Dan Loeb - Lessons from 30 Years of Investing - [Invest Like the Best, EP.475]
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What is Dan Loeb’s investing background and how did Third Point start?
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Hello and welcome everyone. I'm Patrick O'Shaughnessy and this is Invest Like the Best. This show is an open-ended exploration of markets, ideas, stories, and strategies that will help you better invest both your time and your money. If you enjoy these conversations and want to go deeper, check out Colossus, our quarterly publication with in-depth profiles of the people shaping business and investing. You can find Colossus along with all of our podcasts at Colossus.com.
Patrick O'Shaughnessy is the CEO of Positive Sum. All opinions expressed by Patrick and podcast guests are solely their own opinions and do not reflect the opinion of Positive Sum. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc.
My guest today is Dan Loeb, the founder and CEO of Third Point. Dan started ThirdPoint in 1995 with a few million dollars, and today the firm manages $24 billion across equities, corporate and structured credit, venture, and insurance. He is best known for his activist work at companies like Sotheby's, Sony's, and Yahoo, and for the public letters he has written to boards over the years. What I find most interesting about Dan is how much his approach has evolved across those 30 years. He came up as a credit and event driven Investor at Warburg Pincus and Jeffries, built third point, then layered in quality investing, thematic technology investing, and now a very large credit business that sits alongside the hedge fund.
We cover how he thinks about the AI stack and the companies inside it he believes matter most, the difference between good and bad governance, the Sony and Sotheby stories, and the power of writing. Please enjoy my conversation with Dan Loebe. Dan, we've only been trying to do this for six years. Welcome. I've been excited to finally chat with you about all things markets. It's such a crazy time. And I was walking in here, I'm like, what am I actually the most curious about as it relates to how Dan runs his life? And one of the questions is the simplest, which is in this time where there's more information than you could ever read, literally, what does your day look like to stay up to speed on all the investments that you've made, the investments that you could make?
How do you stay on top of the five? Fire hose.
I I wish I could say I have a clod code that has organized all the information in one place and I go through it all.
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Chapters
7 chapters
1
What is Dan Loeb’s investing background and how did Third Point start?
0:01–9:58
2
How does Dan Loeb manage information overload and stay on top of his investments?
9:58–20:10
3
What mental models does Dan use to evaluate macro trends like oil, geopolitics, and AI?
20:10–30:42
4
How does Dan view the AI stack and which companies does he think will dominate it?
30:42–41:05
5
How has Third Point’s strategy evolved from event‑driven to credit‑heavy and thematic investing?
41:05–50:15
6
What lessons did the Sotheby’s activism campaign teach about governance and status?
50:15–1:00:01
7
What was the Sony activism story and what did Dan learn from doing business in Japan?
1:00:01–1:03:18
Speakers
1 identifiedMore from Invest Like the Best with Patrick O'Shaughnessy
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