Third Point, L.L.C. is a New York, NY-based hedge fund management firm founded by Daniel Seth Loeb in 1995. The firm manages the Third Point family of hedge funds and the Points West International Investments, Ltd.
Third Point Earnings: $425 million as the hedge fund firm had a fabulous year in 2012. His flagship hedge fund beat the U.S. stock market, which most hedge funds failed to do, with a 21.2% net return. His smaller leveraged fund was one of the best-performing hedge funds in 2012. The New York investor has enjoyed big years before, but now he is managing $10 billion. He made money betting on Greek sovereign debt and on a couple of activist positions. Loeb led a successful effort to dislodge Scott Thompson from the CEO position at Yahoo and replace him with Marissa Mayer. The stock has been a winner for Loeb as has his activist position in Murphy Oil. Now 51, Loeb made news early in 2013 by taking a position in Herbalife, the nutritional supplements seller, shortly after another prominent hedge fund manager, William Ackman, called the company a pyramid scheme.
Third Point, L.L.C. invests globally and in domestic companies, using a long/short event driven and value-oriented approach, across all industries. The firm’s short-hedging strategies will short overvalued companies or companies displaying characteristics such as negative operating cash flow; excessive debt, deteriorating fundamentals and accounting problems. Third Point also invests in event driven situations such as mergers, acquisitions, tender offers, recapitalization, spin-offs, exchange offers, and liquidations. The firm also invests in distressed debt and special situations. Third Point is a shareholder activist taking large stake investments owing more than 5% of outstanding shares.
The firm’s investment team conducts meetings with company management and participates in earnings conference calls.
Daniel S. Loeb is the chief executive officer, a director of research and a chief investment officer for equity and fixed income at Third Point, L.L.C. Prior to founding the firm in 1995, Mr. Loeb was a vice president at Citicorp, Inc. Previously, he was an analyst at Jefferies & Co. Earlier, Mr. Loeb was also employed at Lafer Equity Investors and E.M. Warburg, Pincus & Co.
Education: Mr. Loeb obtained a B.A. in Economics from Columbia University in 1984.
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