Dan Loeb: The Lost Art of Short Selling, and Why Stock Picking is Back
6/5/202631 min
(0:00) Dan Loeb joins the Besties!
(0:34) Investor journey: From message boards to a multibillion dollar hedge fund
(3:15) Third Point's early days: mentors and market turmoil
(8:47) Strategy shift: Event-driven to quality and AI
(16:01) The art of short selling and a homebuilder trade
(22:15) Criminal justice reform and the Ross Ulbricht pardon
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First 90 secondsSpeaker 00:00
Legendary activist investor Dan Loeb. He, of course, is the CEO and CIO of Third Point The lost art of short selling- Yeah ...
Dan Loeb· Guest0:08
has come back, and it's absolutely critical. Doesn't matter what you do. You have to be really selective. People talk about stock picker's market. This is a bond and credit picker's market. When we were small, our main tool was shame and humor.
Speaker 00:21
Dan Loeb turning up the heat on Nestle over the weekend.
Dan Loeb· Guest0:25
The shift has really been more towards a dare to be great message. Activism without proxy contest is like Catholicism without hell.
Speaker 20:33
You're very active on the Twitter as well.
Dan Loeb· Guest0:36
Oh, well.
Speaker 20:37
You found your voice.
Dan Loeb· Guest0:38
A lot, a lot of emotion brewing there.
Speaker 20:41
Can we actually start with that? Before Twitter, you were actually quite active, but they were in very different places. I mean, you were in WallStreetBets before WallStreetBets existed. Can you just walk us through your evolution as a, as a, a public persona?
Dan Loeb· Guest0:56
Sure. I mean, there was this brand-new technology, uh, that came out called the internet, and really shortly that thereafter, uh, long before Reddit or any of these other things, there were a series of, of chat boards. There was, you know, Yahoo. There was something called Silicon Investor. Um, there, a few other ones, and people would congregate and kibitz. It was done mostly anonymously, and, um, it was an interesting place to exchange ideas. There was... It, it was really the Wild West. People could pretty much say