is an activist investor who has recently suggested a few ideas to top holding Sony (SNE
), via a less strongly worded letter to top management than usual. He could be out to replicate his success with Yahoo (YHOO
), a sleepy company he shook up and then watched rise 75% in stock price the past 12 months. Loeb’s 10.5% return through April lagged the S&P 500 index’s 12.7%, though his annualized return since the inception of Third Point, his event-driven hedge fund, is 17.9%, compared to 6.6% for the S&P 500.
In his first quarter letter
, Loeb said, “Consistent with our approach over the past few quarters, we have approximately half the equity exposure of the market and vary our net and gross dynamically. We are continuing to find interesting event‐driven opportunities in equities, credit and currencies.” Continue Reading »