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Hedge Hunters: After the Credit Crisis, How Hedge Fund Masters Survived, 2nd Edition
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Hedge Hunters: After the Credit Crisis, How Hedge Fund Masters Survived, 2nd Edition

by Katherine Burton
February 2010
Intermediate to advanced
256 pages
7h 2m
English
Bloomberg Press
Content preview from Hedge Hunters: After the Credit Crisis, How Hedge Fund Masters Survived, 2nd Edition

Chapter 18

Daniel Loeb

Newfound Restraint

DANIEL LOEB OPENED Third Point in June 1995, and his fund returned 27 percent a year on average through July 2007—an eyepopping 16 percentage points higher than the Standard & Poor's 500 Index. Numbers like that certainly get Loeb noticed in the financial world, but what brings him notoriety are words like this: Irik Sevin is “one of the most dangerous and incompetent executives in America.” Loeb shared this opinion of Sevin, then chief executive officer of Star Gas Partners, a heating oil distributor in Stamford, Connecticut, in a letter to him that went on to offer this advice: “Do what you do best: Retreat to your waterfront mansion in the Hamptons, where you can play tennis and hobnob with your fellow ...

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Publisher Resources

ISBN: 9781576603635Purchase book