Sunday, August 5, 2012

Dan Loeb's Yahoo Inc. Involvement

Dan Loeb's distinct style which is perceived as ground-breaking, innovative and efflorescent is also seen as controlling, rude and childish by others depending on who you ask. Hedge fund managers and investors alike seem invariably in favour of his nonchalant attitude toward investor activism which breaks from the militant rhetoric of other investment industry leaders. The increasingly legendary hedge fund's manager's varied popularity is to due his activist shareholder activities, which while stur considerable controversy/media attention have never constituted more than 10% of his fund, until his Yahoo position which is now approaching 25% of his equity portfolio. 

Dan Loeb, CEO of Third Point Advisors letters to Yahoo Inc. :

Letter to CEO Jerry YangSeptember 14, 2011

Letter to Board of Directors of Yahoo Inc. (concerning Recapitalization efforts) | November 4, 2011

Letter #2 to Board of Directors (states CEO and Chair of Search Committee false qualifications) | May 3, 2012

Letter #3 to Board of Directors (dismisses CEO apology, outlines path for future governance) | May 9, 2012

Thank you to Cal for your comment which aided with the research for this post - your help is much appreciated!

Enjoy Reading!

Please comment on Dan Loeb's effectiveness or perhaps his changing style or even the fear that CEO's of other companies Third Point invest in must have! Look forward to our conversations!

Saturday, June 26, 2010

Compilation of Dan Loeb's Letters to CEO's

I was recently watching a webcast of a speech Dan Loeb gave and it inspired me to return and re-read his old greats.
Excellent letters. Formidable phrasing this paragraph remains a great.
"I must admit that I was so distraught by our conversation that my temper got the
best of me and loudly informed Dr. Verbrugge that I was flunking him as a
director of the Company and that I planned to expel him from the board as soon
as practicable, before unilaterally terminating the conversation." - Letter to Intercept

Letter to Intercept

Letter to Penn Virginia1st

Letter to Pogo

Letter to Nabi Pharma

Letter to Horizon

Letter to Salton Corporation

Letter to Star Gas

Letter to Western Gas

Letter to Ligand

Loeb's corporate activism has brought to light the poor attendance and performance of board members, terrible conflicts of interest within the executive class and a host of CEO issues from outright management incompetence to poor capital allocation and even highlighting under-qualification/lying as with the Yahoo CEO of late. Dan Loeb, CEO of Third Point Advisors, has gained legendary status for both his history of high capital returns and corporate activist victories.

Can't help myself but laugh upon re-reading these great pieces. Wonderfully written!

Enjoy Reading!

Please comment with your thoughts, opinions and perspectives on any of the above! I would love to start a conversation with you!