Third Point

After a proxy fight, Third Point announced in June 2006 that Loeb and an ally, Todd Q. Swanson, would join the board of Massey Energy, the fourth-largest coal producer in the United States. The New York Times reported that Third Point owned 5.9% of Massey and that Loeb had been "feuding with the company for several months", criticizing the management and bringing attention to executive trips to the Bahamas, Las Vegas, and West Palm Beach, Florida, on the company jet.

In one note, Loeb wrote, "Massey's C.E.O. is provided a company-owned home to live in ... In fact, after he leaves the company, the house is to be given to him as a parting gift. No one else at the company gets free housing, much less an entire home as a retirement gift. What kind of example does it set when a C.E.O. who makes $33.7 million in a single year is given free housing while the company is having difficulty retaining its mine workers?"{{cite news|title=Activist Fund Claims Seats on Massey Energy Board|url=https://dealbook.nytimes.com/2006/06/28/activist-fund-claims-seats-on-massey-energy-board|access-date=November 27, 2013}}

In February 2007, Loeb asked Acorda Therapeutics, in which Third Point had a 9.9% stake, to sell itself to a larger U.S. pharmaceutical firm, arguing that a larger company with more experience "would be able to expedite Fampridine SR", a multiple sclerosis drug produced by Acorda, through the Food and Drug Administration (FDA) approval process "and into the hands of patients more quickly and efficiently". He argued that if Acorda were to continue going it alone or to seek partnership with a European firm it "would be a tremendous injustice not only to multiple sclerosis patients, who should receive such an effective drug in the most expeditious manner possible, but also to your public shareholders, who have supported Fampridine SR's development". His letter sent Acorda shares up nearly 6.9%.{{cite news|title=A Kinder, Softer Daniel Loeb?|url=https://dealbook.nytimes.com/2007/02/23/a-kinder-softer-daniel-loeb|access-date=November 27, 2013|newspaper=New York Times|date=February 23, 2007}}

Acorda responded with a statement indicating that its board of directors "continually evaluates ways to maximize shareholder value and to serve the best interests of all shareholders".{{cite news|title=Acorda Therapeutics Responds to Third Point Letter|url=http://ir.acorda.com/investors/investor-news/investor-news-details/2007/Acorda-Therapeutics-Responds-to-Third-Point-Letter/default.aspx|access-date=November 27, 2013|newspaper=Acorda|date=February 23, 2007}} In May 2007, Third Point disclosed that it had lowered its stake in Acorda to 4.1%.{{cite web|title=Loeb's Third Point LLC Lowers Stake in Acorda (ACOR) to 4.1%|url=http://www.streetinsider.com/13Ds/Loebs+Third+Point+LLC+Lowers+Stake+in+Acorda+%28ACOR%29+to+4.1%25/2354867.html|publisher=Street Insider|access-date=November 27, 2013}}

After Third Point disclosed its stake in Yahoo on September 8, 2011, calling for the resignations of four directors, Yahoo set up a conference call with Loeb, Jerry Yang of Yahoo, and one of the directors in question, Roy Bostock. Loeb said that the conversation concluded with "Mr. Bostock's abrupt unilateral termination of the call". Bostock, however, claimed that he had "said that he had other shareholders to attend to and ended the phone call".{{cite news|title=Loeb Reiterates Call for Yahoo Chairman's Exit|url=https://dealbook.nytimes.com/2011/09/14/loeb-again-urges-resignation-of-yahoo-chairman/?n=Top%2fReference%2fTimes%20Topics%2fPeople%2fY%2fYang%2c%20Jerry&_r=0|access-date=November 27, 2013|newspaper=New York Times|date=September 14, 2011}}

Loeb informed Yahoo CEO Scott Thompson in a March 2012 letter that Third Point wanted four seats on the firm's board. At the time Third Point owned about 5.3% of the firm. Yahoo sought to compromise by accepting one of Loeb's board nominees, Harry Wilson, a restructuring specialist, plus "another candidate acceptable to the two sides", but Loeb insisted on being added himself to the board. Yahoo refused, telling Loeb, according to his own account, that "my experience and knowledge 'would not be additive to the Board' and that as Yahoo's largest outside shareholder, I would be 'conflicted' as a Director. ... Only in an illogical Alice-in-Wonderland world would a shareholder be deemed to be conflicted from representing the interests of other shareholders because he is, well, a shareholder too." Loeb charged that the "Board's evaluation of our candidates" made "a mockery of good principles of corporate governance". In response to Yahoo's charge that Third Point was a "short-term investor", Loeb responded that "this 'long-term vs. short-term' excuse is a canard and particularly inapt in the case of Yahoo. If there ever was a company in need of a sense of urgency, it is this one". Loeb added that the "real issue is not short-term versus long-term but about Board representatives who have skin in the game and will exercise sound business judgment".{{cite news|last=De La Merced|first=Michael|title=Loeb to Yahoo's Chief: I'm Not a Short-Term Shareholder|url=https://dealbook.nytimes.com/2012/03/28/loeb-to-yahoos-chief-im-not-a-short-term-shareholder|access-date=November 27, 2013|newspaper=New York Times|date=March 28, 2012}}

In a May 2012 letter to Yahoo's directors, Loeb noted that according to Yahoo's filings with the U.S. Securities and Exchange Commission, newly hired CEO Scott Thompson had a bachelor's degree in accounting and computer science, whereas a simple Google search revealed that his degree was "in accounting only"; Thompson resigned ten days later.{{cite web|last=La Roche|first=Julia|title=The Best Of Dan Loeb's Vitriolic Letters And Emails|url=https://www.businessinsider.com/dan-loeb-letters-and-emails-2013-10#16-in-2004-loeb-sent-a-letter-to-intercepts-chairman-and-ceo-john-collins-calling-them-the-worst-management-team-4|publisher=Business Insider|access-date=December 1, 2013}} On the same day, Loeb, Wilson, and another Third Point candidate, Michael J. Wolf, were named to the Yahoo's board.{{cite news|last=Block|first=Alex|title=Activist Investor Daniel Loeb Buys MGM Stake (Exclusive)|url=https://www.hollywoodreporter.com/news/daniel-loeb-buys-mgm-stake-523356|access-date=December 1, 2013|newspaper=The Hollywoods Reporter|date=May 15, 2013}}

Marissa Mayer's appointment as CEO to replace Thompson was seen as the culmination of Loeb's efforts to transform Yahoo. Loeb, Wilson, and Wolf submitted their resignations from Yahoo's board in July 2013, and Yahoo bought back 40 million shares from Third Point, leaving the hedge fund's ownership at less than 2%, so the three executives had to leave. However, the hedge fund gained a profit of $1 billion. Marissa Mayer issued a statement praising Loeb: "Daniel Loeb had the vision to see Yahoo for its immense potential...While there's still a lot of work ahead, they've given us a great foundation".{{cite web|last=Alden|first=William|title=Activist Investor to Step Down From Yahoo Board|url=https://dealbook.nytimes.com/2013/07/22/activist-investor-to-step-down-from-yahoo-board|work=New York Times|access-date=December 1, 2013}} Steven Davidoff of New York Times observed that Yahoo "seem[ed] like damaged goods now that it has been abandoned by one of its biggest investors, Daniel S. Loeb", noting that Yahoo's share buyback had "the whiff of greenmail, or repurchasing stock to make an investor go away".{{cite web|last=Alden|first=William|title=A Possible Crippling Blow for SAC|url=https://dealbook.nytimes.com/2013/07/24/morning-agenda-a-possible-crippling-blow-for-sac|work=New York Times|access-date=December 1, 2013}}

According to a January 2014 Vanity Fair profile, when Loeb told Mayer he wanted to sell "20 million shares, or one-third of his remaining holdings", Mayer stated Yahoo would (buy back the stock at a guaranteed $29.11 per share)—but only if he sold 40 million shares. This transaction would "bring Loeb's stake below the 2 percent threshold, which meant that he and the other two representatives would have to leave the board".{{Cite magazine|url = https://www.vanityfair.com/news/business/2014/01/marissa-mayer-yahoo-google|title = Yahoo's Geek Goddess|last = Bethany|first = McClean|date = January 2014|magazine = Vanity Fair}} Loeb also signed a standstill agreement in 2013 that bars him from activist investing in Yahoo until 2018.{{Cite news|url = https://www.forbes.com/sites/ericjackson/2014/07/29/how-do-you-solve-a-problem-like-marissa/|title = How Do You Solve A Problem Like Marissa?|last = Jackson|first = Eric|date = July 29, 2014|work = Forbes}}

Loeb's announcement in August 2013 stated that he acquired a 5.7% stake in Sotheby's, causing its shares to rise 3%.{{cite news|last=Stevenson|first=Alexandra|title=Third Point Hedge Fund Increases Sotheby's Stake|url=https://dealbook.nytimes.com/2013/08/26/third-point-hedge-fund-increases-sothebys-stake|access-date=December 1, 2013|newspaper=New York Times|date=August 26, 2013}} Sotheby's announced in September 2013 that it "was considering moves like a share repurchase or raising its dividend", a response to Third Point's having raised its stake in the company. The New York Times reported that Sotheby's share price had "climbed about 5 percent since Third Point disclosed its increased stake".{{cite web|last=De La Merced|first=Michael|title=Under Investor Pressure, Sotheby's Weighs Changes|url=https://dealbook.nytimes.com/2013/09/11/sothebys-to-weigh-financial-moves-amid-investor-pressure|work=New York Times|access-date=December 1, 2013}}

Loeb disclosed on October 2, 2013, that he was now Sotheby's largest shareholder, with a 9.3% stake. On the same date he announced his desire to join Sotheby's board and called for the resignation of chairman and CEO William F. Ruprecht. "Sotheby's is like an old master painting in desperate need of restoration", Loeb wrote in a letter to the SEC, charging that a "crisis of management" at the firm had resulted in "dysfunctional divisions and a fractured culture", as well as "chronically weak operating margins and deteriorating competitive position relative to Christie's", Sotheby's main competitor. The firm, he wrote, required new directors and needed for the positions of chairman and CEO to be filled by two different persons, not one. In a later statement, Loeb said that "Sotheby's malaise is a result of a lack of leadership and strategic vision at its highest levels", criticized Ruprecht's $6.3 million salary, and chastised the Sotheby's directors for spending "hundreds of thousands of dollars" in shareholder funds on a single extravagant meal banquet.{{cite web|last=Stevenson|first=Alexandra|title=Loeb Raises Stake in Sotheby's and Seeks Board Seat|url=https://dealbook.nytimes.com/2013/10/02/loeb-raises-stake-in-sothebys-and-seeks-board-seat/?_r=0|work=New York Times|date=October 2, 2013|access-date=December 1, 2013}}

Sotheby's replied to Loeb with a statement maintaining that its "actions as a leader in the global art business have been producing superior results—including a share price increase exceeding the Standard & Poor's MidCap Index over the one, five and ten year periods".{{cite web|last=Baucher|first=Brian|title=Sotheby's Shareholder Attacks CEO, Calls for Resignation|url=http://www.artinamericamagazine.com/news-features/news/sothebys-shareholder-attacks-ceo-calls-for-resignation|publisher=Art in America|access-date=December 1, 2013}}

Adam Lindeman of the New York Observer, in an article headlined "Barbarians at Sotheby's Gate?", suggested that the "firefight" between Loeb and Sotheby's would "benefit Sotheby's", a place Lindeman described as having "a British, clubby feeling of privilege and stuffy pedigree", compared to the "considerably warmer" feel of Christie's.{{cite news|last=Lindemann|first=Adam|title=Barbarians at Sotheby's Gate?: Activist Investor Daniel Loeb Is Shaking Up the Centuries-Old Auction House|url=https://observer.com/2013/10/barbarians-at-sothebys-gate-activist-investor-daniel-loeb-is-shaking-up-the-centuries-old-auction-house/|work=Observer|date=October 8, 2013}}

Ruprecht announced his resignation in November 2014, sending Sotheby's shares up around 7% a day.[http://www.zacks.com/stock/news/155165/sothebys-up-as-ceo-ruprecht-resigns-amid-board-pressure Sotheby shares rise on news of Ruprecht's tendered resignation], zacks.com; accessed January 4, 2015.

===Sony===

Loeb criticized the poor performance of Sony's summer 2013 films After Earth and White House Down in a letter issued that year, expressing concern that Sony CEO Kazuo Hirai "does not worry about a division that has just released 2013's versions of Waterworld and Ishtar back-to-back". Loeb proposed a "partial spinoff" (handing about 15% to 20% to existing shareholders) of Sony's entertainment business", and even offered to "backstop the initial public offering up to $2 billion to ensure its success".{{cite web|last=Wakabayashi|first=Daisuke|title=Loeb Turns Up Heat on Sony after Film Flops|url=https://blogs.wsj.com/japanrealtime/2013/07/30/loeb-turns-up-heat-on-sony-after-film-flops|publisher=Wall Street Journal|access-date=December 1, 2013}}{{Cite news|url = https://dealbook.nytimes.com/2013/05/14/hedge-fund-manager-daniel-loeb-targets-sony-for-a-breakup|title = American Investor Targets Sony for a Breakup|last = Andrew Ross Sorkin and Michael J. de la Merced|date = May 14, 2013|work = New York Times}} "Given entertainment's perpetual underperformance", Loeb wrote, "perhaps Sony's reluctance to discuss it candidly stems from (understandable) embarrassment".{{cite news|last=De La Merced|first=Michael|title=George Clooney rebuts Loeb's critique of Sony|url=https://www.cnbc.com/2013/08/02/george-clooney-rebuts-loebs-critique-of-sony.html|access-date=December 1, 2013|newspaper=CNBC|date=August 2, 2013}} In addition to asking Sony to spin off its entertainment assets, Loeb sought a spinoff of its financial services division. Loeb's letter sent Sony stock up about 10%. At the time Third Point was Sony's largest shareholder with a 6.5% stake.

Sony's board announced on May 22, 2013, that it was considering Loeb's proposal to spin off its entertainment division. "We will engage in thorough discussions at the board level to decide on Sony's response ... [I]t is an important matter that relates to Sony's core businesses and management, so the board must hold ample discussions", Hirai said. The New York Times noted that Japanese corporations "have a history of ignoring letters from shareholders calling for overhauls".{{cite web|last=Tabuchi|first=Hiroko|author-link=Hiroko Tabuchi |title=Sony Pondering Spinoff Proposal From a Big Investor|url=https://dealbook.nytimes.com/2013/05/22/sony-board-considers-breakup|work=New York Times|date=May 22, 2013|access-date=December 1, 2013}}

Hirai ultimately rejected Loeb's suggestion, saying, "Sony's entertainment businesses are critical to our corporate strategy and will be important drivers of growth, and I am firmly committed to assuring their growth, to improving their profitability and to aggressively leveraging their collaboration with our electronics and service business". One factor in Hirai's decision was the counsel of advisers who argued, "that subsidiary initial public offerings have rarely succeeded". Sony's sole concession to Loeb was an agreement "to disclose more information about the entertainment unit's financials". Third Point expressed disappointment in Sony's decision, but welcomed "Sony's commitment to greater transparency".{{cite web|last=Machuk|first=Eddie|title=Sony rejects investor's proposal to spin off entertainment business|url=http://www.gamespot.com/articles/sony-rejects-investors-proposal-to-spin-off-entertainment-business/1100-6412564|publisher=Games Spot|access-date=December 1, 2013}}

The Hollywood Reporter reported in May 2013 that Loeb was buying up shares of MGM, leading CNBC commentators to note that Loeb, who already owned stakes in Yahoo, Sony, and Virgin Media, seemed to be "becoming something of a media mogul".{{cite web|last=Carney|first=John|title=Dan Loeb Buys A Stake In MGM|url=https://www.cnbc.com/2013/05/16/dan-loeb-buys-a-stake-in-mgm.html|publisher=CNBC|access-date=December 1, 2013}} Bloomberg noted in September 2013 that Third Point was now "one of MGM's top five owners, according to a person with knowledge of the situation".{{cite web|last=Palmeri|first=Christopher Palmeri|title=MGM Film Studio Adopts Takeover Defense, Weighs Options|url=https://www.bloomberg.com/news/2013-09-13/mgm-film-studio-adopts-takeover-defense-weighs-options.html|publisher=Bloomberg|access-date=December 1, 2013}}

In late 2014, Third Point took a stake in Fanuc, a robotics and computer numerical controls firm. Prior, Fanuc seldom made direct contact with its investors but in March 2014, the company decided "it would start talking to shareholders" and "return some of its cash to them." Loeb has met with Fanuc's President, Yoshiharu Inaba, with encouragement from Japan's government officials, who are aiming to "shak[e] up companies' slothful boards."{{cite news|title=Winds of Change|url=https://www.economist.com/news/business/21653638-prospects-shaking-up-japanese-firms-have-never-looked-so-good-winds-change|access-date=9 June 2015|publisher=The Economist|date=6 June 2015}}

After Ligand Pharmaceuticals hired John Higgins as its new CEO in January 2007, Third Point Management invested in the biotech firm and was able to cut its losses. Since 2011, Ligand Pharmaceuticals tripled its stocks and doubled its revenue to $65 million.{{cite web|last1=Fisher|first1=Daniel|title=Life After Loeb: Ligand Pharmaceuticals Prospers In Stripped-Down Mode|url=https://www.forbes.com/sites/danielfisher/2015/07/01/life-after-loeb-ligand-pharmaceuticals-prospers-in-stripped-down-mode/|work=Forbes|access-date=6 July 2015}}

In August 2015, Third Point took a 7 percent stake, over $2 billion, in Baxter International.{{cite news|last1=Gara|first1=Antoine|title=The Quiet Shareholder Activist? Dan Loeb Seeks Baxter Board Seats Without Fiery Contest|url=https://www.forbes.com/sites/antoinegara/2015/08/05/the-quiet-shareholder-activist-dan-loeb-seeks-baxter-board-seats-without-fiery-contest/#20ccc7162bb9|access-date=17 September 2016|work=Forbes|date=August 5, 2015}} In a letter to Baxter's board, Loeb wrote that he was "most impressed" by the company's willingness to consider adding new directors to go along with a new CEO and requested for Baxter CEO Robert Parkinson for two seats on the board.{{cite news|title=Dan Loeb's Third Point Llc Bought Baxter International Inc's Shares|url=http://www.octafinance.com/dan-loebs-third-point-llc-bought-baxter-international-incs-shares/|access-date=12 August 2015|publisher=Octa Finance}}{{cite news|last1=Celarier|first1=Michelle|title=Activist makes $1 billion investment in American Express|url=http://online.barrons.com/articles/third-point-checks-out-baxter-international-1439013147|access-date=12 August 2015|publisher=Barrons}} Baxter reached a settlement with Third Point agreeing to add Munib Islam to its board.{{cite news|last1=Benoit|first1=David|last2=Minaya|first2=Ezequiel|title=Baxter Gives Board Seat to Loeb's Third Point|url=https://www.wsj.com/articles/baxter-gives-two-board-seats-to-loebs-third-point-1443622630|access-date=19 October 2015|publisher=Wall Street Journal}} Loeb also disapproved of the board's current setup, in which directors do not face re-election every year, and described it as "shareholder-unfriendly and archaic."{{cite news|last1=Michael|first1=De la Merced|title=Daniel Loeb's Third Point Takes a Big Stake in Baxter|url=https://www.nytimes.com/2015/08/06/business/dealbook/daniel-loebs-third-point-takes-a-big-stake-in-baxter.html?_r=0|access-date=12 August 2015|work=The New York Times|date=5 August 2015}} Baxter then agreed to hold annual elections for its board of directors after Loeb's criticism.

In December 2018, Third Point sold 22.2% of its stake in Baxter, dropping holdings to 28,008,125 shares. The sale was completed at a price of $68.62 per share.{{Cite web|url=https://www.forbes.com/sites/gurufocus/2018/12/06/dan-loeb-sells-baxter-international-shares-at-strong-gain/|title=Dan Loeb Sells Baxter International Shares At Strong Gain|website=Forbes}}{{Cite web|url=https://www.gurufocus.com/news/782325/dan-loeb-sells-activist-target-baxter-at-strong-gain|title=Dan Loeb Sells Activist Target Baxter at Strong Gain - GuruFocus.com|website=www.gurufocus.com}}

In June 2017, Third Point disclosed its ownership in approximately 40 million shares of Nestlé, making it the company's sixth-largest shareholder according to Standard & Poor's Global Market Intelligence.{{cite news|last=de la Merced|first=Michael|title=Third Point, a Hedge Fund, Sets Its Activist Sights on Nestlé|url=https://www.nytimes.com/2017/06/25/business/dealbook/nestle-third-point-daniel-loeb-activist-investor.html|access-date=11 January 2018|publisher=NYT}}{{cite news|last1=de la Merced|first1=Michael|title=Third Point, a Hedge Fund, Sets Its Activist Sights on Nestlé|url=https://www.nytimes.com/2017/06/25/business/dealbook/nestle-third-point-daniel-loeb-activist-investor.html|access-date=12 February 2018|work=The New York Times|date=June 25, 2017}}

In the fourth quarter of 2017, Third Point acquired 2 million shares or a .46 percent stake in Netflix, making it the ninth-largest equity long holding in the fund.{{cite news|last1=Cheng|first1=Evelyn|title=Dan Loeb's Third Point takes 2 million share stake in Netflix|url=https://www.cnbc.com/2018/02/14/dan-loebs-third-point-takes-2-million-share-stake-in-netflix.html|access-date=15 February 2018|publisher=CNBC|date=February 14, 2018}}{{cite news|last1=Deveau|first1=Scott|title=Third Point Reveals Stakes in Netflix, Intercontinental Exchange|url=https://www.bloomberg.com/news/articles/2018-02-14/third-point-reveals-stakes-in-netflix-intercontinental-exchange|access-date=15 February 2018|publisher=Bloomberg|date=February 14, 2018}}

Third Point LLC serves as the investment manager of Third Point Partners Qualified L.P., Third Point Partners L.P., Third Point Offshore Master Fund L.P., and Third Point Ultra Master Fund L.P.{{cite web|title=THIRD POINT LLC LETTER TO YAHOO! (NASD: YHOO) BEGINS PROCESS UNDER DELAWARE LAW TO OBTAIN BOOKS AND RECORDS RELATING TO CEO SCOTT THOMPSON AND NEW DIRECTORS' VETTING PROCESSES|url=https://www.sec.gov/Archives/edgar/data/1011006/000089914012000322/y7751584b.htm|publisher=SEC|access-date=December 1, 2013}} Third Point Partners is Third Point's oldest fund.{{cite web|title=About|url=http://www.thirdpointre.bm/about/default.aspx|publisher=Third Point Re|access-date=December 1, 2013}}

According to CNBC, Third Point has ranked among the industry's best performers, returning an average of 19 percent a year since its launch.{{cite news|title=Third Point's Loeb: BOJ move will be 'positive' for markets|url=https://www.cnbc.com/2016/09/21/third-points-loeb-boj-move-will-be-positive-for-markets.html|access-date=1 October 2016|publisher=CNBC|date=September 22, 2016}} A list of current investment holdings is available [https://fintel.io/i/third-point-llc here].

Third Point Reinsurance Ltd., through its class 4 reinsurance company, Third Point Reinsurance Company Ltd., is a Bermuda-based specialty property and casualty reinsure. Together they are known as Third Point Re. The firm was incorporated on October 6, 2011. Its investable assets are managed by Third Point LLC, and Loeb is one of its founding shareholders.

Third Point Re directly owns its own investments, which, according to its website, "are held in a separate account and managed by Third Point LLC on substantially the same basis as its main hedge funds, including Third Point Partners L.P., the original Third Point LLC hedge fund". A.M. Best Company gave Third Point Re an A− (Excellent) financial strength rating in January 2012. Since 1995, Third Point Re has generated one of the best long-term investment track records in history, averaging 19.5% annual returns.{{cite news|title=Dan Loeb's Third Point Re a Good Bet in Declining Markets|url=http://www.gurufocus.com/news/391758/dan-loebs-third-point-re-a-good-bet-in-declining-markets|access-date=12 February 2016|publisher=Guru Focus|date=11 February 2016}}

Third Point Re raised approximately $276 million in an IPO in August 2013. That same month, it was reported that Third Point Re qualified as an "emerging growth company" under the Jumpstart Our Business Startups (JOBS) Act.{{cite web|last=Spears|first=Lee|title=Loeb's Reinsurer With No U.S. Staff Gains From Jobs Act|url=https://www.bloomberg.com/news/2013-08-08/loeb-s-reinsurer-with-no-u-s-staff-gains-from-obama-s-jobs-act.html|publisher=Bloomberg|access-date=December 1, 2013}}

Third Point Offshore Investors Limited is a closed-ended limited liability investment company registered and incorporated in Guernsey.{{cite web|title=Our Company|url=http://www.thirdpointpublic.com/|publisher=Third Point Public|access-date=December 1, 2013}} It was listed on the London Stock Exchange in 2007. "We believe that we will be the first U.S. hedge fund to list a single manager fund on the London Stock Exchange", Loeb said.{{cite news|title=Loeb's Third Point to List Fund in London|url=https://dealbook.nytimes.com/2007/06/14/loebs-third-point-to-list-fund-in-london/?_r=0|access-date=December 1, 2013|newspaper=New York Times|date=June 14, 2007}}

In a December 2010 letter to investors, Loeb described a recent 60 Minutes interview with Federal Reserve chairman Ben S. Bernanke as "a staged infomercial rather than a serious interview". In the letter he largely rejected the "narrative" that Bernanke had constructed around the 2008 financial crisis and the Fed's response to it.

Bernanke's "narrative arc...posits that the global economy would have collapsed and unemployment would have exceeded levels of the Great Depression had the Fed not intervened to rescue the financial system. Having set the stage for how we were saved from global financial Armageddon once before and therefore ought to trust the Fed's intervention blindly again, Chairman Bernanke's next chapter states that the Fed's latest $600 billion market intervention will alleviate our seemingly intractable high levels of unemployment, which otherwise would continue indefinitely", Loeb complained, rejecting Bernanke's "narrative" as contrary to "certain facts and our own experience – like the Fed's admitted inability to see the crisis coming or to regulate effectively the banks under its purview". Loeb called "Bernanke's devotion to the righteousness of his narrative" "striking", adding that "every actor in the financial system still ought to be asking how things went so terribly wrong", not inventing a narrative "that emancipates one from blame and promises future forecasting precision".

Loeb warned of "the dangers of believing too much in the stories we tell ourselves" and said that highly placed individual such as Bernanke should "be willing to search out facts and admit wrongdoing". At Third Point, Loeb wrote, "we are truth seekers and problem solvers. We must satisfy ourselves with determining ranges of outcomes and potential scenarios rather than searching for, and ultimately fabricating, absolute truths. The only thing we are 100 percent confident in is that we are fallible, we don't have all the answers, and we will make some mistakes".{{cite web|last=Ahmed|first=Azam|title=Bernanke Interview an 'Infomercial', Loeb Says|url=https://dealbook.nytimes.com/2010/12/09/bernanke-interview-a-infomercial-loeb-says|work=New York Times|date=December 9, 2010|access-date=December 1, 2013}}

The Canadian insurance firm Fairfax Financial Holdings Ltd. sued Third Point and other hedge funds in a New Jersey state court in March 2011, charging that Loeb lied to investors when he stated that his "decision to short Fairfax-related positions" was the result of extensive research.{{cite news|last=Weidlich|first=Thom|title=Fairfax Financial Claims in Suit That Third Point's Loeb Lied to Investors|url=https://www.bloomberg.com/news/2011-03-06/fairfax-financial-claims-in-suit-that-third-point-s-loeb-lied-to-investors.html|access-date=December 1, 2013|newspaper=Bloomberg}} New Jersey State Court Judge Stephan C. Hansbury granted the summary judgment motions of Third Point LLC, Daniel S. Loeb, and Jeffrey Perry in December 2011, dismissing the charges against them. "We are gratified that the Judge has put an end to this colossal waste of time and resources", said Third Point, describing the case as "a blatant case of forum shopping [and] a cynical attempt by Fairfax to manipulate the judicial system and to intimidate institutional investors who had legitimate concerns about Fairfax's financial position".{{cite web|title=Third Point LLC and Daniel S. Loeb Dismissed from Fairfax Lawsuit|url=http://www.businesswire.com/news/home/20111223005435/en/Point-LLC-Daniel-S.-Loeb-Dismissed-Fairfax|publisher=Business Wire|access-date=December 1, 2013}}

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