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Daniel S. Loeb

January 31, 2023

Daniel Seth Loeb (born December 18, 1961) is an American investor, hedge fund manager, and philanthropist. He is the founder and chief executive of Third Point, a New York-based hedge fund focused on event-driven, value-oriented investing with $14.8 billion in assets under management, as of June 2019.[1][2]New York magazine noted that Loeb's "preferred strategy" is to buy into troubled companies, replace inefficient management, and return the companies to profitability, which "is the key to his success."[3] Loeb was described as "one of the most successful activists" in 2014.[4]

Dan Loeb
Born (1961-12-18) December 18, 1961 (age 61)
Santa Monica, California, U.S.
EducationUniversity of California, Berkeley
Columbia University (BA)
OccupationHedge fund manager
EmployerThird Point Management
Known forFounding and leading Third Point Management
Spouse
Margaret Davidson Munzer
​
​
(m. 2004)​
Children3

Early life and education

Loeb is the son[3] of Ronald and Clare (née Spark) Loeb.[5] He was raised in Santa Monica, California, where he attended Palisades Charter High School.[3][6][7] In high school, he took AP classes, started a skateboard company, and was nicknamed "Milo Minderbinder" by one of his teachers (after a character in the novel Catch-22 who had a fascination with the stock market).[8] His father was a partner at the Los Angeles law firm of Irell & Manella LLP[6] and general counsel for Williams-Sonoma, Inc.[5] His father also served as an outside director of Mattel, Inc. for over 30 years and during one period became interim President of Mattel. His mother is a historian and independent scholar.[5][6]

Loeb's great-aunt, Ruth Handler, created the Barbie doll and co-founded Mattel Inc.[6] In 2009, Loeb told an audience "[I] associated success in business with Hot Wheels and Barbie dolls. I think it was a very powerful enforcer early on to like business."[8]

Loeb attended the University of California, Berkeley for two years and subsequently graduated from Columbia University with an economics degree in 1983.[9] At Columbia, he was a classmate of Barack Obama, whose presidential campaign he later offered significant financial support.[8][10] By his senior year at Columbia, he had made $120,000 in the stock market, but lost it all on an investment in a firm called Puritan-Bennett Inc. The loss taught him a lesson, he later said, in "overconcentrating positions".[8]

Investing career

From 1984-87, Loeb worked at private equity firm Warburg Pincus.[11] He then worked as director of corporate development at Island Records, a record label, where he focused on securing debt financing.[12] After Island Records, Loeb worked as a risk arbitrage analyst at Lafer Equity Investors and then, from 1991–94, as senior vice-president in the distressed debt department at Jefferies LLC, where he focused on bankruptcy analysis, trading bank loans and selling distressed securities. He moved on to become a Citigroup vice president from 1994–95, in charge of high-yield bond sales.[11]

Third Point Management

Main article: Third Point Management

Loeb started Third Point Management in 1995 "with $3.3 million from family and friends". Under Loeb's guidance, Third Point Management's annualized returns since inception (Dec. 1996 – Dec. 2015) total approximately +16.2%.[13] In 2012, the firm returned +21.2%, outperforming the S&P 500's return of +16.0% and making it one of best performing hedge funds that year.[14][15]

In 2013, the firm returned +25.2%, while the S&P 500 returned +32.4%.[16] Loeb appeared in Forbes' 2013 list of the world's 40 richest hedge-fund managers and traders.[17][18] In 2014, the firm returned +5.7%, while the S&P 500 returned +13.7%.[19] In 2015, the firm returned -1.4%, while the S&P 500 returned +1.4%.[20] In 2017, it was reported the firm returned 18.1% net of fees in the first 11 months of the year.[21]

Yahoo!

In 2012, Loeb, who through Third Point LLC, held 5.8% of Yahoo! stock, sought seats on the Yahoo! board for himself, former NBC Universal CEO Jeff Zucker, former Goldman Sachs executive Harry Wilson and former MTV Networks executive Michael J. Wolf.[22]

On May 3, 2012, Loeb revealed that the new CEO of Yahoo!, Scott Thompson, did not have a computer science degree, as had been commonly assumed for many years.[23][24] On May 13, 2012, Yahoo! announced that Thompson would be stepping down, and nominated Loeb, Wilson and Wolf to the Yahoo! board.[25][26]

Marissa Mayer was then appointed as CEO to replace Thompson. In July 2013, Loeb, Wilson, and Wolf resigned from Yahoo!'s board, leaving Yahoo! with a seven-member board. Yahoo! agreed to buy back 40 million shares at $1.6 billion from Third Point.[27][28]

Sony

In May 2013, Loeb proposed splitting Sony's entertainment and electronics businesses, arguing that such a split would increase profits.[29][30][31]

On June 18, 2013, Third Point LLC announced it had increased its stake in Sony to 70 million shares, or about 7 percent, valued at $1.4 billion.[32] According to Bloomberg.com, Sony's board of directors considered Loeb's proposal and hired Morgan Stanley and Citigroup, Inc. to evaluate it.[33]

Actor George Clooney, whose Smokehouse Pictures production company has a contract with Sony's entertainment division, publicly opposed the proposal.[why?][34][35]

As of May 2014, Sony remained 12 percent lower than when Loeb first suggested for them to split. Sony had its sixth annual loss in seven years with shares dropping 8.8 percent as of May 2014. In February 2014, Sony said it would sell its PC business to buy out Japan industrial Partners Inc. and split its TV manufacturing unit into an independently operated entity. Ayano Iguchi, a company spokeswoman, said Sony was "focused on creating shareholder value by executing on our plan to revitalize and grow the electronics business, while further strengthening the entertainment and financial service businesses." Chris Konstantinos, director of international portfolio managements at RiverFront, stated that a breakup was "long overdue".[36]

In October 2014, Loeb sold his shares in Sony and later wrote, "They have a long way to go and we continue to believe that more urgency will be necessary to definitively turn around the company's fortunes".[37][38]

Sotheby's

In October 2013, Loeb issued a letter scrutinizing the governance of Sotheby's.[39] It announced that Third Point had acquired "9.3% of the outstanding shares" and addressed Third Point's concerns regarding the governance of Sotheby's. These concerns are summarized as, "we are troubled by the Company's chronically weak operating margins and deteriorating competitive position relative to Christie's, as evidenced by each of the Contemporary and Modern art evening sales over the last several years."[39] The letter expressed strong skepticism of Sotheby's international strategy—"Sotheby's is struggling internationally, lagging in newer markets like China and the Middle East"—and called for the removal of William Ruprecht from all his positions.[39]

After Sotheby's instituted a "poison pill" to stop Third Point from growing its position past 10%, Third Point brought a lawsuit in the state of Delaware; however, on May 3, 2014, Vice Chancellor Donald Parsons of the Delaware Court of Chancery ruled that the auction house was justified in its use of the corporate action. On May 5, Loeb and Sotheby's reached an agreement, stipulating that Loeb, Olivier Reza and Harry J. Wilson join the board in exchange for Third Point having an ownership cap at 15%. William Ruprecht remained CEO and the proxy contest ceased.[40][41]

After 35 years at Sotheby's, Ruprecht retired as CEO. On March 16, 2015, Sotheby's named Tad Smith as its new president and chief executive.[42][43]

Fanuc

In late 2014, Loeb's Third Point took a stake in Fanuc, a robotics and computer numerical controls firm. Prior, Fanuc seldom made direct contact with its investors but in March 2014, the company decided "it would start talking to shareholders" and "return some of its cash to them." Loeb met with Fanuc's President, Yoshiharu Inaba, with encouragement from Japan's government officials, and was deemed a top prospect for "shaking up Japanese firms."[44][45][46]

Ligand Pharmaceuticals

In January 2007, when John Higgins became CEO of Ligand Pharmaceuticals, Loeb bought into the biotech firm to cut its losses and grow revenue. Loeb invested $50 million, increased the company's profit to $250 million, and bought back $68 million in stock.[47]

Seven & I

In April 2016, Loeb won a battle in his drive to shake up corporate Japan which had "been sheltered from agitating investors". Seven & I Holdings Co.'s board was planning to replace Ryuichi Isaka as head of the company however, Loeb recommended Isaka as a successor to Toshifumi Suzuki, chairman and chief executive. On April 7, Suzuki resigned after losing a boardroom dispute with Loeb. Loeb wrote in a March 27, 2016 letter to Seven & I directors, "Mr. Isaka should be rewarded—not demoted—for his performance and commitment to delivering results for shareholders ... This isn't a dynasty. This is a corporation."[48][49][50] Loeb has pushed for the company to focus on its convenience store line while jettisoning its plans to expand its department and supermarket store franchises.[51]

Nestlé

In June 2017, Third Point disclosed its ownership of approximately 40 million shares of Nestlé, making it the company's sixth-largest shareholder according to Standard & Poor's Global Market Intelligence.[52]

Portfolio 2020

His largest investments are in The Walt Disney Company, Amazon and Danaher Corporation. He owns 5.5 million shares of Disney, which are worth $718 million. Amazon is in second place with a value of $661 million. About 20% of his portfolio is technology services.[53] It was also announced in October that Loeb had become a shareholder in Snowflake, a cloud data platform.[54]

Investment philosophy

New York magazine noted that Loeb's "preferred strategy" is to buy into troubled companies, replace inefficient management, and return the companies to profitability, which "is the key to his success."[3]

Letters

On Wall Street, Loeb has a reputation for "financial savvy" and for "his withering criticism of corporate executives who are unfortunate enough to stumble in his sights".[9] One of Loeb's signature tactics involves letter-writing:

Loeb is well known in Hedgeworld for his attacks on what he views as greedy execs who also happen to be depressing shareholder value of shares he owns. "The moral-indignation business", Loeb sometimes calls it. "Hedge-fund guys love to read Loeb's attacks; 'he articulates what people feel', says one."[3]

Often these letters cite the results of investigations he has ordered, detailing management decisions and actions he considers detrimental to shareholder value. The letters usually accompany his government filings.[3] Loeb once spent more than $4 million to increase his stake in a company to more than 5%, the statutory threshold requiring investor filings with the SEC, in order to file one of his letters criticizing the firm's management.[3] According to New York magazine, "Loeb is proud of his letters, which are thorough, well argued, and filled with clever turns of phrase. (He had a batch prepared for his high-school English teacher.)"[3] A 2005 New Yorker "The Talk of the Town" item described him as "a kind of investor's H. L. Mencken."[55]

In a 2005 letter responding to a job inquiry by a U.K. fund manager, Loeb bristled at the applicant's reference to his (the applicant's) "place in society", telling the applicant that he would "have plenty of time to discuss your 'place in society' with the other fellows at the club." At Third Point, Loeb explained, "'one's place in society' does not matter at all. We are a bunch of scrappy guys from diverse backgrounds (Jewish, Muslim, Hindu etc) who enjoy outwitting pompous asses like yourself in financial markets globally."[56] Similarly, in a September 2005 letter to Ligand Pharmaceuticals CEO David Robinson, Loeb expressed wonder that Ligand's board of directors had not shown Robinson "the door long ago—accompanied by a well worn boot planted in the backside."[56]

Loeb sent a letter to John Collins, chairman and CEO of InterCept, in 2004, accusing InterCept of following "a 'good ol' boy' set of ethics", pointing out that InterCept employed Collins' daughter and son-in-law, the latter of whom Loeb had recently reached by phone on a golf course during working hours. Loeb further noted his discovery that InterCept leased a jet from a partnership controlled by Collins and another board member.[56]

He wrote to Irik Sevin, CEO of Star Gas Partners, in February 2005, calling him "one of the most dangerous and incompetent executives in America" and accusing him of "ineptitude" and of using the firm as his "personal 'honey pot'". He wrote: "I was amused to learn, in the course of our investigation, that at Cornell University there is an 'Irik Sevin Scholarship'. One can only pity the poor student who suffers the indignity of attaching your name to his academic record." Loeb demanded the resignation from the firm's board of Sevin's "elderly 78-year old mom" and insisted that Sevin also "step down ... so that you can do what you do best: retreat to your waterfront mansion in the Hamptons where you can play tennis and hobnob with your fellow socialites."[56]

A 2005 The New York Times article reported that many hedge-fund managers were now writing letters to the SEC demanding executives take specific actions and cited Loeb's letter to Sevin as exemplary of the genre, noting that three weeks after the letter was sent, "Sevin was gone, and a jubilant Mr. Loeb sent out an e-mail message to friends and associates declaring a 'huge victory for Third Point.'"[57]

Personal life

Loeb married Margaret Davidson Munzer on July 4, 2004,[55] at his beach house in East Hampton, New York.[5] The couple has three children.[58]

Loeb is a founding "Master Player" of Portfolios with Purpose, an annual virtual stock trading contest that raises money for charitable causes of the winning contestants' choice.[59]

In 2014, Loeb was reported as one of a number of "prominent investors [who] have taken to Transcendental Meditation".[60]

Loeb was co-chair of the Governors for Investors Industry (2013).[61] He is a Trustee of Mount Sinai Health System, the Manhattan Institute, the U.S. Olympic Committee and the Los Angeles Museum of Contemporary Art. He is a member of the Council on Foreign Relations and of the National Council of the American Enterprise Institute.[61]

Loeb sat on the Board of Directors of Sotheby's and was the chair of the Board of the Success Academy charter network.[62][63][64]

Political and economic views

Loeb has donated to the Democratic Senatorial Campaign Committee, Friends for Harry Reid, Obama for America, Forward Together PAC, Prosperity PAC, Straight Talk America, and the Volunteer PAC. In 2013, Loeb was a signatory to an amicus curiae brief submitted to the U.S. Supreme Court in Hollingsworth v. Perry, in support of same-sex marriage.[65][66][67][68]

In 2015, Loeb, Paul Singer and Tim Gill helped fund Freedom For All Americans to promote LGBT issues in states and local communities in the United States.[69]

Loeb has donated to both Democrats and Republicans. In the 2018 midterm election cycle, he gave over $1 million.[70]

Wealth and philanthropy

According to Forbes, his net worth is $3.5 billion as of April 2021.[71]

Third Point Foundation

The Loeb Family - Third Point Foundation earned $6.39 million in profits in 2011 and had $45 million in assets at the end 2016.[72]

Loeb is heavily involved in education reform efforts, specifically supporting charter schools.[73] As Chairman of the board of Success Academy Charter Schools in Brooklyn, New York,[17] he pledged, in June 2013, to donate $3 million to Success Academy Charter Schools.[74]

He endowed the Daniel S. Loeb Scholarship for undergraduate study at Columbia University. Since 2004, he has been a trustee of Prep for Prep, an organization in New York City that prepares underprivileged children to attend competitive private schools. He is active in the Jewish Enrichment Center, which provides young people with an education in Judaism. Additionally, he is a co-founder of Students First New York, the state branch of the national education advocacy organization.[11]

On February 20, 2014, Loeb attended a discussion between the American Enterprise Institute and the Dalai Lama. The two worldviews debated the morality of capitalism and free enterprise. In Loeb's presentation, he said he practices Ashtanga yoga and applies yoga principles to his business and his decision-making. He noted that these principles aided in his decision to donate to a charter school in The Bronx, New York, which is now ranked third in New York State.[75][76]

In October 2011, Loeb challenged three former Navy SEALs to run the "MightyMan" Half Iron Triathlon with him and his team in Montauk, New York. He made a sizable contribution for each Navy SEAL Foundation director who completed the triathlon to raise funds for the foundation.[77][78][79]

In 2011, 2012, and 2013, Loeb and his wife made significant donations to the Alzheimer's Drug Discovery Foundation (ADDF), which funds over 400 Alzheimer's drug discovery programs in academic centers and biotechnology companies in 18 countries.[80][81][82]

Loeb and his wife donate to the Leukemia and Lymphoma Society, Ovarian Cancer Research Fund, Chai Lifeline, and the Michael J. Fox Foundation.[83]

Art collection

He is a prominent art collector and the walls at his Park Avenue office are covered with paintings", according to a The New York Times August 26, 2013 article.[84] At a Sotheby's auction in 2009, Manhattan dealer Larry Gagosian purchased Jeff Koons' Baroque Egg With Bow (Turquoise/Magenta) for $5.4 million from Loeb, who had bought it from the Gagosian Gallery in 2004 for about $3 million.[85]

Loeb has traced his love of art to his student years at Columbia, when he saw Poussin's The Rape of the Sabine Women at the Metropolitan Museum of Art and took an art humanities class as part of the core curriculum. The "prep school kids" treated him like a "jerk", thinking they "all knew so much more", but in the end "I got one of two A's, and all the prep school snotty kids didn't."[86]

Business Insider placed Loeb at the top of its list of "Wall Street's 25 Most Serious Art Collectors", noting he owns works by Mike Kelley, Richard Prince, Basquiat, Andy Warhol and Cindy Sherman, and that he "has his own curator."[87]

Criminal justice reform

Loeb is an advocate for criminal justice reform and helps fund the Marshall Project, a nonprofit online journalism group, and the Brennan Center's Innocence Project. He is concerned with those unfairly imprisoned and successfully pushed for the release of Bernard Noble in April 2018, who served more than 7 years in prison for possessing two marijuana joints.[88][89]

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  88. ^ "One philanthropist's consistent push for fairness in America". New York Post. April 13, 2018. Retrieved April 25, 2018.
  89. ^ Sledge, Matt (April 13, 2018). "After 7 years in jail for possession, Bernard Noble hopes to advocate for criminal justice reform". The New Orleans Advocate. Retrieved April 25, 2018.

External links

  • Appearances on C-SPAN
  • Picture of Loeb from New York Times

January 31, 2023
daniel, loeb, daniel, seth, loeb, born, december, 1961, american, investor, hedge, fund, manager, philanthropist, founder, chief, executive, third, point, york, based, hedge, fund, focused, event, driven, value, oriented, investing, with, billion, assets, unde. Daniel Seth Loeb born December 18 1961 is an American investor hedge fund manager and philanthropist He is the founder and chief executive of Third Point a New York based hedge fund focused on event driven value oriented investing with 14 8 billion in assets under management as of June 2019 1 2 New York magazine noted that Loeb s preferred strategy is to buy into troubled companies replace inefficient management and return the companies to profitability which is the key to his success 3 Loeb was described as one of the most successful activists in 2014 4 Dan LoebBorn 1961 12 18 December 18 1961 age 61 Santa Monica California U S EducationUniversity of California BerkeleyColumbia University BA OccupationHedge fund managerEmployerThird Point ManagementKnown forFounding and leading Third Point ManagementSpouseMargaret Davidson Munzer m 2004 wbr Children3 Contents 1 Early life and education 2 Investing career 2 1 Third Point Management 2 1 1 Yahoo 2 1 2 Sony 2 1 3 Sotheby s 2 1 4 Fanuc 2 1 5 Ligand Pharmaceuticals 2 1 6 Seven amp I 2 1 7 Nestle 2 1 8 Portfolio 2020 3 Investment philosophy 3 1 Letters 4 Personal life 5 Political and economic views 6 Wealth and philanthropy 6 1 Third Point Foundation 6 2 Art collection 6 3 Criminal justice reform 7 References 8 External linksEarly life and education EditLoeb is the son 3 of Ronald and Clare nee Spark Loeb 5 He was raised in Santa Monica California where he attended Palisades Charter High School 3 6 7 In high school he took AP classes started a skateboard company and was nicknamed Milo Minderbinder by one of his teachers after a character in the novel Catch 22 who had a fascination with the stock market 8 His father was a partner at the Los Angeles law firm of Irell amp Manella LLP 6 and general counsel for Williams Sonoma Inc 5 His father also served as an outside director of Mattel Inc for over 30 years and during one period became interim President of Mattel His mother is a historian and independent scholar 5 6 Loeb s great aunt Ruth Handler created the Barbie doll and co founded Mattel Inc 6 In 2009 Loeb told an audience I associated success in business with Hot Wheels and Barbie dolls I think it was a very powerful enforcer early on to like business 8 Loeb attended the University of California Berkeley for two years and subsequently graduated from Columbia University with an economics degree in 1983 9 At Columbia he was a classmate of Barack Obama whose presidential campaign he later offered significant financial support 8 10 By his senior year at Columbia he had made 120 000 in the stock market but lost it all on an investment in a firm called Puritan Bennett Inc The loss taught him a lesson he later said in overconcentrating positions 8 Investing career EditFrom 1984 87 Loeb worked at private equity firm Warburg Pincus 11 He then worked as director of corporate development at Island Records a record label where he focused on securing debt financing 12 After Island Records Loeb worked as a risk arbitrage analyst at Lafer Equity Investors and then from 1991 94 as senior vice president in the distressed debt department at Jefferies LLC where he focused on bankruptcy analysis trading bank loans and selling distressed securities He moved on to become a Citigroup vice president from 1994 95 in charge of high yield bond sales 11 Third Point Management Edit Main article Third Point Management Loeb started Third Point Management in 1995 with 3 3 million from family and friends Under Loeb s guidance Third Point Management s annualized returns since inception Dec 1996 Dec 2015 total approximately 16 2 13 In 2012 the firm returned 21 2 outperforming the S amp P 500 s return of 16 0 and making it one of best performing hedge funds that year 14 15 In 2013 the firm returned 25 2 while the S amp P 500 returned 32 4 16 Loeb appeared in Forbes 2013 list of the world s 40 richest hedge fund managers and traders 17 18 In 2014 the firm returned 5 7 while the S amp P 500 returned 13 7 19 In 2015 the firm returned 1 4 while the S amp P 500 returned 1 4 20 In 2017 it was reported the firm returned 18 1 net of fees in the first 11 months of the year 21 Yahoo Edit In 2012 Loeb who through Third Point LLC held 5 8 of Yahoo stock sought seats on the Yahoo board for himself former NBC Universal CEO Jeff Zucker former Goldman Sachs executive Harry Wilson and former MTV Networks executive Michael J Wolf 22 On May 3 2012 Loeb revealed that the new CEO of Yahoo Scott Thompson did not have a computer science degree as had been commonly assumed for many years 23 24 On May 13 2012 Yahoo announced that Thompson would be stepping down and nominated Loeb Wilson and Wolf to the Yahoo board 25 26 Marissa Mayer was then appointed as CEO to replace Thompson In July 2013 Loeb Wilson and Wolf resigned from Yahoo s board leaving Yahoo with a seven member board Yahoo agreed to buy back 40 million shares at 1 6 billion from Third Point 27 28 Sony Edit In May 2013 Loeb proposed splitting Sony s entertainment and electronics businesses arguing that such a split would increase profits 29 30 31 On June 18 2013 Third Point LLC announced it had increased its stake in Sony to 70 million shares or about 7 percent valued at 1 4 billion 32 According to Bloomberg com Sony s board of directors considered Loeb s proposal and hired Morgan Stanley and Citigroup Inc to evaluate it 33 Actor George Clooney whose Smokehouse Pictures production company has a contract with Sony s entertainment division publicly opposed the proposal why 34 35 As of May 2014 Sony remained 12 percent lower than when Loeb first suggested for them to split Sony had its sixth annual loss in seven years with shares dropping 8 8 percent as of May 2014 In February 2014 Sony said it would sell its PC business to buy out Japan industrial Partners Inc and split its TV manufacturing unit into an independently operated entity Ayano Iguchi a company spokeswoman said Sony was focused on creating shareholder value by executing on our plan to revitalize and grow the electronics business while further strengthening the entertainment and financial service businesses Chris Konstantinos director of international portfolio managements at RiverFront stated that a breakup was long overdue 36 In October 2014 Loeb sold his shares in Sony and later wrote They have a long way to go and we continue to believe that more urgency will be necessary to definitively turn around the company s fortunes 37 38 Sotheby s Edit In October 2013 Loeb issued a letter scrutinizing the governance of Sotheby s 39 It announced that Third Point had acquired 9 3 of the outstanding shares and addressed Third Point s concerns regarding the governance of Sotheby s These concerns are summarized as we are troubled by the Company s chronically weak operating margins and deteriorating competitive position relative to Christie s as evidenced by each of the Contemporary and Modern art evening sales over the last several years 39 The letter expressed strong skepticism of Sotheby s international strategy Sotheby s is struggling internationally lagging in newer markets like China and the Middle East and called for the removal of William Ruprecht from all his positions 39 After Sotheby s instituted a poison pill to stop Third Point from growing its position past 10 Third Point brought a lawsuit in the state of Delaware however on May 3 2014 Vice Chancellor Donald Parsons of the Delaware Court of Chancery ruled that the auction house was justified in its use of the corporate action On May 5 Loeb and Sotheby s reached an agreement stipulating that Loeb Olivier Reza and Harry J Wilson join the board in exchange for Third Point having an ownership cap at 15 William Ruprecht remained CEO and the proxy contest ceased 40 41 After 35 years at Sotheby s Ruprecht retired as CEO On March 16 2015 Sotheby s named Tad Smith as its new president and chief executive 42 43 Fanuc Edit In late 2014 Loeb s Third Point took a stake in Fanuc a robotics and computer numerical controls firm Prior Fanuc seldom made direct contact with its investors but in March 2014 the company decided it would start talking to shareholders and return some of its cash to them Loeb met with Fanuc s President Yoshiharu Inaba with encouragement from Japan s government officials and was deemed a top prospect for shaking up Japanese firms 44 45 46 Ligand Pharmaceuticals Edit In January 2007 when John Higgins became CEO of Ligand Pharmaceuticals Loeb bought into the biotech firm to cut its losses and grow revenue Loeb invested 50 million increased the company s profit to 250 million and bought back 68 million in stock 47 Seven amp I Edit In April 2016 Loeb won a battle in his drive to shake up corporate Japan which had been sheltered from agitating investors Seven amp I Holdings Co s board was planning to replace Ryuichi Isaka as head of the company however Loeb recommended Isaka as a successor to Toshifumi Suzuki chairman and chief executive On April 7 Suzuki resigned after losing a boardroom dispute with Loeb Loeb wrote in a March 27 2016 letter to Seven amp I directors Mr Isaka should be rewarded not demoted for his performance and commitment to delivering results for shareholders This isn t a dynasty This is a corporation 48 49 50 Loeb has pushed for the company to focus on its convenience store line while jettisoning its plans to expand its department and supermarket store franchises 51 Nestle Edit In June 2017 Third Point disclosed its ownership of approximately 40 million shares of Nestle making it the company s sixth largest shareholder according to Standard amp Poor s Global Market Intelligence 52 Portfolio 2020 Edit His largest investments are in The Walt Disney Company Amazon and Danaher Corporation He owns 5 5 million shares of Disney which are worth 718 million Amazon is in second place with a value of 661 million About 20 of his portfolio is technology services 53 It was also announced in October that Loeb had become a shareholder in Snowflake a cloud data platform 54 Investment philosophy EditNew York magazine noted that Loeb s preferred strategy is to buy into troubled companies replace inefficient management and return the companies to profitability which is the key to his success 3 Letters Edit On Wall Street Loeb has a reputation for financial savvy and for his withering criticism of corporate executives who are unfortunate enough to stumble in his sights 9 One of Loeb s signature tactics involves letter writing Loeb is well known in Hedgeworld for his attacks on what he views as greedy execs who also happen to be depressing shareholder value of shares he owns The moral indignation business Loeb sometimes calls it Hedge fund guys love to read Loeb s attacks he articulates what people feel says one 3 Often these letters cite the results of investigations he has ordered detailing management decisions and actions he considers detrimental to shareholder value The letters usually accompany his government filings 3 Loeb once spent more than 4 million to increase his stake in a company to more than 5 the statutory threshold requiring investor filings with the SEC in order to file one of his letters criticizing the firm s management 3 According to New York magazine Loeb is proud of his letters which are thorough well argued and filled with clever turns of phrase He had a batch prepared for his high school English teacher 3 A 2005 New Yorker The Talk of the Town item described him as a kind of investor s H L Mencken 55 In a 2005 letter responding to a job inquiry by a U K fund manager Loeb bristled at the applicant s reference to his the applicant s place in society telling the applicant that he would have plenty of time to discuss your place in society with the other fellows at the club At Third Point Loeb explained one s place in society does not matter at all We are a bunch of scrappy guys from diverse backgrounds Jewish Muslim Hindu etc who enjoy outwitting pompous asses like yourself in financial markets globally 56 Similarly in a September 2005 letter to Ligand Pharmaceuticals CEO David Robinson Loeb expressed wonder that Ligand s board of directors had not shown Robinson the door long ago accompanied by a well worn boot planted in the backside 56 Loeb sent a letter to John Collins chairman and CEO of InterCept in 2004 accusing InterCept of following a good ol boy set of ethics pointing out that InterCept employed Collins daughter and son in law the latter of whom Loeb had recently reached by phone on a golf course during working hours Loeb further noted his discovery that InterCept leased a jet from a partnership controlled by Collins and another board member 56 He wrote to Irik Sevin CEO of Star Gas Partners in February 2005 calling him one of the most dangerous and incompetent executives in America and accusing him of ineptitude and of using the firm as his personal honey pot He wrote I was amused to learn in the course of our investigation that at Cornell University there is an Irik Sevin Scholarship One can only pity the poor student who suffers the indignity of attaching your name to his academic record Loeb demanded the resignation from the firm s board of Sevin s elderly 78 year old mom and insisted that Sevin also step down so that you can do what you do best retreat to your waterfront mansion in the Hamptons where you can play tennis and hobnob with your fellow socialites 56 A 2005 The New York Times article reported that many hedge fund managers were now writing letters to the SEC demanding executives take specific actions and cited Loeb s letter to Sevin as exemplary of the genre noting that three weeks after the letter was sent Sevin was gone and a jubilant Mr Loeb sent out an e mail message to friends and associates declaring a huge victory for Third Point 57 Personal life EditLoeb married Margaret Davidson Munzer on July 4 2004 55 at his beach house in East Hampton New York 5 The couple has three children 58 Loeb is a founding Master Player of Portfolios with Purpose an annual virtual stock trading contest that raises money for charitable causes of the winning contestants choice 59 In 2014 Loeb was reported as one of a number of prominent investors who have taken to Transcendental Meditation 60 Loeb was co chair of the Governors for Investors Industry 2013 61 He is a Trustee of Mount Sinai Health System the Manhattan Institute the U S Olympic Committee and the Los Angeles Museum of Contemporary Art He is a member of the Council on Foreign Relations and of the National Council of the American Enterprise Institute 61 Loeb sat on the Board of Directors of Sotheby s and was the chair of the Board of the Success Academy charter network 62 63 64 Political and economic views EditLoeb has donated to the Democratic Senatorial Campaign Committee Friends for Harry Reid Obama for America Forward Together PAC Prosperity PAC Straight Talk America and the Volunteer PAC In 2013 Loeb was a signatory to an amicus curiae brief submitted to the U S Supreme Court in Hollingsworth v Perry in support of same sex marriage 65 66 67 68 In 2015 Loeb Paul Singer and Tim Gill helped fund Freedom For All Americans to promote LGBT issues in states and local communities in the United States 69 Loeb has donated to both Democrats and Republicans In the 2018 midterm election cycle he gave over 1 million 70 Wealth and philanthropy EditAccording to Forbes his net worth is 3 5 billion as of April 2021 71 Third Point Foundation Edit The Loeb Family Third Point Foundation earned 6 39 million in profits in 2011 and had 45 million in assets at the end 2016 72 Loeb is heavily involved in education reform efforts specifically supporting charter schools 73 As Chairman of the board of Success Academy Charter Schools in Brooklyn New York 17 he pledged in June 2013 to donate 3 million to Success Academy Charter Schools 74 He endowed the Daniel S Loeb Scholarship for undergraduate study at Columbia University Since 2004 he has been a trustee of Prep for Prep an organization in New York City that prepares underprivileged children to attend competitive private schools He is active in the Jewish Enrichment Center which provides young people with an education in Judaism Additionally he is a co founder of Students First New York the state branch of the national education advocacy organization 11 On February 20 2014 Loeb attended a discussion between the American Enterprise Institute and the Dalai Lama The two worldviews debated the morality of capitalism and free enterprise In Loeb s presentation he said he practices Ashtanga yoga and applies yoga principles to his business and his decision making He noted that these principles aided in his decision to donate to a charter school in The Bronx New York which is now ranked third in New York State 75 76 In October 2011 Loeb challenged three former Navy SEALs to run the MightyMan Half Iron Triathlon with him and his team in Montauk New York He made a sizable contribution for each Navy SEAL Foundation director who completed the triathlon to raise funds for the foundation 77 78 79 In 2011 2012 and 2013 Loeb and his wife made significant donations to the Alzheimer s Drug Discovery Foundation ADDF which funds over 400 Alzheimer s drug discovery programs in academic centers and biotechnology companies in 18 countries 80 81 82 Loeb and his wife donate to the Leukemia and Lymphoma Society Ovarian Cancer Research Fund Chai Lifeline and the Michael J Fox Foundation 83 Art collection Edit He is a prominent art collector and the walls at his Park Avenue office are covered with paintings according to a The New York Times August 26 2013 article 84 At a Sotheby s auction in 2009 Manhattan dealer Larry Gagosian purchased Jeff Koons Baroque Egg With Bow Turquoise Magenta for 5 4 million from Loeb who had bought it from the Gagosian Gallery in 2004 for about 3 million 85 Loeb has traced his love of art to his student years at Columbia when he saw Poussin s The Rape of the Sabine Women at the Metropolitan Museum of Art and took an art humanities class as part of the core curriculum The prep school kids treated him like a jerk thinking they all knew so much more but in the end I got one of two A s and all the prep school snotty kids didn t 86 Business Insider placed Loeb at the top of its list of Wall Street s 25 Most Serious Art Collectors noting he owns works by Mike Kelley Richard Prince Basquiat Andy Warhol and Cindy Sherman and that he has his own curator 87 Criminal justice reform Edit Loeb is an advocate for criminal justice reform and helps fund the Marshall Project a nonprofit online journalism group and the Brennan Center s Innocence Project He is concerned with those unfairly imprisoned and successfully pushed for the release of Bernard Noble in April 2018 who served more than 7 years in prison for possessing two marijuana joints 88 89 References Edit Dan Loeb Bio Returns Net Worth Insider Monkey Retrieved June 18 2016 Third Point About Us Third Point LLC Archived from the original on September 14 2019 Retrieved May 31 2016 a b c d e f g h Fishman Steve Get Richest Quickest New York Magazine Archived from the original on March 22 2019 Retrieved October 31 2013 Oleinic Alex March 30 2015 Why You Should Follow Billionaire Dan Loeb s Small Cap Picks Seeking Alpha Archived from the original on December 24 2015 Retrieved April 19 2015 a b c d Weddings Celebrations Margaret Munzer Daniel Loeb The New York Times July 4 2004 retrieved August 5 2013 a b c d Gopinath Deepak Hedgefund Rabble Rouser Bloomberg Markets October 2005 retrieved August 5 2013 Kampeas Ron Jewish Republican pro gay rights Archived December 13 2011 at the Wayback Machine JTA May 14 2011 a b c d La Roche Julia January 10 2013 The Fabulous Life Of Dan Loeb The Hedge Fund Manager At War Against Bill Ackman Business insider Retrieved October 31 2013 a b Bailey Brandon Daniel Loeb Southern California native a hedge fund manager who takes on corporate executives Archived September 6 2012 at the Wayback Machine Silicon Valley May 5 2012 retrieved May 14 2012 Chung Juliet July 30 2012 Biggest Chapter Yet for a Poison Pen Wall Street Journal ISSN 0099 9660 Retrieved August 21 2021 a b c Daniel Loeb profile at Salt Conference Archived from the original on November 2 2013 Retrieved October 31 2013 La Roche Julia January 10 2013 He didn t always work in finance though Loeb left the private equity world in 1987 to work for a record label Business Insider Retrieved October 31 2013 Third Point Management s Returns PDF Retrieved May 13 2016 Third Point Management s Returns PDF Retrieved May 16 2016 2012 Hedge fund performance Retrieved May 13 2016 Third Point Management s Returns PDF Retrieved May 16 2016 a b Vardi Nathan World s Richest Hedge Fund Managers amp Traders Forbes Archived from the original on July 25 2013 Retrieved October 31 2013 Vardi Nathan February 26 2013 The 40 Highest Earning Hedge Fund Managers amp Traders 2013 Forbes retrieved April 26 2014 Third Point Management s Returns PDF Retrieved May 16 2016 Third Point Management s Returns PDF Archived PDF from the original on October 27 2020 Retrieved May 31 2016 Vardi Nathan Dan Loeb Has Become A Hedge Fund Giant Forbes Retrieved December 5 2017 Brady Diane May 8 2012 Why Dan Loeb Loves Yahoo s Resume Gate Businessweek Retrieved November 26 2013 De La Merced Michael May 4 2012 Hedge Fund Intensifies Attack on Yahoo Amid Storm Over Padded Resumes The New York Times Retrieved November 26 2013 Tsukayama Hayley May 4 2012 Yahoo says CEO Scott Thompson does not have computer science degree The Washington Post Retrieved November 26 2013 Swisher Kara May 13 2012 Exclusive Yahoo s Thompson Out Levinsohn In Board Settlement With Loeb Nears Completion All Things D Archived from the original on December 8 2013 Retrieved November 26 2013 Oreskovic Alexei May 14 2013 Yahoo CEO out investor Loeb gets board seats Reuters Retrieved November 26 2013 Alden William July 22 2013 Activist Investor to Step Down From Yahoo Board The New York Times Retrieved December 1 2013 Alden William July 24 2013 A Possible Crippling Blow for SAC The New York Times Retrieved December 1 2013 Riley Charles Hedge fund targets Sony for spin off CNNMoney com May 14 2013 retrieved August 5 2013 Dan Loeb letter to Sony CNNMoney com accessed April 26 2014 Yasu Mariko and Naoko Fujimura Sony Directors Discuss Loeb s Proposal for Entertainment IPO Bloomberg Businessweek May 22 2013 retrieved August 5 2013 Third Point ups Sony stake calls for independent entertainment board 4 Traders com June 18 2013 retrieved August 5 2013 Hyuga Takahiko Mariko Yasu and Jonathan Browning Sony Said to Hire Morgan Stanley Citigroup for Loeb Plan Bloomberg com May 31 2013 retrieved August 5 2013 De La Merced Michael J George Clooney Rebuts Loeb s Critique of Sony The New York Times August 2 2013 retrieved August 5 2013 Winch Jessica George Clooney slams Daniel Loeb over Sony The Sunday Telegraph August 4 2013 retrieved August 5 2013 Sutherland Brooke May 19 2014 Sony Taking Loeb Breakup Advice Better Late Than Never Real M amp A BusinessWeek Retrieved May 21 2014 Miller Daniel October 21 2014 Activist investor Dan Loeb sells stake in Sony Corp Los Angeles Times Retrieved March 26 2015 Lang Brent October 21 2014 Daniel Loeb Third Point Exit Sony Investment Variety Retrieved March 26 2015 a b c SEC records regarding Loeb Sotheby s sec gov accessed May 7 2014 Loeb and Sotheby s reach a deal dealbook nytimes com May 5 2014 accessed May 7 2014 Sotheby s and Loeb reach deal businessweek com May 7 2014 Crow Kelly March 16 2015 Sotheby s Picks Sports Executive as New CEO The Wall Street Journal Retrieved March 25 2015 La Roche Julia Tad Smith new CEO of Sotheby s Business Insider Retrieved March 25 2015 Winds of Change The Economist June 6 2015 Retrieved June 9 2015 SANG HUN CHOE GOUGH NEIL July 17 2015 Samsung Fight Exposes Tension in Asia Over Activist Investors The New York Times Retrieved January 19 2016 Pfanner Eric Third Point Fanuc Taking Important Steps to Reward Shareholders The Wall Street Journal Retrieved March 17 2016 Fisher Daniel Life After Loeb Ligand Pharmaceuticals Prospers In Stripped Down Mode Forbes Retrieved July 6 2015 Tickling David April 7 2016 Seven amp I Battle Has Just Begun Bloomberg L P Retrieved April 9 2016 FUJIKAWA MEGUMI NARIOKA KOSAKU April 7 2016 7 Eleven CEO Resigns as Loeb s Hedge Fund Prevails in Japan Boardroom Fight The Wall Street Journal Retrieved April 9 2016 Trudell Craig April 7 2016 Loeb Prevails in Latest Crusade to Reform Corporate Japan Bloomberg L P Retrieved May 17 2016 Shen Lucinda October 6 2016 You re About to See More 7 Elevens In Your Town Fortune Retrieved October 17 2016 de la Merced Michael June 25 2017 Third Point a Hedge Fund Sets Its Activist Sights on Nestle The New York Times Retrieved January 11 2018 Daniel Loeb Portfolio Third Point LLC Holdings cheaperthanguru com Archived from the original on October 27 2020 Retrieved September 3 2020 GmbH finanzen net Billionaire investor Dan Loeb follows Warren Buffett and Marc Benioff into Snowflake Markets Insider markets businessinsider com Retrieved October 28 2020 a b Neuman William January 8 2006 BIG DEAL A Town House for a Penthouse The New York Times Retrieved October 31 2013 a b c d La Roche Julia October 2 2013 In 2004 Loeb sent a letter to InterCept s chairman and CEO John Collins calling them the worst management team Business Insider Retrieved October 31 2013 Atlas Riva August 16 2005 Some Funds Taking Role Far Beyond Just Investor The New York Times Archived from the original on October 27 2020 Retrieved October 31 2013 Who Is Dan Loeb Business Insider Business Insider January 10 2013 Ziegler Maseena December 1 2012 When Quitting Is Not An Option How You Can Find Purpose And Fulfillment Through Your Career Forbes Retrieved December 27 2012 Goodkind Nicole Could this be the key to success on Wall Street Hedge fund billionaire Ray Dalio thinks so Retrieved May 15 2014 The technique requires 20 minutes of silent meditation two times a day and is popular with folks like Bridgewater s Ray Dalio who offers TM to his 400 employees Bill Gross Dan Loeb Nigol Koulajian Quest Partners and Kevin Kimberlin Spencer Trask amp Co a b Daniel S Loeb profile at World Economic Forum Retrieved October 31 2013 Russeth Andrew Collector Daniel Loeb Apologizes for Stating Black Senator in New York Has Done More Damage to People of Color Than Anyone Who Has Ever Donned a Hood ARTnews Retrieved January 11 2018 Algar Selim April 30 2018 Billionaire Dan Loeb stepping down as Success Academy chair Herbst Bayliss Svea May 5 2014 Sotheby s ends fight with Third Point Loeb joins board Reuters via www reuters com Avlon John February 28 2013 The Pro Freedom Republicans Are Coming 131 Sign Gay Marriage Brief The Daily Beast Archived from the original on October 6 2014 Retrieved November 26 2013 Weidner David Why Wall Street went for gay marriage Market Watch Retrieved October 31 2013 De La Merced Michael June 26 2011 The Financiers Who Helped Back N Y Gay Marriage Campaign Dealbook Archived from the original on October 27 2020 Retrieved October 31 2013 Wachtel Katya Lloyd Blankfein Dan Loeb And John Mack All Support Gay Couples Putting A Ring On It Business Insider Retrieved October 31 2013 Polaski Adam June 8 2015 Freedom For All Americans Freedom For All Americans Retrieved October 3 2016 Saacks Bradley The biggest names in the hedge fund industry gave tens of millions to both parties in the 2018 midterms here are the top donors Business Insider Daniel Loeb Forbes Retrieved April 4 2021 Daniel S Loeb Family Third Point Foundation 501c3 Look up Archived from the original on November 2 2013 Retrieved October 31 2013 La Roche Julia Hedge fund titans raised an unprecedented 35 million for New York City s largest charter school network Monday night Business Insider Retrieved June 18 2016 Hussain Tabinda June 12 2013 When Dan Loeb Gets Angry He Likes to Donate to Charity Value Walk Archived from the original on April 14 2017 Retrieved June 18 2016 Clift Eleanor February 21 2014 At American Enterprise Institute NeoCons Say Hello Dalai The Daily Beast Retrieved March 5 2014 La Roche Julia February 20 2014 What Dan Loeb Told The Dalai Lama Business Insider Retrieved March 5 2014 Carney John September 28 2011 Hedge Fund Manager Loeb Challenges Navy Seals to a Race Retrieved April 25 2014 La Roche Julia August 22 2013 Dan Loeb May Be A Great Activist Investor But His Triathlon Times Are Pretty Lame Business Insider Retrieved April 25 2014 Basar Shanny September 30 2011 Hedge fund managers vs Navy Seals Financial News Retrieved April 25 2014 Conquering Alzheimer s Through Drug Discovery PDF Alzheimer s Drug Discovery Foundation Alzheimer s Drug Discovery Foundation Retrieved October 3 2014 Hope on the Horizon PDF Alzheimer s Drug Discovery Foundation Retrieved October 3 2014 Conquering Alzheimer s Through Drug Discovery PDF Alzheimer s Drug Discovery Foundation Retrieved October 3 2014 Loeb Family Third Point Foundation Grants for Health Inside Philanthropy Retrieved October 3 2014 Stevenson Alexandra August 26 2013 Third Point Hedge Fund Increases Sotheby s Stake Dealbook New York Times Retrieved October 31 2013 Vogel Carol May 13 2009 In a Recalibrated Market Auction Buyers Take Over The New York Times Archived from the original on October 27 2020 Retrieved October 31 2013 La Roche Julia January 10 2013 Outside of his hedge fund Loeb has an impressive art collection which has actually proved to be a good investment Business Insider Retrieved October 31 2013 Wachtel Katya Meet Wall Street s 25 Most Serious Art Collectors Business Insider Retrieved October 31 2013 One philanthropist s consistent push for fairness in America New York Post April 13 2018 Retrieved April 25 2018 Sledge Matt April 13 2018 After 7 years in jail for possession Bernard Noble hopes to advocate for criminal justice reform The New Orleans Advocate Retrieved April 25 2018 External links EditAppearances on C SPAN Picture of Loeb from New York Times Retrieved from https en wikipedia org w index php title Daniel S Loeb amp oldid 1135105336, wikipedia, wiki, book, books, library,

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