Daniel Loeb Quotes
102 Daniel Loeb Quotes (Daniel S Loeb, Dan Loeb, Third Point Management Quotes)
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[In October 2008] The only thing I do know is that from chaos comes opportunity.
Daniel Loeb
In order to be a really good investor, you need to be a little bit of a philosopher as well.
Daniel Loeb
The problem with the business is that it can force the managers to be overly focused on what their funders think of them and their short-term outcomes.
Daniel Loeb
Our philosophy is to be opportunistic all the way across the capital structure from debt to equity, across industries and different asset classes.
Daniel Loeb
We invest wherever we see some kind of special situation element, an event that will either help create the investment opportunity or help to realize the opportunity.
Daniel Loeb
I don’t like the word ‘instinct’, because it just sounds like a gut thing. I think what we call instinct is really a type of pattern recognition, which comes from experience looking at the companies and industries and situations that work.
Daniel Loeb
We look for companies that are misunderstood by the market and mispriced.
Daniel Loeb
I was criticized at my previous jobs for spending a disproportionate amount of time investing and thinking too much like an investor rather than like a salesman, although I was a very good salesman.
Daniel Loeb
[In July 2008] As a friend said to me, ‘Capitalism without bankruptcy is like Christianity without hell.’
Daniel Loeb
[In October 2008] Timing is everything in this markets.
Daniel Loeb
[In March 2009] It is too convenient to hide behind the mama’s apron of ‘challenging market environments,’ and ‘black swan events’ while exhorting clients to ignore poor performance and to think like ‘long-term investors.’
Daniel Loeb
[In November 2009] I have never professed to have a crystal ball that forecasts market direction…
Daniel Loeb
[In December 2010] The only thing we are 100% confident in is that we are fallible, we don’t have all the answers, and we will make some mistakes.
Daniel Loeb
[In October 2011] A manager that has become overconfident by using a bad process is like somebody who plays Russian roulette three times in a row without the gun going off, and thinks they’re great at Russian roulette. The fourth time, they blow their brains out.
Daniel Loeb
Note to the salesmen out there – be aggressive. I literally cold-called him at home, when [David Tepper] had no job. So by the time he started Appaloosa, I had established the relationship with him. He became my biggest client. I was his biggest salesman.
Daniel Loeb
I almost got stage fright the day before I started the fund. I had five or six family members and a few friends and $340,000 of my own money, which was my life savings from ten years working on Wall Street.
Daniel Loeb
I kept my own books. I did all the marketing. I did investor relations. I didn’t even have a secretary – I wrote all my letters and I mailed them personally.
Daniel Loeb
[On raising capital for his fund.] I remember when I got my first check. It came after I did an interview in Barron’s, and a Tennesse-based entrepreneur in the grain trading business wrote me a check for half a million dollars. He sent it regular mail, without any of the subscription documents. So then I had to get the sub docs from him myself. He remains an investor tot his day.
Daniel Loeb
It took me five years to get to $100 million, and today people are starting out of the gate with that much.
Daniel Loeb
The secret to our success is congruence between our investment style and my personal investment style and philosophy, the fundamental elements of which have remained constant over almost 18 years.
Daniel Loeb
We’ve never defined ourselves as one kind of firm, and we’ve never really deviated from that kind of flexible approach. Instead, we’ve deepened our research process, and hired people who brought us expertise in different geographies, different industries, and different asset classes. Our philosophy is to be opportunistic all the way across the capital structure from debt to equity, across industries and different asset classes. We invest wherever we see some kind of special situation element, an event that will either help create the investment opportunity or help to realize the opportunity.
Daniel Loeb
The hedge fund world is full of people who specialize in these so-called event-driven situations. There was a time when people didn’t really look at them or understand them. We start with that at the center of what we do, and we’ve done a better job making judgments regarding valuations.
Daniel Loeb
[On adding a public policy focus since 2008.] Changes in financial regulations, health care reform, and a variety of industry regulations could have massive impact on the valuations of public companies. We try to anticipate the repercussions. These create opportunities, both long and short.
Daniel Loeb
In the 1990s, we recognized that the growth of the internet would have a huge impact, but instead of focusing just on new internet companies, we bought a bunch of old-line companies that had internet companies embedded within them and we did quite well without taking the risk attendant in purchasing shares of high-flying overpriced internet companies.
Daniel Loeb
We bought U.S. and European companies that had large emerging market components, such as Swatch, Volkswagen, and Mercedes, and got emerging markets growth with domestic market valuations.
Daniel Loeb
Our gross long exposure is maybe a little over 110 or 120 long percent less 20, 30, or 40 percent in short exposure, which gets us to an all-in adjusted net exposure of about 70. but gross long plus short is generally under 150 percent.
Daniel Loeb
[On not using leverage on individual positions to endeavor to get a good return out of a mediocre investment.] The brilliant investor Howard Marks makes the point by saying something like, ‘Don’t confuse adding leverage to an existing investment with increasing your return.’
Daniel Loeb
If you take a 10 percent return in security and lever it up four times and after financing costs generate 15 or 20 percent returns, you haven’t increased your returns. You’ve just increased your leverage and significantly increased your risk… You’ve also got a 20, 25 percent downside threat…
Daniel Loeb
We look at everything on an unlevered basis.
Daniel Loeb
We may be two or three weeks late, but this is not another dead cat bounce or a bear market rally; this is the real thing, and we need to get invested.
Daniel Loeb
I think one of my big improvements since 2008 is how to manage a portfolio for high returns, while avoiding the kinds of draw-downs that we’ve had in the past.
Daniel Loeb
We’ve getting much better at generating very good numbers with relatively light exposure.
Daniel Loeb
[In October 2011] While the U.S. markets are still the biggest, most important, and most profitable, and while the United States still has the best capital markets and companies, the rate of change is much greater in places like India, China, Brazil. You simply can’t ignore what’s going on there.
Daniel Loeb
[In October 2011] You can’t understand the global copper markets if you don’t understand China.
Daniel Loeb
[To Yahoo board when Third Point owned 5.2% of Yahoo.] As stewards of our assets you are charged with a duty to place stockholder interests above personal gain or other motives.
Daniel Loeb
Before you can get into all the nuances of investing and understanding how to do a due diligence process and question a management team, you’ve got tot have the nuts and bolts of finance down.
Daniel Loeb
We want bright people who are really diligent and hardworking, but also have real tenacity and grit who enjoy what they do and have an incredible passion for investing.
Daniel Loeb
You want people with good processes and good outcomes, but I’d rather have somebody working for me who had a good process and a bad outcome in a given year than somebody with a bad process and a good outcome.
Daniel Loeb
[On hedge fund managing.] Make sure you’re passionate about investing. I’ve seen too many people go into this because they’ve done the math on the business model, and have concluded that it’s a very lucrative business to be in. But I’ve never seen anyone with that approach really make it as an investor.
Daniel Loeb
[On the hedge fund business.] This is a business that requires a willingness to take risks and to generate returns. You can’t do that unless you have a healthy appetite for risk.
Daniel Loeb
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