Dan Loeb
The Poison Pen
Third Point
Dan Loeb founded Third Point in 1995 and became notorious for his blistering letters to corporate boards. His writing style ranges from devastating wit to outright aggression — he once called a CEO a 'ship's captain who has turned off the radar in the middle of a storm.' Despite the showmanship, his track record speaks for itself: Third Point has averaged 15%+ annual returns over 25+ years. His most famous campaign was against Yahoo, where he installed Marissa Mayer as CEO. He's pushed for change at Sony (splitting off the entertainment division), Nestlé (selling underperforming brands), and dozens more. Off the clock, he's a serious big-wave surfer.
“Most boards are complacent. Shareholder capital is being destroyed by mediocre management. Someone has to be willing to say it publicly.”
Yahoo activist campaign (2011-2012) — gained board seats, installed new CEO
Third Point's Yahoo stake generated $1B+ in profits.
Sotheby's activist fight (2013-2014)
Bruising proxy fight that consumed time and resources with mixed results.
“I focus on situations where the market is not giving a company credit for what it's worth.”
“My job is to find companies where there's a disconnect between value and price.”
Born in Santa Monica, California
Founds Third Point with $3.3M
Yahoo campaign — installs Marissa Mayer as CEO
Sony campaign — pushes for entertainment spinoff
| # | Ticker | Name | Shares | Value | % Port |
|---|---|---|---|---|---|
| 1 | PG&AM | PG&E CORP | 34.3M | $551.2M | 7.6% |
| 2 | NVDA | NVIDIA CORPORATION | 3.0M | $550.2M | 7.6% |
| 3 | AMZN | AMAZON COM INC | 2.2M | $499.7M | 6.9% |
| 4 | MSFT | MICROSOFT CORP | 925.0K | $447.3M | 6.1% |
| 5 | UNION | UNION PAC CORP | 1.8M | $418.7M | 5.8% |
| 6 | CRH | CRH PLC | 2.6M | $324.5M | 4.5% |
| 7 | SOMNI | SOMNIGROUP INTERNATIONAL INC | 3.4M | $303.6M | 4.2% |
| 8 | BROOK | BROOKFIELD CORP | 6.2M | $284.5M | 3.9% |
| 9 | NORFO | NORFOLK SOUTHN CORP | 975.0K | $281.5M | 3.9% |
| 10 | TELEP | TELEPHONE & DATA SYS INC | 6.7M | $273.7M | 3.8% |
| 11 | CAPIT | CAPITAL ONE FINL CORP | 1.1M | $266.6M | 3.7% |
| 12 | CASEY | CASEYS GEN STORES INC | 455.0K | $251.5M | 3.5% |
| 13 | CARPE | CARPENTER TECHNOLOGY CORP | 785.0K | $247.1M | 3.4% |
| 14 | LIVE | LIVE NATION ENTERTAINMENT IN | 1.7M | $245.8M | 3.4% |
| 15 | COSTA | COSTAR GROUP INC | 3.2M | $212.8M | 2.9% |
| 16 | MASTE | MASTEC INC | 925.0K | $201.1M | 2.8% |
| 17 | ROCKE | ROCKET COS INC | 9.5M | $184.2M | 2.5% |
| 18 | LPL | LPL FINL HLDGS INC | 510.0K | $182.2M | 2.5% |
| 19 | CHIPO | CHIPOTLE MEXICAN GRILL INC | 4.7M | $174.8M | 2.4% |
| 20 | CONST | CONSTELLATION ENERGY CORP | 475.0K | $167.8M | 2.3% |
| 21 | VISTR | VISTRA CORP | 1.0M | $162.1M | 2.2% |
| 22 | DANAH | DANAHER CORPORATION | 600.0K | $137.4M | 1.9% |
| 23 | SHARK | SHARKNINJA INC | 1.2M | $134.3M | 1.8% |
| 24 | TAIWA | TAIWAN SEMICONDUCTOR MFG LTD | 425.0K | $129.2M | 1.8% |
| 25 | BABA | ALIBABA GROUP HLDG LTD | 825.0K | $120.9M | 1.7% |
| 26 | API | API GROUP CORP | 3.0M | $114.8M | 1.6% |
| 27 | COMFO | COMFORT SYS USA INC | 105.0K | $98.0M | 1.3% |
| 28 | SPOTI | SPOTIFY TECHNOLOGY S A | 100.0K | $58.1M | 0.8% |
| 29 | KENVU | KENVUE INC | 3.3M | $56.1M | 0.8% |
| 30 | PROGR | PROGRESSIVE CORP | 220.0K | $50.1M | 0.7% |
| 31 | THERM | THERMO FISHER SCIENTIFIC INC | 50.0K | $29.0M | 0.4% |
| 32 | STRAT | STRATA CRITICAL MEDICAL INC | 5.0M | $24.1M | 0.3% |
| 33 | WIX | WIX COM LTD | 225.0K | $23.4M | 0.3% |
| 34 | CSX | CSX CORP | 500.0K | $18.1M | 0.2% |
| 35 | HERTZ | HERTZ GLOBAL HLDGS INC | 4.0M | $10.6M | 0.1% |
| 36 | PG&AM | PG&E CORP | 10.0M | $10.3M | 0.1% |
| 37 | ARS | ARS PHARMACEUTICALS INC | 556.2K | $6.5M | 0.1% |
| 38 | CLARI | CLARITEV CORPORATION | 145.0K | $6.2M | 0.1% |
| 39 | PG&AM | PG&E CORP | 140.0K | $5.7M | 0.1% |
| 40 | FLYEX | FLYEXCLUSIVE INC | 1.0M | $4.2M | 0.1% |
| 41 | AUROR | AURORA INNOVATION INC | 1.0M | $4.0M | 0.1% |
| 42 | BAUSC | BAUSCH HEALTH COS INC | 350.0K | $2.4M | 0.0% |
| 43 | AUROR | AURORA INNOVATION INC | 1.8M | $413.1K | 0.0% |
| 44 | FLYEX | FLYEXCLUSIVE INC | 367.5K | $104.7K | 0.0% |
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