Third Point's 2011 Letter

Dan Loeb is out with Third Point's 2011 letter.  As always, its a fascinating read; even moreso this year with Third Point's activist campaign and now shareholder proxy with Yahoo!  Thanks to MarketFolly for posting the letter.  Enjoy!



BlueSteel,  3/17/2012  

"Europe...is healing, with elections in France posing the next potential landmine to an otherwise more "rose" outlook."

- Out of all the European "landmines" (Spain's political populism, Portuguese restructuring, European zombie banks (altho understand a position in Unicredit from a non-value focused perspective), etc., etc.) seems quite misguided to focus a $bn HF's attention on France's presidential election.
- Rosy? even in quotations, this is the first adjective they pull from their pocket? May be they have a better understanding than I (my record is significantly shorter than 16yrs), but would feel much more confident using "depressed" in search describing Europe's near-term economic trends.

Haven't followed 3rd Point, but seems difficult not to categorize them as better indicators of dumb money than prescient thought process.

...but then again, who am I, just a bad eugoogolizer.


hunter [at] distressed-debt-investing [dot] com

About Me

I have spent the majority of my career as a value investor. For the past 8 years, I have worked on the buy side as a distressed debt and high yield investor.