Loeb Buys Into Japan's SoftBank

Nov 22 2013 | 11:45am ET

While his first foray into Japanese activism was less than a rousing success, Third Point's Daniel Loeb isn't giving up on the world's third-largest economy.

Loeb said his hedge fund had taken a US$1 billion stake in SoftBank Corp. The move follows Third Point's investment in Sony Corp., which rebuffed most of Loeb's suggestions for improving performance.

Loeb made the announcement at the Robin Hood Foundation investor conference in New York.

Loeb has met with SoftBank founder Masayoshi Son and is impressed by his work at the company. He is reportedly bullish on SoftBank's organic growth prospects and its investments in several outside companies; SoftBank in July acquired Sprint Corp.

The Third Point founder wasn't the only hedge fund manager making news at the Robin Hood conference. Greenlight Capital's David Einhorn announced that he had opened a position in Micron Technology, lavishing praise on the chipmaker.

Einhorn also offered kind words to Apple Inc., which he has previously pushed to return capital to shareholders.

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