Dan Loeb’s letter on hedge fund Third Point’s losses
Alpha has this news about Third Point LLC’s outspoken and brash CEO Daniel Loeb writting a letter to his investors indicating it’s losses resulting from a sharp reversal in energy and financial stocks in the first three weeks of July have wiped out all profits made in the quarter.
To add to the firms woes, the SEC has apparently begun a formal investigation into Third Point’s communications with portfolio managers at other hedge funds.
Wall Street’s poison pen lived up to his reputation as he wrote “As a friend said to me, ‘Capitalism without bankruptcy is like Christianity without Hell.’” in the letter.
Loeb was listed in the “Bad Boys – The Meanest” category in this 2007 New York Magazine special feature ranking some of the best hedge-fund managers.
