Monday, 22 September 2014
Last updated 4 hours ago
Aug 14 2013 | 8:55am ET
So much for the high road.
A few weeks after Third Point's Daniel Loeb used his Bloomberg message header to tweak his former friend, Pershing Square Capital Management's William Ackman, he's at it again.
"Never interfere with an enemy when he is in the process of destroying himself," Loeb wrote, quoting Napoleon Bonaparte. The message comes amidst more bad news for Ackman, with nutritional supplements company Herbalife—which Ackman has a $1 billion short bet against—surging and a nasty spat with the board of J.C. Penney Co.—the struggling retailer in which Ackman is the largest investor—that led to Ackman's resignation as a director.
The latest shot at Ackman is at least much less graphic than Loeb's last, in which he wrote, "New HLF Product: The Herbalife Enema administered by Uncle Carl," referring to Carl Icahn, a longtime Ackman nemesis who has invested heavily in Herbalife. Loeb later changed that header to read, "Always take the high road."
At least for a few weeks.
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.