Tuesday, 21 October 2014
Last updated 1 hour ago
Aug 2 2012 | 12:55pm ET
Third Point suffered through a difficult second quarter, but firm found Daniel Loeb told clients that things are already looking up in the third.
Third Point's flagship Offshore fund lost 2.5% during the second three months of the year, cutting its year-to-date gain to 3.9%, well off the pace of the broader markets, which soared in the first quarter. But Loeb said some of his losing bets have started to pay off again since the end of June.
"The weakness in overall performance can be explained primarily by our long exposure to cyclical and industrial names, which suffered disproportionately as the risk off trade picked up steam through Q2," Loeb wrote. The losses were a result of "renewed worries over U.S. weakness and pervasive concerns about a Chinese hard landing, which punished any assets linked to global growth."
Loeb rehearsed his by-now familiar criticisms of President Barack Obama, calling the man he backed for the White House four years about "unable to articulate or implement policies to spark growth and reduce unemployment."
He did not rehearse his familiar criticisms of Yahoo!, one of his largest investments. Loeb has pushed for—and won—board seats and big changes at the Internet company, and offered praise for its new CEO, former Google Inc. executive Marissa Mayer. Yahoo! was Third Point's "biggest winner for the period."
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...