Tags: activist investing, Dan Loeb, hedge fund managers, Hedge Funds, Third Point
As those of you familiar with the career of Daniel S. Loeb know, the hedge fund manager makes a nice chunk of change each year through activist investing. While the boards of most public companies view activist investors in general as people who show up to their home uninvited, take a shit on their staircase and then demand to know how anyone in good conscience could live in such squalor, to view Loeb as just one of many would be like lumping Pavarotti together with a bunch of glee club dropouts.
The man, quite simply, has elevated the art of activist investing, through his trademark letters (all of which include a potent, poetic blend of sarcasm, self-regard, belittling attacks on management competence, and lengthy prescriptions for change) and delightful flourishes like tasking his best researchers with uncovering damning details about the objects of his wrath, like, for instance, that they lied about their college majors. Anyone who has watched him at work will agree: he is an artist.
And now, he’s got even more money than usual to spend on fieldwork, correspondence, and possibly skywriters who will be paid to leave a fluffy white “Just Quit Already” above various chief executives’ homes and offices. Read more »
Tags: Dan Loeb, take backs, Third Point, unspecified specific opportunities
Remember, back in October, when Dan Loeb announced that Third Point would be returning about 10% of the $14 billion it had, to “moderate” its growth or something? Well, that may have moderated things a little too much, and even though Third Point’s fat 6% return has it managing $15 billion seven months later after cutting those checks, Loeb is feeling inspired to write a few more letters, and needs a few more bucks to do so. Read more »
Tags: Argentina, Cristina Kirchner, critical inflection periods, Dan Loeb, default deshmault, with a little help from its friends
Argentina has nine days to pay Paul Singer—or does it? Sure, a second default in 13 years will probably keep the country from tapping the international debt markets until President Cristina Kirchner’s son Máximo follows father and mother into the Casa Rosada in nine to 13 years or so. But who needs to make good on one’s commitments when one can just loudly proclaim that one has done so without actually doing so and then call on Xi Jinping and Vladimir Putin for a bailout? Read more »
Tags: Dan Loeb, poison pills, Pyrrhic victories, restoring an ‘80s classic, Sotheby's, thanks for nothing!, three days too late
Dan Loeb is probably feeling pretty good about himself right now. He made $700 million last year, a year in which his hedge funds were up 25%. And while his Dow foray hasn’t panned out quite yet, he managed to snag victory—total, unconditional, here’s a $10 million check for your troubles victory—from the jaws of (Delaware Chancery Court) defeat.
So the $5.7 million or so Sotheby’s spent winning that case only to completely capitulate three days later didn’t do it any good. But it certainly looks likely to not be so great for newly-minted Sotheby’s directors and other such activist investors. Read more »
Tags: come again?, Dan Loeb, Hedge Funds, so that's nice of them, Sotheby's, Third Point
Remember when Third Point manager Dan Loeb told auction house Sotheby’s that it didn’t know dick about contemporary art? And demanded its chairman and CEO, William Ruprecht do the honorable thing and fire himself? And noted that Sotheby’s management in general was a joke? And (“jokingly”) described his campaign to “undermine the credibility” of Ruprecth as a “holy Jihad“? Now that the two sides have made nice– and Sotheby’s has given Third Point three spots on its board–, the auctioneers are going to compensate the Maestro of Mockery for his troubles. Read more »
Tags: Appaloosa Management, Bridgewater Associates, Citadel, Dan Loeb, David Tepper, Glenview, Izzy Englander, Jim Simons, John Paulson, Ken Griffin, Larry Robbins, Leon Cooperman, Millennium, Omega Advisors, Paul Tudor Jones, Paulson and Co, Point72 Asset Management, Ray Dalio, Renaissance Technologies, rich lists, Steve Cohen, the hedge fund formerly known as SAC Capital, Third Point, Tudor Investment Corp
For the most part, 2013 was not kind to Steve Cohen. The Feds put his balls in a jar and put that jar on Preet Bharara’s desk. One of his ex-employees went to trial for (and was later found guilty of) masterminding the “most lucrative insider trading scheme ever.” Other former traders helped bring the number of SAC alums indicted on securities fraud charges to nine. His genius idea to give out free hot dogs on the front lawn of SAC HQ failed to prevent a number of departures. He lost his biggest fan. For a lot of hedge fund managers, all of this would add up to moping around the office and turning in less than stellar work. For Steve Cohen, it meant turning up the Styx and getting down to business. Read more »
Tags: Activist Investors, Dan Loeb, hedge fund managers, holy jihads, scum, settlements, Sotheby's, Third Point, William Ruprecht
Did Third Point chief Dan Loeb recently tell friends he had a plan to “undermine the credibility” of Sotheby’s Chairman and CEO William Ruprecht? Yes. Did Ruprecht refer to Loeb as “scum”? Indeed. Are the two men going to let either of these things make Sotheby’s board meetings, at which they’ll be working together, awkward in the slightest? Of course not. Why would you think that? Read more »