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{{Short description|American hedge fund manager (born 1961)}} | |||
'''Daniel Seth Loeb''' is an American ] manager and founder of Third Point LLC, a ] based ] managing over $5.5 billion in assets.<ref></ref><ref></ref> Loeb is well known in the financial world for writing public letters in which he expresses disapproval of the performance and conduct of other financial executives.<ref></ref> Supporters contend his letter writing is effective shareholder activism; critics counter that his letters are distracting for executives and uncomfortable for investors <ref></ref> Less than 10% of Third Point's $5.5 billion goes to ].<ref></ref> | |||
{{Use mdy dates|date=January 2021}} | |||
{{Infobox person | |||
| name = Dan Loeb | |||
| birth_name = Daniel Seth Loeb | |||
| birth_date = {{birth date and age|1961|12|18}} | |||
| birth_place = ], U.S. | |||
| education = ]<br>] (]) | |||
| occupation = ] manager | |||
| employer = ] | |||
| known_for = Founding and leading ] | |||
| spouse = {{marriage|Margaret Davidson Munzer|2004}} | |||
| children = 3 | |||
}} | |||
'''Daniel Seth Loeb''' (born December 18, 1961)<ref>{{Cite web |last=La Roche |first=Julia |date=June 1, 2015 |title=Dan Loeb turned $3 million into a $17.5 billion hedge fund empire in 20 years — here's his fabulous life |url=https://www.businessinsider.com/fabulous-life-of-dan-loeb-2015-6 |website=Business Insider |archive-url=https://web.archive.org/web/20230418083508/https://www.businessinsider.com/fabulous-life-of-dan-loeb-2015-6 |archive-date=April 18, 2023 |url-status=live}}</ref> is an American investor, ], and philanthropist. He is the founder and chief executive of ], a New York-based hedge fund focused on ], value-oriented investing with $4 billion in ], as of December 2023.<ref name="Third Point portfolio">{{cite web|title=Dan Loeb Bio, Returns, Net Worth|url=http://www.insidermonkey.com/hedge-fund/third+point/16|website=Insider Monkey|access-date=June 18, 2016}}</ref><ref name="third point description">{{cite web|title=Third Point – About Us|url=http://www.thirdpoint.com/|publisher=]|access-date=May 31, 2016|archive-date=September 14, 2019|archive-url=https://web.archive.org/web/20190914153625/https://www.thirdpoint.com/|url-status=live}}{{Self-published source|date=December 2023}}</ref> | |||
'']'' noted that Loeb's "preferred strategy" is to buy into troubled companies, which "is the key to his success."<ref name="nymag">{{cite magazine|last=Fishman|first=Steve|title=Get Richest Quickest|url=https://nymag.com/nymetro/news/bizfinance/finance/features/10426/index1.html#print|magazine=New York Magazine|archive-url=https://web.archive.org/web/20190322002624/http://nymag.com/nymetro/news/bizfinance/finance/features/10426/index1.html#print|archive-date=March 22, 2019|url-status=live|access-date=October 31, 2013}}</ref> Regarding his active involvement in the companies in which he invests, Loeb was described as "one of the most successful activists" in 2014.<ref name="2014 investor">{{cite news|last1=Oleinic|first1=Alex|title=Why You Should Follow Billionaire Dan Loeb's Small-Cap Picks|url=http://seekingalpha.com/article/3037016-why-you-should-follow-billionaire-dan-loebs-small-cap-picks|access-date=April 19, 2015|publisher=Seeking Alpha|date=March 30, 2015|archive-date=December 24, 2015|archive-url=https://web.archive.org/web/20151224160618/http://seekingalpha.com/article/3037016-why-you-should-follow-billionaire-dan-loebs-small-cap-picks|url-status=live}}</ref> | |||
==Early life and education== | |||
Loeb is a graduate of ]; prior to founding Third Point he worked at ].<ref></ref> In addition, Loeb reportedly enjoys art collecting, ] and ].<ref></ref> In 2005, Loeb achieved a 500% profit when he sold a painting by ].{{Fact|date=January 2008}} Loeb made a fact that the American government is under a 'crisis of leadership' in terms of finances.<ref></ref> | |||
Loeb is the son of Ronald and Clare (née Spark) Loeb.<ref name=wedding>, '']'', July 4, 2004; retrieved August 5, 2013.</ref> He was raised in ], where he attended ].<ref name=mattel /> There he took ] classes, started a skateboard company, and was nicknamed "]" by one of his teachers (after a character in the novel '']'' who had a fascination with the ]).<ref name="life of dan loeb">{{cite web |last=La Roche |first=Julia |date=January 10, 2013 |title=The Fabulous Life Of Dan Loeb – The Hedge Fund Manager At War Against Bill Ackman |url=https://www.businessinsider.com/who-is-dan-loeb-2013-1#speaking-of-his-family-loebs-great-aunt-is-the-creator-of-the-barbie-doll-5 |url-status=live |access-date=October 31, 2013 |publisher=Business insider |archive-date=November 1, 2013 |archive-url=https://web.archive.org/web/20131101165602/http://www.businessinsider.com.au/who-is-dan-loeb-2013-1#speaking-of-his-family-loebs-great-aunt-is-the-creator-of-the-barbie-doll-5 }}</ref> His father was a partner at the Los Angeles law firm of Irell & Manella LLP<ref name="mattel">Gopinath, Deepak {{Webarchive|url=https://web.archive.org/web/20131231155741/http://www.scribd.com/doc/14103274/Daniel-S-Loeb-Third-Point-LLC-Hedge-Fund-Rabble-Rouser-by-Deepak-Gopinath-of-Bloomberg |date=December 31, 2013 }} '']'', October 2005; retrieved August 5, 2013.</ref> and ] for ]<ref name="wedding"/> Ronald Loeb also served as an outside director of ], Inc. for over 30 years and during one period became interim president of Mattel. Clare Loeb, his mother, is a historian and independent scholar.<ref name="wedding"/><ref name="mattel"/> | |||
Loeb's great-aunt, ], created the ] and co-founded ] Inc.<ref name=mattel/> | |||
==Biography== | |||
According to ] Markets Magazine, Loeb grew up in ] Canyon in ], where he was an avid surfer and astute investor from a young age. One of three children of his father, an attorney, and his mother, a historian, he attended ], which was known more commonly at the time as "Pali High" in ], which is also near ]. Later, he attended ] and ]. | |||
Loeb attended the ] for two years and subsequently graduated from ] with a bachelor degree in economics in 1983.<ref name="Bailey">Bailey, Brandon {{Webarchive|url=https://web.archive.org/web/20120906042725/http://www.siliconvalley.com/ci_20616462 |date=September 6, 2012 }} ''Silicon Valley'', May 5, 2012; retrieved May 14, 2012.</ref><ref>{{cite web|title=Daniel Loeb & Margaret Munzer Loeb|url=https://icahn.mssm.edu/research/loeb-alzheimers/donor|website=icahn.mssm.edu}}</ref> At Columbia, he was a classmate of future President ], whose ] he later offered significant financial support.<ref name="life of dan loeb" /><ref>{{Cite news|last=Chung|first=Juliet|date=2012-07-30|title=Biggest Chapter Yet for a Poison Pen|language=en-US|work=Wall Street Journal|url=https://online.wsj.com/article/SB10000872396390444130304577559000855796614.html|access-date=2021-08-21|issn=0099-9660}}</ref> By his senior year at Columbia, Loeb had made $120,000 in the stock market, but lost it all on an investment in a firm called ] The loss taught him a lesson, he later said, in "overconcentrating positions".<ref name="life of dan loeb"/> | |||
==Wealth== | |||
Loeb's 2005 compensation was $150 million. Loeb's 2006 compensation was $200 million{{Fact|date=February 2008}}. Loeb's 2007 compensation was $270 million. In 2005, Loeb purchased a $45 million, {{convert|10000|sqft|m2|abbr=on}} penthouse, at ] in ].<ref></ref> | |||
==Investing career== | |||
== References == | |||
From 1984-87, Loeb worked at ] firm ].<ref name="salt conference">{{cite web|title=Daniel Loeb profile at|url=http://www.saltconference.com/saltvegas2013/loeb_daniel.html|publisher=Salt Conference|access-date=October 31, 2013|archive-url=https://web.archive.org/web/20131102092900/http://www.saltconference.com/saltvegas2013/loeb_daniel.html|archive-date=November 2, 2013|url-status=dead}}{{Self-published source|date=December 2023}}</ref> He then worked as director of corporate development at ], a ], where he focused on securing debt financing.<ref name="finance">{{cite web |last=La Roche |first=Julia |date=January 10, 2013 |title=He didn't always work in finance, though. Loeb left the private equity world in 1987 to work for a record label. |url=https://www.businessinsider.com/who-is-dan-loeb-2013-1#he-didnt-always-work-in-finance-though-loeb-left-the-private-equity-world-in-1987-to-work-for-a-record-label-9 |url-status=live |access-date=October 31, 2013 |website=Business Insider |archive-date=November 1, 2013 |archive-url=https://web.archive.org/web/20131101165602/http://www.businessinsider.com.au/who-is-dan-loeb-2013-1#he-didnt-always-work-in-finance-though-loeb-left-the-private-equity-world-in-1987-to-work-for-a-record-label-9 }}</ref> After Island Records, Loeb worked as a ] analyst at Lafer Equity Investors and then, from 1991–94, as senior vice-president in the ] department at ], where he focused on bankruptcy analysis, trading bank loans and selling distressed securities. He moved on to become a ] vice president from 1994–95, in charge of ] sales.<ref name="salt conference"/> | |||
{{Reflist}} | |||
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===Third Point Management=== | |||
==External links== | |||
{{Main|Third Point Management}} | |||
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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%.<ref name="Third Point management">{{cite web |title=Third Point Management's Returns |url=http://www.thirdpointpublic.com/wp-content/uploads/2016/02/Third-Point-Q4-2015-Investor-Letter-TPOI.pdf |url-status=dead |access-date=May 13, 2016 |archive-date=October 27, 2020 |archive-url=https://web.archive.org/web/20201027160159/http://www.thirdpointpublic.com/wp-content/uploads/2016/02/Third-Point-Q4-2015-Investor-Letter-TPOI.pdf }}{{Self-published source|date=December 2023}}</ref> | |||
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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.<ref name="Third Point management 2012">{{cite web |title=Third Point Management's Returns |url=http://www.thirdpointpublic.com/wp-content/uploads/2013/01/Third-Point-Q4-2012-Investor-Letter-TPOI.pdf |url-status=dead |access-date=May 16, 2016 |archive-date=October 14, 2018 |archive-url=https://web.archive.org/web/20181014131515/http://www.thirdpointpublic.com/wp-content/uploads/2013/01/Third-Point-Q4-2012-Investor-Letter-TPOI.pdf }}{{Self-published source|date=December 2023}}</ref><ref name="Achievement">{{cite web |last=Reiff |first=Nathaniel |date=August 15, 2018 |title=Billionaire Loeb's Third Point Trims Facebook Position, Exits Alphabet: 13F |url=http://www.investopedia.com/articles/markets/011216/third-point-partners-activist-investor-analysis.asp |access-date=May 13, 2016 |website=Investopedia}}</ref> | |||
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*, April 18, 2005 | |||
In 2013, the firm returned +25.2%, while the S&P 500 returned +32.4%.<ref name="Third Point management 2013">{{cite web|url= http://ftalphaville.ft.com/files/2014/01/Third-Point-Q4-2013-Investor-Letter-TPOI.pdf|title=Third Point Management's Returns|access-date=May 16, 2016}}{{Self-published source|date=December 2023}}</ref> Loeb appeared in '']''' 2013 list of the world's 40 richest hedge-fund managers and traders.<ref name="forbes richest">{{cite magazine|url=https://www.forbes.com/pictures/mdg45mghg/daniel-s-loeb-5|archive-url=https://web.archive.org/web/20130725055241/http://www.forbes.com/pictures/mdg45mghg/daniel-s-loeb-5/|url-status=dead|archive-date=July 25, 2013|title=World's Richest Hedge Fund Managers & Traders|last=Vardi|first=Nathan|magazine=Forbes|access-date=October 31, 2013}}</ref><ref>{{Citation|url=https://www.forbes.com/sites/nathanvardi/2013/02/26/the-40-highest-earning-hedge-fund-managers-and-traders|title=The 40 Highest-Earning Hedge Fund Managers & Traders 2013|date=February 26, 2013|magazine=Forbes|last=Vardi|first=Nathan|access-date=April 26, 2014}}</ref> In 2014, the firm returned +5.7%, while the S&P 500 returned +13.7%.<ref name="Third Point management 2014">{{cite web|url=http://www.thirdpointpublic.com/wp-content/uploads/2015/02/Third-Point-Q4-2014-Investor-Letter-TPOI.pdf|title=Third Point Management's Returns|access-date=May 16, 2016}}{{Self-published source|date=December 2023}}</ref> In 2015, the firm returned -1.4%, while the S&P 500 returned +1.4%.<ref name="Third Point management 2015">{{cite web|url=http://www.thirdpointpublic.com/wp-content/uploads/2016/02/Third-Point-Q4-2015-Investor-Letter-TPOI.pdf|title=Third Point Management's Returns|access-date=May 31, 2016|archive-date=October 27, 2020|archive-url=https://web.archive.org/web/20201027160159/http://www.thirdpointpublic.com/wp-content/uploads/2016/02/Third-Point-Q4-2015-Investor-Letter-TPOI.pdf|url-status=live}}{{Self-published source|date=December 2023}}</ref> In 2017, it was reported the firm returned 18.1% net of fees in the first 11 months of the year.<ref name="Third Point Management 2017">{{cite magazine|url=https://www.forbes.com/sites/nathanvardi/2017/12/05/dan-loeb-has-become-a-hedge-fund-giant/#2adaadd85eb8|title=Dan Loeb Has Become A Hedge Fund Giant|last=Vardi|first=Nathan|magazine=Forbes|access-date=December 5, 2017}}</ref> | |||
=== Public letters === | |||
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====Yahoo!==== | ||
In 2012, Loeb, who through Third Point LLC, held 5.8% of ] stock, sought seats on the Yahoo! board for himself, former ] CEO ], former ] executive ] and former ] executive Michael J. Wolf.<ref name="businessweek yahoo">{{cite news|url=http://www.businessweek.com/articles/2012-05-08/why-dan-loeb-loves-yahoos-r-sum-gate|archive-url=https://web.archive.org/web/20120510024601/http://www.businessweek.com/articles/2012-05-08/why-dan-loeb-loves-yahoos-r-sum-gate|url-status=dead|archive-date=May 10, 2012|title=Why Dan Loeb Loves Yahoo's Resume Gate|last=Brady|first=Diane|date=May 8, 2012|newspaper=Businessweek|access-date=November 26, 2013}}</ref> | |||
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On May 3, 2012, Loeb revealed that the new CEO of Yahoo!, ], did not have a ] degree, as had been commonly assumed for many years.<ref name="nyt merced">{{cite news|url=https://dealbook.nytimes.com/2012/05/04/hedge-fund-intensifies-attacks-on-yahoo-as-storm-grows-over-padded-resumes/?_r=0|title=Hedge Fund Intensifies Attack on Yahoo Amid Storm Over Padded Résumés|last=De La Merced|first=Michael|date=May 4, 2012|newspaper=The New York Times|access-date=November 26, 2013}}</ref><ref name="washington post yahoo">{{cite news|url=https://www.washingtonpost.com/business/technology/yahoo-ceo-accused-of-padding-resume-probe-launched/2012/05/04/gIQAHEUI1T_story.html|title=Yahoo! says CEO Scott Thompson does not have computer science degree|last=Tsukayama|first=Hayley|date=May 4, 2012|newspaper=The Washington Post|access-date=November 26, 2013}}</ref> On May 13, 2012, Yahoo! announced that Thompson would be stepping down, and nominated Loeb, Wilson and Wolf to the Yahoo! board.<ref name="all things d swisher">{{cite news|url=http://allthingsd.com/20120513/exclusive-yahoos-thompson-out-levinsohn-in-board-settlement-with-loeb-nears-completion|title=Exclusive: Yahoo's Thompson Out; Levinsohn In; Board Settlement With Loeb Nears Completion|last=Swisher|first=Kara|author-link=Kara Swisher|date=May 13, 2012|newspaper=All Things D|access-date=November 26, 2013|archive-date=December 8, 2013|archive-url=https://web.archive.org/web/20131208001605/http://allthingsd.com/20120513/exclusive-yahoos-thompson-out-levinsohn-in-board-settlement-with-loeb-nears-completion/|url-status=live}}</ref><ref name="reuters yahoo">{{cite news|url=https://www.reuters.com/article/net-us-yahoo-thompson-idUSBRE84C0A120120514|title=Yahoo CEO out, investor Loeb gets board seats|last=Oreskovic|first=Alexei|date=May 14, 2013|newspaper=Reuters|access-date=November 26, 2013}}</ref> | |||
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.<ref name="nyt alden">{{cite news|url=https://dealbook.nytimes.com/2013/07/22/activist-investor-to-step-down-from-yahoo-board|title=Activist Investor to Step Down From Yahoo Board|last=Alden|first=William|date=July 22, 2013|work=The New York Times|access-date=December 1, 2013}}</ref><ref name="nyt SAC">{{cite news|url=https://dealbook.nytimes.com/2013/07/24/morning-agenda-a-possible-crippling-blow-for-sac|title=A Possible Crippling Blow for SAC|last=Alden|first=William|date=July 24, 2013|work=The New York Times|access-date=December 1, 2013}}</ref> | |||
====Sony==== | |||
In May 2013, Loeb proposed splitting ]'s entertainment and electronics businesses, arguing that such a split would increase profits.<ref>Riley, Charles ], May 14, 2013; retrieved August 5, 2013.</ref><ref>, ]; accessed April 26, 2014.</ref><ref>Yasu, Mariko and Naoko Fujimura , '']'', May 22, 2013; retrieved August 5, 2013.</ref> | |||
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.<ref name="upsoffer">, 4-Traders.com, June 18, 2013; retrieved August 5, 2013.</ref> According to ], Sony's board of directors considered Loeb's proposal and hired ] and ] to evaluate it.<ref>Hyuga, Takahiko, Mariko Yasu and Jonathan Browning , ], May 31, 2013; retrieved August 5, 2013.</ref> | |||
Actor ], whose ] production company has a contract with Sony's entertainment division, publicly opposed the proposal.{{Why|date=July 2020}}<ref>De La Merced, Michael J. ''The New York Times'', August 2, 2013; retrieved August 5, 2013.</ref><ref>Winch, Jessica , '']'', August 4, 2013; retrieved August 5, 2013.</ref> | |||
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".<ref name="sony breakup">{{cite news|url=http://www.businessweek.com/news/2014-05-18/sony-taking-loeb-breakup-advice-better-late-than-never-real-m-and-a|archive-url=https://archive.today/20140521055357/http://www.businessweek.com/news/2014-05-18/sony-taking-loeb-breakup-advice-better-late-than-never-real-m-and-a|url-status=dead|archive-date=May 21, 2014|title=Sony Taking Loeb Breakup Advice Better Late Than Never: Real M&A|last=Sutherland|first=Brooke|date=May 19, 2014|newspaper=BusinessWeek|access-date=May 21, 2014}}</ref> | |||
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".<ref>{{cite news|url=https://www.latimes.com/entertainment/envelope/cotown/la-et-ct-activist-investor-dan-loeb-sells-stake-in-sony-corp-20141021-story.html|title=Activist investor Dan Loeb sells stake in Sony Corp.|date=October 21, 2014|newspaper=Los Angeles Times|last1=Miller|first1=Daniel|access-date=March 26, 2015}}</ref><ref>{{cite magazine|url=https://variety.com/2014/biz/news/daniel-loeb-third-point-exit-sony-investment-1201335648|title=Daniel Loeb, Third Point Exit Sony Investment|date=October 21, 2014|magazine=Variety|last1=Lang|first1=Brent|access-date=March 26, 2015}}</ref> | |||
====Sotheby's==== | |||
In October 2013, Loeb issued a letter scrutinizing the governance of ].<ref name="sec">, sec.gov; accessed May 7, 2014.</ref> It announced that ] 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."<ref name="sec"/> The letter expressed strong skepticism of Sotheby's international strategy—"Sotheby's is struggling internationally, lagging in newer markets like ] and the Middle East"—and called for the removal of ] from all his positions.<ref name="sec"/> | |||
After Sotheby's instituted a "]" to stop Third Point from growing its position past 10%, Third Point brought a lawsuit<ref>{{Cite web |title=EX-99.5 |url=https://www.sec.gov/Archives/edgar/data/823094/000119312514116267/d698590dex995.htm |access-date=2023-11-22 |website=www.sec.gov}}</ref> in the state of ]; however, on May 3, 2014, Vice Chancellor Donald Parsons of the Delaware Court of Chancery ruled<ref>{{Cite news |last=Hoffman |first=Liz |date=2014-05-07 |title=Court Ruling Bolsters New Type of 'Poison Pill' |language=en-US |work=Wall Street Journal |url=http://online.wsj.com/article/SB10001424052702304655304579548120576221060.html |access-date=2023-11-22 |issn=0099-9660}}</ref> 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.<ref>, dealbook.nytimes.com, May 5, 2014; accessed May 7, 2014.</ref><ref>, businessweek.com, May 7, 2014.</ref> | |||
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.<ref>{{cite news|url=https://www.wsj.com/articles/madison-square-garden-ceo-tad-smith-to-resign-1426503922|title=Sotheby's Picks Sports Executive as New CEO|date=March 16, 2015|newspaper=The Wall Street Journal|last1=Crow|first1=Kelly|access-date=March 25, 2015}}</ref><ref>{{cite web|url=http://www.businessinsider.com/tad-smith-new-ceo-of-sothebys-2015-3|title=Tad Smith new CEO of Sotheby's|website=Business Insider|last1=La Roche|first1=Julia|access-date=March 25, 2015}}</ref> | |||
====Fanuc==== | |||
In late 2014, Loeb's Third Point took a stake in ], 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."<ref name="Fanuc">{{cite news|url=https://www.economist.com/news/business/21653638-prospects-shaking-up-japanese-firms-have-never-looked-so-good-winds-change|title=Winds of Change|date=June 6, 2015|newspaper=The Economist|access-date=June 9, 2015}}</ref><ref>{{cite news|url=https://www.nytimes.com/2015/07/18/business/dealbook/samsung-ct-shareholders-back-cheil-industries-merger-defying-activist-hedge-fund-elliott-associates.html?_r=0|title=Samsung Fight Exposes Tension in Asia Over Activist Investors|date=July 17, 2015|work=The New York Times|last2=GOUGH|first2=NEIL|last1=SANG-HUN|first1=CHOE|access-date=January 19, 2016}}</ref><ref name="Fanuc 3">{{cite news|url=https://www.wsj.com/articles/third-point-fanuc-taking-important-steps-to-reward-shareholders-1430491992|title=Third Point: Fanuc Taking 'Important Steps' to Reward Shareholders|newspaper=The Wall Street Journal|last1=Pfanner|first1=Eric|access-date=March 17, 2016}}</ref> | |||
====Ligand Pharmaceuticals==== | |||
In January 2007, when John Higgins became CEO of ], 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.<ref name="Ligand">{{cite news|url=https://www.forbes.com/sites/danielfisher/2015/07/01/life-after-loeb-ligand-pharmaceuticals-prospers-in-stripped-down-mode/|title=Life After Loeb: Ligand Pharmaceuticals Prospers In Stripped-Down Mode|work=Forbes|last1=Fisher|first1=Daniel|access-date=July 6, 2015}}</ref> | |||
====Seven & I==== | |||
In April 2016, Loeb won a battle in his drive to shake up corporate Japan which had ''"been sheltered from agitating investors"''. ]'s board was planning to replace Ryuichi Isaka as head of the company however, Loeb recommended Isaka as a successor to ], 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."<ref name="Seven 11-2">{{cite news|url=https://www.bloomberg.com/gadfly/articles/2016-04-08/loeb-s-prize-japan-scalp-may-complicate-seven-i-battle|title=Seven & I Battle Has Just Begun|date=April 7, 2016|publisher=Bloomberg L.P.|last1=Tickling|first1=David|access-date=April 9, 2016}}</ref><ref name="Seven 11">{{cite news|url=https://www.wsj.com/articles/7-eleven-chief-resigns-as-hedge-fund-prevails-in-japan-boardroom-fight-1460019140|title=7-Eleven CEO Resigns as Loeb's Hedge Fund Prevails in Japan Boardroom Fight|date=April 7, 2016|newspaper=The Wall Street Journal|last2=NARIOKA|first2=KOSAKU|last1=FUJIKAWA|first1=MEGUMI|access-date=April 9, 2016}}</ref><ref>{{cite news|url=https://www.bloomberg.com/news/articles/2016-04-07/dan-loeb-prevails-in-latest-crusade-to-reform-corporate-japan|title=Loeb Prevails in Latest Crusade to Reform Corporate Japan|date=April 7, 2016|publisher=Bloomberg L.P.|last1=Trudell|first1=Craig|access-date=May 17, 2016|url-access=subscription}}</ref> 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.<ref name="Fortune - 7/11">{{cite news|url=http://fortune.com/2016/10/06/7-11-convenience-stores/|title=You're About to See More 7-Elevens In Your Town|date=October 6, 2016|publisher=Fortune|last1=Shen|first1=Lucinda|access-date=October 17, 2016}}</ref> | |||
==== Nestlé ==== | |||
In June 2017, Third Point disclosed its ownership of approximately 40 million shares of ], making it the company's sixth-largest shareholder according to ].<ref>{{cite news|last=de la Merced|first=Michael|title=Third Point, a Hedge Fund, Sets Its Activist Sights on Nestlé|url=https://www.nytimes.com/2017/06/25/business/dealbook/nestle-third-point-daniel-loeb-activist-investor.html|access-date=January 11, 2018|work=The New York Times|date=June 25, 2017 }}</ref> | |||
==== Portfolio 2020 ==== | |||
His largest investments are in ], ] and ]. 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.<ref>{{Cite web|title=Daniel Loeb Portfolio / Third Point LLC Holdings|url=https://cheaperthanguru.com/portfolio/daniel-loeb?order=value|access-date=September 3, 2020|website=cheaperthanguru.com|archive-date=October 27, 2020|archive-url=https://web.archive.org/web/20201027160201/https://cheaperthanguru.com/portfolio/daniel-loeb?order=value|url-status=live}}</ref> It was also announced in October that Loeb had become a shareholder in Snowflake, a cloud data platform.<ref>{{Cite web|last=GmbH|first=finanzen net|title=Billionaire investor Dan Loeb follows Warren Buffett and Marc Benioff into Snowflake {{!}} Markets Insider|url=https://www.businessinsider.com/billionaire-investor-dan-loeb-joins-warren-buffett-marc-benioff-snowflake-2020-10|access-date=October 28, 2020|website=markets.businessinsider.com|language=en-us}}</ref> | |||
== Investment philosophy == | |||
'']'' 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."<ref name=nymag/> | |||
=== Letters === | |||
On ], Loeb has a reputation for "financial savvy" and for "his withering criticism of corporate executives who are unfortunate enough to stumble in his sights".<ref name=Bailey /> One of Loeb's signature tactics involves letter-writing: | |||
<blockquote>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."<ref name=nymag/></blockquote> | |||
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.<ref name=nymag/> 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 ], in order to file one of his letters criticizing the firm's management.<ref name=nymag/> 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.)"<ref name=nymag/> A 2005 '']'' "The Talk of the Town" item described him as "a kind of investor's ]."<ref name="big deal">{{cite news|last=Neuman|first=William|title=BIG DEAL; A Town House for a Penthouse|url=https://query.nytimes.com/gst/fullpage.html?res=9D04EEDD1E30F93BA35752C0A9609C8B63|access-date=October 31, 2013|work=The New York Times|date=January 8, 2006}}</ref> | |||
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 (], ], ] etc) who enjoy outwitting pompous asses like yourself in financial markets globally."<ref name=letter>{{cite web|last=La Roche|first=Julia|title=In 2004, Loeb sent a letter to InterCept's chairman and CEO John Collins calling them the 'worst' management team.|url=https://www.businessinsider.com/dan-loeb-letters-and-emails-2013-10#16-in-2004-loeb-sent-a-letter-to-intercepts-chairman-and-ceo-john-collins-calling-them-the-worst-management-team-4|website=Business Insider|date=October 2, 2013|access-date=October 31, 2013}}</ref> Similarly, in a September 2005 letter to ] 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."<ref name=letter/> | |||
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.<ref name=letter/> | |||
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 ] where you can play tennis and hobnob with your fellow socialites."<ref name=letter/> | |||
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.'"<ref name=nyt>{{cite news|last=Atlas|first=Riva|title=Some Funds Taking Role Far Beyond Just Investor|url=https://www.nytimes.com/2005/08/16/business/16invest.html?adxnnlx=1124197489-TzwLymvE924SNb1lQwP/CA&pagewanted=all|access-date=October 31, 2013|newspaper=The New York Times|date=August 16, 2005|archive-date=October 27, 2020|archive-url=https://web.archive.org/web/20201027160204/https://www.nytimes.com/2005/08/16/business/some-funds-taking-role-far-beyond-just-investor.html|url-status=live}}</ref> | |||
==Personal life== | |||
Loeb married Margaret Davidson Munzer on July 4, 2004,<ref name="big deal"/> at his beach house in ].<ref name=wedding/> The couple has three children.<ref>{{cite web|url=http://www.businessinsider.com/who-is-dan-loeb-2013-1?op=1|title=Who Is Dan Loeb – Business Insider|date=January 10, 2013|work=Business Insider}}</ref> | |||
Loeb is a founding "Master Player" of ], an annual virtual stock trading contest that raises money for charitable causes of the winning contestants' choice.<ref name="Forbes">{{cite news|url=https://www.forbes.com/sites/crossingborders/2012/12/01/when-quitting-is-not-an-option-how-you-can-find-purpose-and-fulfillment-through-your-career|title=When Quitting Is Not An Option – How You Can Find Purpose And Fulfillment Through Your Career|last=Ziegler|first=Maseena|date=December 1, 2012|newspaper=Forbes|access-date=December 27, 2012}}</ref> | |||
In 2014, Loeb was reported as one of a number of "prominent investors have taken to ]".<ref>{{cite web|url=https://finance.yahoo.com/blogs/daily-ticker/the-one-weird-practice-wall-street-bankers-swear-by-175231201.html|title=Could this be the key to success on Wall Street? Hedge fund billionaire Ray Dalio thinks so|last=Goodkind|first=Nicole|date=February 27, 2014 |quote=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 & Co)|access-date=May 15, 2014}}</ref> | |||
Loeb was co-chair of the Governors for Investors Industry (2013).<ref name="we forum">{{cite web|url=http://www.weforum.org/contributors/daniel-s-loeb|title=Daniel S. Loeb profile at|publisher=World Economic Forum|access-date=October 31, 2013}}</ref> He is a Trustee of ], the ], the ] and the Los Angeles ]. He is a member of the ] and of the National Council of the ].<ref name="we forum"/> | |||
Loeb sat on the Board of Directors of Sotheby's and was the chair of the Board of the Success Academy charter network.<ref name=boards>{{cite news|url=http://www.artnews.com/2017/08/11/collector-daniel-loeb-apologizes-for-stating-black-senator-has-done-more-damage-to-people-of-color-than-anyone-who-has-ever-donned-a-hood-081117|title=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'|publisher=]|last=Russeth|first=Andrew|access-date=January 11, 2018}}</ref><ref>{{Cite news|url=https://www.reuters.com/article/us-sothebys-thirdpoint-idUSBREA440EC20140505|title=Sotheby's ends fight with Third Point, Loeb joins board|newspaper=Reuters|date=May 5, 2014|via=www.reuters.com|last1=Herbst-Bayliss|first1=Svea}}</ref> | |||
==Political and economic views== | |||
Loeb has donated to the ], Friends for Harry Reid, ], ], Prosperity PAC, ], and the Volunteer PAC. In 2013, Loeb was a signatory to an ] brief submitted to the ] in ], in support of ].<ref name="the daily beast gay marriage">{{cite news|url=http://www.thedailybeast.com/articles/2013/02/28/the-pro-freedom-republicans-are-coming-131-sign-gay-marriage-brief.html|title=The Pro-Freedom Republicans Are Coming: 131 Sign Gay-Marriage Brief|last=Avlon|first=John|date=February 28, 2013|newspaper=The Daily Beast|access-date=November 26, 2013|archive-date=October 6, 2014|archive-url=https://web.archive.org/web/20141006115616/http://www.thedailybeast.com/articles/2013/02/28/the-pro-freedom-republicans-are-coming-131-sign-gay-marriage-brief.html|url-status=live}}</ref><ref name="market watch">{{cite web|url=http://www.marketwatch.com/story/why-wall-street-went-gay-for-marriage-2011-06-28|title=Why Wall Street went for gay marriage|last=Weidner|first=David|publisher=Market Watch|access-date=October 31, 2013}}</ref><ref name="dealbook">{{cite news|url=https://dealbook.nytimes.com/2011/06/26/the-financiers-who-helped-back-n-y-gay-marriage-campaign/?_r=0|title=The Financiers Who Helped Back N.Y. Gay Marriage Campaign|last=De La Merced|first=Michael|date=June 26, 2011|publisher=Dealbook|access-date=October 31, 2013|archive-date=October 27, 2020|archive-url=https://web.archive.org/web/20201027160203/https://dealbook.nytimes.com/2011/06/26/the-financiers-who-helped-back-n-y-gay-marriage-campaign/?_r=0|url-status=live}}</ref><ref name="wachtel">{{cite web|url=http://www.businessinsider.com/banker-endorse-same-sex-marriage-2011-5|title=Lloyd Blankfein, Dan Loeb, And John Mack All Support Gay Couples Putting A Ring On It|last=Wachtel|first=Katya|website=Business Insider|access-date=October 31, 2013}}</ref> | |||
In 2015, Loeb, ] and ] helped fund Freedom For All Americans to promote ] in states and local communities in the United States.<ref>{{Cite web|url=http://www.freedomforallamericans.org/introducing-the-campaign-to-secure-non-discrimination-for-lgbt-americans|title=Freedom For All Americans|last=Polaski|first=Adam|date=June 8, 2015|publisher=Freedom For All Americans|access-date=October 3, 2016}}</ref> | |||
Loeb has donated to both Democrats and Republicans. In the 2018 midterm election cycle, he gave over $1 million.<ref>{{Cite web|url=https://www.businessinsider.com/the-hedge-fund-industry-gave-tens-of-millions-to-both-parties-in-the-midterms-2019-5|title=The biggest names in the hedge fund industry gave tens of millions to both parties in the 2018 midterms—here are the top donors|first=Bradley|last=Saacks|website=Business Insider}}</ref> | |||
===Israeli-Palestinian conflict=== | |||
Loeb was involved in a long-standing ] group chat from October 2023 through early May 2024 with some of the United States' most powerful business leaders with the stated goals of "chang the narrative" in favor of Israel and "help win the war" on U.S. public opinion following ].<ref name="chat">{{cite news |last1=Natanson |first1=Hannah |last2=Felton |first2=Emmanuel |title=Business titans privately urged NYC mayor to use police on Columbia protesters, chats show |url=https://www.washingtonpost.com/nation/2024/05/16/business-leaders-chat-group-eric-adams-columbia-protesters/ |access-date=May 17, 2024 |newspaper=Washington Post |date=May 16, 2024}}</ref> Members of the group chat discussed how they received private briefings by, and worked closely with, members of the ], including former Israeli prime minister ]; ], a member of the ]; and Israel’s ambassador to the United States, ].<ref name="chat"/> Group members also held a video call in late April 2024 with ] ] in an effort to, according to reporting by ], "pressure Columbia’s president and trustees to permit the mayor to send police to the campus" to shut down ] of ].<ref name="chat"/> During the video call, group members discussed making political donations to Adams.<ref name="chat"/> Loeb declined to comment about giving donations to Adams for this purpose.<ref name="chat"/> | |||
==Wealth and philanthropy== | |||
According to '']'', his ] is ]3.5 billion as of April 2021.<ref name="forbes">{{cite magazine|url=https://www.forbes.com/profile/daniel-loeb|title=Daniel Loeb|magazine=]|access-date=April 4, 2021}}</ref> | |||
===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 of 2016.<ref name="501c3">{{cite web|title=Daniel S. Loeb Family Third Point Foundation|url=http://501c3lookup.org/daniel_s_loeb_family_third_point_foundation|publisher=501c3 Look up|access-date=October 31, 2013|archive-date=November 2, 2013|archive-url=https://web.archive.org/web/20131102203734/http://501c3lookup.org/daniel_s_loeb_family_third_point_foundation/|url-status=live}}</ref> | |||
Loeb is heavily involved in education reform efforts, specifically supporting charter schools.<ref name="BI charter schools">{{cite web|last1=La Roche|first1=Julia|title=Hedge fund titans raised an 'unprecedented' $35 million for New York City's largest charter school network Monday night|url=http://www.businessinsider.com/success-academy-spring-benefit-gala-2016-4|access-date=June 18, 2016|website=Business Insider}}</ref> As Chairman of the board of ] in ],<ref name="forbes richest"/> he pledged, in June 2013, to donate $3 million to Success Academy Charter Schools.<ref name="Success Academy Charter Schools">{{cite news|last1=Hussain|first1=Tabinda|title=When Dan Loeb Gets Angry He Likes to Donate to Charity|url=http://www.valuewalk.com/2013/06/dan-loeb-angry-donates|access-date=June 18, 2016|publisher=Value Walk|date=June 12, 2013}}{{dead link|date=April 2023|bot=medic}}{{cbignore|bot=medic}}</ref> | |||
He endowed the '''Daniel S. Loeb Scholarship''' for undergraduate study at Columbia University. Since 2004, he has been a trustee of ], an organization in ] that prepares underprivileged children to attend competitive private schools.<ref>{{Cite web |title=Dan Loeb works with Prep for Prep: Betting on the Best |url=https://www.institutionalinvestor.com/article/b18bl2blpfy01c/dan-loeb-works-with-prep-for-prep-betting-on-the-best |access-date=2023-02-08 |website=Institutional Investor |date=August 23, 2009 |language=en-gb}}</ref> 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.<ref name="salt conference"/> | |||
On February 20, 2014, Loeb attended a discussion between the American Enterprise Institute and the ]. 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 ], which is now ranked third in ].<ref name="Clift-Dalai Lama">{{cite news|last=Clift|first=Eleanor|title=At American Enterprise Institute, NeoCons Say 'Hello, Dalai'|url=http://www.thedailybeast.com/articles/2014/02/21/at-american-enterprise-institute-neocons-say-hello-dalai.html|access-date=March 5, 2014|newspaper=The Daily Beast|date=February 21, 2014}}</ref><ref name="La Roche-Dalai Lama">{{cite news|last=La Roche|first=Julia|title=What Dan Loeb Told The Dalai Lama|url=http://www.businessinsider.com/dan-loeb-dalai-lama-panel-2014-2|access-date=March 5, 2014|newspaper=Business Insider|date=February 20, 2014}}</ref> | |||
In October 2011, Loeb challenged three former Navy SEALs to run the "MightyMan" Half Iron Triathlon with him and his team in ]. He made a sizable contribution for each ] Foundation director who completed the triathlon to raise funds for the foundation.<ref name="Carney">{{cite news|last=Carney|first=John|title=Hedge Fund Manager Loeb Challenges Navy Seals to a Race|url=https://www.cnbc.com/2011/09/28/hedge-fund-manager-loeb-challenges-navy-seals-to-a-race.html|access-date=April 25, 2014|date=September 28, 2011}}</ref><ref name="La Roche">{{cite news|last=La Roche|first=Julia|title=Dan Loeb May Be A Great Activist Investor, But His Triathlon Times Are Pretty Lame|url=http://www.businessinsider.com/dan-loeb-triathlon-times-2013-8|access-date=April 25, 2014|newspaper=Business Insider|date=August 22, 2013}}</ref><ref name="Basar">{{cite news|last=Basar|first=Shanny|title=Hedge fund managers vs Navy Seals|url=http://www.efinancialnews.com/story/2011-09-30/navy-seals-loeb|access-date= April 25, 2014|newspaper=Financial News|date=September 30, 2011}}</ref> | |||
In 2011, 2012, and 2013, Loeb and his wife made significant donations to the ] (ADDF), which funds over 400 Alzheimer's drug discovery programs in academic centers and biotechnology companies in 18 countries.<ref>{{cite web|title=Conquering Alzheimer's Through Drug Discovery|url=http://www.alzdiscovery.org/assets/content/publications/ADDF_2012_Annual_Report.pdf|website=Alzheimer's Drug Discovery Foundation|access-date=October 3, 2014}}</ref><ref>{{cite web|title=Hope on the Horizon|url=http://www.alzdiscovery.org/assets/content/news_events/ADDF_2013_Fall_Luncheon_Invitation.pdf|publisher=Alzheimer's Drug Discovery Foundation|access-date=October 3, 2014|archive-date=April 19, 2014|archive-url=https://web.archive.org/web/20140419095258/http://www.alzdiscovery.org/assets/content/news_events/ADDF_2013_Fall_Luncheon_Invitation.pdf|url-status=dead}}</ref><ref>{{cite web|title=Conquering Alzheimer's Through Drug Discovery|url=http://www.alzdiscovery.org/assets/content/publications/ADDF_2011_Annual_Report.pdf|publisher=Alzheimer's Drug Discovery Foundation|access-date=October 3, 2014}}</ref> | |||
Loeb and his wife donate to the ], ], ], and the ].<ref>{{cite web|title=Loeb Family – Third Point Foundation: Grants for Health|url=http://www.insidephilanthropy.com/public-health-fundraising/loeb-family-third-point-foundation-grants-for-health.html#|website=Inside Philanthropy|access-date=October 3, 2014}}</ref> | |||
=== Art collection === | |||
He is a prominent art collector and the walls at his Park Avenue office are covered with paintings", according to a ''New York Times'' August 26, 2013 article.<ref name="dealbook nytimes">{{cite news|url=https://dealbook.nytimes.com/2013/08/26/third-point-hedge-fund-increases-sothebys-stake|title=Third Point Hedge Fund Increases Sotheby's Stake|last=Stevenson|first=Alexandra|date=August 26, 2013|publisher=Dealbook New York Times|access-date=October 31, 2013}}</ref> At a Sotheby's auction in 2009, Manhattan dealer ] purchased ]' ''Baroque Egg With Bow (Turquoise/Magenta)'' for $5.4 million from Loeb, who had bought it from the ] in 2004 for about $3 million.<ref name="Vogel">{{cite news|url=https://www.nytimes.com/2009/05/13/arts/design/13auction.html|title=In 'a Recalibrated Market', Auction Buyers Take Over|last=Vogel|first=Carol|date=May 13, 2009|newspaper=The New York Times|access-date=October 31, 2013|archive-date=October 27, 2020|archive-url=https://web.archive.org/web/20201027160204/https://tps11026.doubleverify.com/event.png?impid=3e93826a6f674cc5a38892e7ee36bc0f&mascid=kgs5r4jk22l2x6vu909oi3djpnscfpja&dvp_masver=425&eoid=13&isbxdms=5276&b11=5732&lftb=5732&sffb=5732&dvp_unl=5516&dvp_noEng=true&cbust=1603814524001689|url-status=live}}</ref> | |||
Loeb has traced his love of art to his student years at Columbia, when he saw Poussin's '']'' at the ] 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."<ref name="art collection">{{cite web|url=https://www.businessinsider.com/who-is-dan-loeb-2013-1#outside-of-his-hedge-fund-loeb-has-an-impressive-art-collection-which-has-actually-proved-to-be-a-good-investment-15|title=Outside of his hedge fund, Loeb has an impressive art collection, which has actually proved to be a good investment.|last=La Roche|first=Julia|website=Business Insider|date=January 10, 2013|access-date=October 31, 2013}}</ref> | |||
'']'' placed Loeb at the top of its list of "Wall Street's 25 Most Serious Art Collectors", noting he owns works by ], ], ], ] and ], and that he "has his own curator."<ref name="katya">{{cite web|url=http://www.businessinsider.com/wall-street-art-collectors?op=1|title=Meet Wall Street's 25 Most Serious Art Collectors|last=Wachtel|first=Katya|website=Business Insider|access-date=October 31, 2013}}</ref> | |||
===Criminal justice reform=== | |||
Loeb is an advocate for criminal justice reform and helps fund the ], a nonprofit online journalism group, and the ] 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.<ref name="The Advocate">{{cite news|last1=Sledge|first1=Matt|title=After 7 years in jail for possession, Bernard Noble hopes to advocate for criminal justice reform|url=http://www.theadvocate.com/new_orleans/news/courts/article_465cd300-3f6f-11e8-9f7c-33af98aa6266.html|access-date=April 25, 2018|publisher=The New Orleans Advocate|date=April 13, 2018}}</ref> | |||
==References== | |||
{{Reflist}} | |||
==External links== | |||
* {{C-SPAN|73926}} | |||
* | |||
{{Persondata <!-- Metadata: see ]. --> | |||
| NAME = Loeb, Daniel S. | |||
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| DATE OF BIRTH = 1962 | |||
| PLACE OF BIRTH = | |||
| DATE OF DEATH = | |||
| PLACE OF DEATH = | |||
}} | |||
{{DEFAULTSORT:Loeb, Daniel S.}} | {{DEFAULTSORT:Loeb, Daniel S.}} | ||
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Latest revision as of 01:32, 11 November 2024
American hedge fund manager (born 1961)
Dan Loeb | |
---|---|
Born | Daniel Seth Loeb (1961-12-18) December 18, 1961 (age 63) Santa Monica, California, U.S. |
Education | University of California, Berkeley Columbia University (BA) |
Occupation | Hedge fund manager |
Employer | Third Point Management |
Known for | Founding and leading Third Point Management |
Spouse |
Margaret Davidson Munzer
(m. 2004) |
Children | 3 |
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 $4 billion in assets under management, as of December 2023. New York magazine noted that Loeb's "preferred strategy" is to buy into troubled companies, which "is the key to his success." Regarding his active involvement in the companies in which he invests, Loeb was described as "one of the most successful activists" in 2014.
Early life and education
Loeb is the son of Ronald and Clare (née Spark) Loeb. He was raised in Santa Monica, California, where he attended Palisades Charter High School. There 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). His father was a partner at the Los Angeles law firm of Irell & Manella LLP and general counsel for Williams-Sonoma, Inc. Ronald Loeb also served as an outside director of Mattel, Inc. for over 30 years and during one period became interim president of Mattel. Clare Loeb, his mother, is a historian and independent scholar.
Loeb's great-aunt, Ruth Handler, created the Barbie doll and co-founded Mattel Inc.
Loeb attended the University of California, Berkeley for two years and subsequently graduated from Columbia University with a bachelor degree in economics in 1983. At Columbia, he was a classmate of future President Barack Obama, whose presidential campaign he later offered significant financial support. By his senior year at Columbia, Loeb 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".
Investing career
From 1984-87, Loeb worked at private equity firm Warburg Pincus. He then worked as director of corporate development at Island Records, a record label, where he focused on securing debt financing. 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.
Third Point Management
Main article: Third Point ManagementLoeb 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%. 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.
In 2013, the firm returned +25.2%, while the S&P 500 returned +32.4%. Loeb appeared in Forbes' 2013 list of the world's 40 richest hedge-fund managers and traders. In 2014, the firm returned +5.7%, while the S&P 500 returned +13.7%. In 2015, the firm returned -1.4%, while the S&P 500 returned +1.4%. In 2017, it was reported the firm returned 18.1% net of fees in the first 11 months of the year.
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.
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. On May 13, 2012, Yahoo! announced that Thompson would be stepping down, and nominated Loeb, Wilson and Wolf to the Yahoo! board.
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.
Sony
In May 2013, Loeb proposed splitting Sony's entertainment and electronics businesses, arguing that such a split would increase profits.
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. According to Bloomberg.com, Sony's board of directors considered Loeb's proposal and hired Morgan Stanley and Citigroup, Inc. to evaluate it.
Actor George Clooney, whose Smokehouse Pictures production company has a contract with Sony's entertainment division, publicly opposed the proposal.
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".
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".
Sotheby's
In October 2013, Loeb issued a letter scrutinizing the governance of Sotheby's. 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." 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.
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.
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.
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."
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.
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." 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.
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.
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. It was also announced in October that Loeb had become a shareholder in Snowflake, a cloud data platform.
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."
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". 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."
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. 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. 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.)" A 2005 New Yorker "The Talk of the Town" item described him as "a kind of investor's H. L. Mencken."
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." 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."
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.
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."
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.'"
Personal life
Loeb married Margaret Davidson Munzer on July 4, 2004, at his beach house in East Hampton, New York. The couple has three children.
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.
In 2014, Loeb was reported as one of a number of "prominent investors have taken to Transcendental Meditation".
Loeb was co-chair of the Governors for Investors Industry (2013). 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.
Loeb sat on the Board of Directors of Sotheby's and was the chair of the Board of the Success Academy charter network.
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.
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.
Loeb has donated to both Democrats and Republicans. In the 2018 midterm election cycle, he gave over $1 million.
Israeli-Palestinian conflict
Loeb was involved in a long-standing WhatsApp group chat from October 2023 through early May 2024 with some of the United States' most powerful business leaders with the stated goals of "chang the narrative" in favor of Israel and "help win the war" on U.S. public opinion following Hamas's October 7th attack on Israel. Members of the group chat discussed how they received private briefings by, and worked closely with, members of the Israeli government, including former Israeli prime minister Naftali Bennett; Benny Gantz, a member of the Israeli war cabinet; and Israel’s ambassador to the United States, Michael Herzog. Group members also held a video call in late April 2024 with New York City Mayor Eric Adams in an effort to, according to reporting by The Washington Post, "pressure Columbia’s president and trustees to permit the mayor to send police to the campus" to shut down criticism of Israel's offensive military operations in Gaza. During the video call, group members discussed making political donations to Adams. Loeb declined to comment about giving donations to Adams for this purpose.
Wealth and philanthropy
According to Forbes, his net worth is $3.5 billion as of April 2021.
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 of 2016.
Loeb is heavily involved in education reform efforts, specifically supporting charter schools. As Chairman of the board of Success Academy Charter Schools in Brooklyn, New York, he pledged, in June 2013, to donate $3 million to Success Academy Charter Schools.
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.
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.
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.
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.
Loeb and his wife donate to the Leukemia and Lymphoma Society, Ovarian Cancer Research Fund, Chai Lifeline, and the Michael J. Fox Foundation.
Art collection
He is a prominent art collector and the walls at his Park Avenue office are covered with paintings", according to a New York Times August 26, 2013 article. 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.
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."
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."
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.
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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 & Co)
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External links
Categories:- 1961 births
- Living people
- American billionaires
- American financial analysts
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- Directors of Yahoo!
- American philanthropists
- Stock and commodity market managers
- University of California, Berkeley alumni
- Businesspeople from Santa Monica, California
- 20th-century American businesspeople
- 21st-century American businesspeople
- American company founders
- Formula E people
- 21st-century American Jews
- Shareholder-rights activists