Third Point’s Loeb has a Brighter Outlook
| May 1st, 2009 | ||
| The New York Times DealBook got a hold of hedge fund Third Point Management Co’s most recent investor letter and reports that the hedge fund’s founder Daniel Loeb has “‘become less pessimistic about the economy’ and was ‘heartened’ by recent favorable economic and industrial data.” Third Point has in turn reduced the number of short positions it holds, in particular with regards to financial stocks. During the first quarter, the S&P 500 was down 11.7%, but the firm’s funds were only down between 2.4-3%. The most profitable investments this year include PHH and Sun Microsystems, which is being purchased by Oracle. The firm is also betting big on the Pfizer and Wyeth merger, which could generate a 20% for investors over 6 months. | ||
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Third Point Management Company |
Related People: Daniel Loeb;
Related Entities: Third Point LLC;
Related Article Tags: Multi-Strategy, Long Short, Equity, Debt and Global Macro Hedge Fund News
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