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Loeb says Third Point raised short bets to avoid losses

February 13, 2016 by · Leave a Comment 

Billionaire investor Daniel Loeb has told clients his firm has taken more defensive bets in the face of tumbling markets by dramatically increasing its short positions, which helped Third Point avoid “calamitous” losses last year. The fund manager also said the firm cut stakes in companies that were exposed to China and commodity prices, which have fallen sharply. Loeb, whose $17.5 billion hedge fund has delivered an average return of 16.2 percent a year over the last two decades, did not mince words in his assessment of tumbling markets

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Loeb says Third Point raised short bets to avoid losses