Dan Loeb - Third Point Capital - Q4 2012 Letter to Investors

Below please find Third Point Capital's Q4 2012 letter to investor. In the letter Daniel Loeb talks about their recent long position in Herbalife (NYSE:HLF) and how he thinks they could be worth $55 - $68 per share versus a recent close of $39.95 representing upside of 38% - 70%. It will be interesting to see how this plays out since Pershing Square and Bill Ackman are vocally on the opposite side of this (self reporting some 20 million shares shorted and think its going to $0!). For the year they ended up 21.2% (not too shabby). With 9.2% of that coming in Q4. They also go on to discuss their new long psotiions in Tesoro and Morgan Stanley. As usual its a very interesting letter and well worth the read. Enjoy. Loeb HLF