Daniel Loeb and his Third Point Capital are out with their Q4 2012 letter. Daniel was recently named to the Forbes billionaires list along with David Einhorn of Greenlight Capital (personally I was surprised that Bill Ackman of Pershing Square wasn't on the list). But I digress, in the letter he is rather constrained. Talking about how their increased their gross exposure in Q1 but firmly believes that developed western economies are just kicking the can down the road for something much worse later. For the year they were berak even but year to date they are up 4.9% (its worth mentioning that since inception in 1996 they have annualized 17.5%). He goes on to discuss his position in Unicredit, Skyworks Solutions (which they exited in March as it reached their price target), EksportFinans, Abercrombie & Fitch, Volkswagen, Ally Financial, and Yahoo!. I enjoyed the letter and it was one of the more detailed position reviews than we have gotten in the past.
Third Point Capital - 2012.03.13