sounds like a really cool hedge fund to look for, anyone know how legit / prestigious they are and how easy it is to get in after say working at a decent investment bank as a pretty good analyst?
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bump
bumping at 9pm on a friday night.... if i wasn't sick i wouldn't be responding so no one would be responding to this
notwinningI threw monkey shit at you just for bumping your own post after not getting a response for 16 minutes... are you serious?
haha +1sb
well, since i am waiting for some kid to finish up his case study i will respond...
Third Point is super legit / prestigious. dan loeb is a warlock who has poetry and alpha in his fingertips.
it will not be easy to get in if you are a "pretty good" analyst. you need to be a rockstar analyst. i think the bank you're coming from matters less than your individual ability, but obviously if you work at a great bank in a great group it signals something. it will also help if you have experience in an area to which they are shifting focus (e.g., if they are focusing more on distressed scenarios, a lev fin background would be helpful) and it will help if you have some prior buyside experience. you can read their older letters which are posted on various websites to see the backgrounds of people they hire.
Third Point Capital (Originally Posted: 02/21/2010)
Can anyone tell me some background on this company? Thanks.
Dan Loeb's fund; he's a bit crazy but seems like a cool guy.
They do event-driven, distressed and a bit of activist. You can read some of the letters he's written to managements on wikipedia.
Third Point - Anyone familiar? (Originally Posted: 01/23/2007)
Has anyone read about this Dan Loeb guy from Third Point? I just read a couple of his letters to companies and it is hilarious!!
Anyone familiar with him?
thanks for the advice bankbank, anyone know how many analysts they take a year / how selective they are relative to other good HFs and megafund PE?
lmao this guy has some balls
Can anyone explain what they're talking about?
he is an "active" investor who talks smack to management publically when he wants to instigate change at a company.
think the gekko speach at teldar paper in the movie wallstreet, only without the greed is good bit, tan and good haircut.
So far it has been working - his 6b fund has had outstanding returns since inception.
http://en.wikipedia.org/wiki/Daniel_S._Loeb
make sure to check out the public letters listed at the bottom
Is this the "Chief value destroyer" guy?
.
"if Third Point had a website, I would imagine it would portray a well worn boot colliding with the backside of an incompetent manager"
the email exchange between him and a particular PM from the UK seeking employment at his fund was pretty funn too.
bankbank is sort of correct. none of their investment professionals come straight from traditional BB IBD analyst programs, most of them have PE / HF experience in addition. loeb's only hired one guy after two years of work experience, and the guy was a rockstar from goldman's special situations team. they are value-oriented, event-driven vultures who look to smell a rat well in advance and then accumulate. they are similar to baupost in the sense that they are not afraid to hold on to capital if they don't find attractive opportunities, equally prestigious.
Third Point - Interview (Originally Posted: 02/05/2007)
Anyone ever get the honor, or know of anyone who has interviewed with Third Point and Dan Loeb?
vulture often has a negative connotation...i wouldn't call them vultures. they are trying to buy assets for much less than they think they are worth and if an "asset" is under-performing and needs to have it's management team smacked around a bit (figuratively), they are not afraid to do it. they are extremely well regarded in the buyside community. they are going to hire people who are smarter than the average BB banking analyst and who can demonstrate that they understand value investing and will be able make money doing it.
now, to say they're equally as prestigious as Baupost...I don't know if I'd go that far. to many people in the know, klarman is in a class of his own and people often mention him in the same breath as W.E.B.
as an employee? i can't imagine management like it when they're on the other end of his questions.
I bet it is tough getting a job there..
Why put the guy on a pedestal?
Prob about the same as interviewing with the head of my fund or wingmans or anyone elses....
Anyone that runs a multi-billion fund that has been around for more than a few years is hella smart and will have you on your feet during an interview.
probably not the right thread for this conversation. klarman is gangster and his discipline separates him from the rest. but i'd argue that from an absolute return standpoint loeb has been able to replicate the same kind of success in a much more difficult strategy (special sits / catalyst-driven investing) with a more specific mandate. again, debatable but that's my personal view. baupost may be more of a name brand in the sense that everyone's read margin of safety, but loeb is an equal in terms of "investor prowess," no matter how defined.
hard to argue that both are two of the of the top managers in the game.
Read this:
http://cache.dealbreaker.com/uploads/2010/08/Third-Point-Q2-2010-Invest…
and this:
http://dealbreaker.com/2010/12/dan-loeb-has-some-advice-for-anyone-feel…
and this:
http://www.120467.com/2007/10/daniel-loeb-recruit-email.html
"We are an aggressive performance oriented fund looking for blood thirsty competitive individuals who show initiative and drive to make outstanding investments. This is why I have built third point into a $3.0 billion fund with average net returns of 30% net over 10 years."
Loeb is very, very good. As to the Klarman comparisons, I would say they are both excellent investors, they have both generated impressive returns, and they both have less formal mandates than most funds. That being said, Loeb is more of a special situation/event driven guy I think. As far as I know Klarman doesn't even have a formal mandate or benchmark. He is also from a different generation than Loeb and has a longer track record.
Anyone know how Loeb got to establishing Third Point? I have not seen any bio of him or his past work experience, so just curious...
http://www.scribd.com/doc/34755318/Daniel-Loeb-Bloomberg-Hedge-Fund-Rab…
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