Dan Loeb can be a bit tetchy sometimes. Occasionally, even petty, and a bit defensive once in a while. He’s passionate, which can sometimes come off as being a prick, his closest friends admit. He can be pushy and ruthless and hurtful, and his colorful language can border on the arguably racist.
Coincidentally or otherwise, Dan Loeb is also a pretty good hedge fund manager.
He has told investors of his Third Point Offshore that the hedge fund returned 18.1% net of fees in the first 11 months of the year. His leveraged Ultra Fund is up 28.9%....
His Third Point now manages $18 billion and while his main hedge fund has not been able to beat the U.S. stock market in recent years, it has mostly kept up with the stock market’s rise. Its annualized return since inception in 1995 is just under 16%, nearly double the Standard & Poor’s 500 index.
What’s even more impressive is that he’s managed to do so in spite of things like this:
The SEC is also looking at Keri Findley, a former partner at Dan Loeb’s Third Point hedge fund firm, people familiar with the matter have said. The regulator is probing whether Findley, who left Third Point in February, caused mortgage bonds in her portfolio to be undervalued, the people said.