Dan Loeb - Lessons from 30 Years of Investing - [Invest Like the Best, EP.475]

Welcome everyone. I'm Patrick O'Shaughnessy and this is Invest Like the Best. This show is an open ended exploration of markets, ideas, stories, and strategies that will help you better invest both your time and your money. If you enjoy these conversations and want to go deeper, check out Colossus, our quarterly publication with in-depth profiles of the people shaping business and investing. You can find Colossus along with all of our podcasts at Colossus.com. Chick O'Shaughnessy is the CEO of Pastive Sum. All opinions expressed by Patrick and podcast guests are solely their own opinions and do not reflect the opinion of Positive Some. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc.

Mm. My guest today is Dan Loeb, the founder and CEO of Third Point. Dan started Third Point in nineteen ninety five with a few million dollars, and today the firm manages$24 billion across equities, corporate, and structured credit, venture, and insurance. He is best known for his activist work at companies like Sotheby, Sony's, and Yahoo, and for the public letters he has written to boards over the years. What I find most interesting about Dan is how much his approach has evolved across those thirty years. He came up as a credit and event driven investor at Warber Pincus and Jefferies, built Third Point, then layered in quality investing, thematic technology investing. And now a very large credit business that sits alongside the hedge fund. We cover how he thinks about the AI stack and the companies inside it he believes matter most.

The difference between good and bad governance, the Sony and Sutheby stories, and the power of writing. Please enjoy my conversation with Dan Loeb. Damn, we've only been trying to do this for Six years. Welcome. I've been excited to finally chat with you about all things markets. It's such a crazy time. And I was walking in here, I'm like, what am I actually the most curious about as it relates to how Dan runs his life? And one of the questions is the simplest, which is

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