be the only billionaire hedge fund founder thinking, "Why can't this live beyond me?" 

It shows how much the $4 trillion industry has matured and how big investors are betting on the investing machines behind the big-name founders.

This summer, Bill Ackman named a new chief investment officer, 37-year-old Ryan Israel, who Ackman said would take on the portfolio if he was to be hit by "a pie truck." Ken Griffin has recently told Bloomberg that if the opportunity arises, he'd pursue a stint in politics and is ready to hand over the reins of $50 billion Citadel. 

Read Alyson Velati's report, where she highlights the next generation of leaders that are being teed up to lead some of the biggest hedge funds. 

In other news:

 2. Young bankers on Wall Street have had it easy for years — but they're about to face a bloodbath as the stock market sinks and layoffs loom, Insider's Linette Lopez reports.

3. Credit Suisse offered to buy back around $3 billion in bonds, boosting its beat-up stock price on Friday morning. The Swiss bank is set to undergo a radical overhaul and its questionable financial health has made many investors jittery. 

4. President Joe Biden sent shockwaves through the cannabis industry last week, announcing that his administration is taking critical steps to limit the federal prohibition of marijuana. This could supercharge the industry around weed, but it also carries big risks for companies and investors.

5. Speaking of hedge fund founders with side projects, Steve Cohen is increasingly spending more time throwing money at making his New York Mets into a baseball powerhouse. He's not showing any signs of giving up power at his $26 billion fund, Point72, despite the fact it's lagging behind its peers, according to Bloomberg. 

6. Wall Streeters that migrated down to Florida and bought themselves a plot of land might be experiencing a little bit of buyer's remorse. Homeowners are facing rising insurance costs and shrinking property values.

7. An ETF shorting Jim Cramer might be coming to market. Tuttle Capital filed to launch a fund that would track the stock recommendations made by the "Mad Money" host on CNBC as well as on Twitter. 

8. BlackRock has launched an attempt to "set the record straight" on claims it's boycotting the energy industry. GOP-led states have penalized it for its sustainable-investing focus. Just days after Louisiana announced it is divesting all its Treasury funds from the money management giant, a new webpage has emerged. 

9. That famous spicy rigatoni from Carbone wasn't enough to help keep the star-studded Manhattan restaurant's Michelin stars. It wasn't the only high-profile New York City classic that was stripped of the designation, steakhouse Peter Lugar and seafood destination Marea have also been cut.

10. The Supreme Court kicked off arguments last week. Here are the 38 lawyers who will be who will help them pick cases, think them through, and draft opinions for the next nine months.

Keep updated with the latest business news throughout your day by checking out The Refresh from Insider, a dynamic audio news brief. Listen here.

Edited by Jeffrey Cane (tweet @jeffrey_cane) in New York and Lisa Ryan (tweet @lisarya) in London.