Thursday, 18 September 2014
Last updated 16 hours ago
Sep 7 2007 | 1:17pm ET
After a rough August, hedge fund agitator Daniel Loeb might be inclined to write a venomous letter to himself.
His $3.7 billion Third Point Offshore Fund was down 8.3% in August, cutting its year-to-date returns to 6.8%.
According to the firm’s monthly investor letter, the fund’s “winners” last month include Lyondell Chemical, Alkermes Inc. and Ligand Pharmaceuticals, while “losers” included PDL BioPharma, Granite Construction and Leap Wireless. PDL BioPharma is the recipient of one of Loeb’s most recent trademark invective-filled missives.
The activist manager penned a letter to the company’s chairman, Patrick Gage, on Aug. 28 following PDL’s conference call demanding his resignation because Gage “gave the impression that repositioning the Company could be an alternative to selling the Company.” Loeb, who previously wanted the company to sell itself as a whole or in pieces, also cited the “lame duck” Gage’s emphasis on research and development strategies and “spotty” record at other public companies as catalysts for its demand for management change. New York-based Third Point currently owns a 9.7% stake in the company.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.