Dan Loeb is an absolute beast and one of the best who’s ever done it in the hedge fund game. His October letter for Third Point investors is a good reminder that no one – even the best of the best – gets everything right all the time, regardless of how they’d like to present themselves in the media.
Last month’s rally ranked October as the best month for stocks in nearly a decade, but Loeb’s much-watched Third Point LLC failed to get any lift, he said in an investment letter.
Turning his notoriously sharp tongue on himself, Loeb wrote “We only gradually increased our exposures near the market bottom and thus underperformed during the dramatic rise in October,” in the letter that was seen by Reuters.
It should also be noted that Loeb is still up on the year (+1.3%) in an environment that has befuddled even the most brilliant stewards of capital in the game right now. Props to Dan for keeping it real.