My conversation with Daniel S. Loeb, his first ever podcast and one I've been wanting to do for years. Dan started Third Point in 1995 with $3 million. Today the firm manages over $24 billion across equities, credit, venture, and insurance. Along the way he wrote some of the... most iconic activist letters. We discuss: - Why deep value stopped working - The power of writing - The Twitter and XAI credit trades - Lessons from FTX and Danaher - The Sony and Sotheby's stories - What makes a great analyst today - The importance of kindness I feel lucky we all get to learn from one of the greats. Enjoy! Timestamps: 0:00 Intro 2:48 Macro Views and Tech Trends 5:13 The Roots of Third Point 10:30 Evolving to Quality and Thematic Investing 19:07 Market Psychology and Inefficiencies 24:10 Good and Bad Corporate Governance 29:19 Activism 31:23 Sotheby's 41:37 AI 44:28 Sony 52:50 Danaher's Operating System 56:31 Building an Insurance Business 59:25 FTX 1:05:17 What Makes a Great Analyst Today 1:07:24 The Next Decade 1:10:00 Kindest Thingshow more

@DanielSLoeb1 best part of this was the 5 minute stint where he gave like a half dozen book recs! would love if there was a recurring segment in the ILTB episodes where you asked guests for their favorite books (sort of like the question about the nicest thing someone's done for them)

@DanielSLoeb1 Full episode on Youtube:

@DanielSLoeb1 🐐

Great work, Patrick. Been waiting for Loeb to do one of these and you pulled the thread on the right things. His edge worked because US markets price on fundamentals. Plenty of markets still price the asset on the country’s politics. For example, Brazilian ag and industrials throw off dollar-linked cash flows that have little to do with the election cycle they get discounted for. That gap between perceived and actual risk is the trade, and almost no one sharp is looking at it.

@DanielSLoeb1 and he does it again... 100% no better podcast at picking their guests out there

@DanielSLoeb1 keep cooking king

@DanielSLoeb1 Wow this is a big one

@DanielSLoeb1 holy shit it's getting hard to keep up

@Jesse_Livermore @DanielSLoeb1 Always curious how you become so well prepared for all your interviews, especially considering the depth you go into. Tips would be appreciated

I spend every waking working hour obsessing over what’s going on in tech/business and to a lesser degree finance. So I guess in that way I’m preparing constantly, and the guests reflect my interests (both the people and what they do). I dont do much (or any) prep for specific guests. I usually know them already. If I don’t know them I’ll spend some time with them beforehand.

@DanielSLoeb1 Great episode

@InvestLikeBest @DanielSLoeb1 Look forward to this one!

@DanielSLoeb1 A drop-everything-you're-doing-and-listen podcast moment.

@DanielSLoeb1 Can’t wait for this one! I have taken so much value from following Dan over last few years.

@InvestLikeBest @DanielSLoeb1 Can’t wait

@DanielSLoeb1 Dan’s the GOAT 🐐

@DanielSLoeb1 this was predictably excellent. one of the goats -- on and off the field of play.

@DanielSLoeb1 You’re an elite interviewer, Patrick. Thanks for another great episode. Still blows my mind that we can listen to conversations like this for free.

@TMTLongShort @DanielSLoeb1 This is a “drop everything” listen

@DanielSLoeb1 Awesome. Fantastic guest and amazing podcast. Loading this up for the plane ride now.

@DanielSLoeb1 Very cool - great get! I wouldn't pretend to know @DanielSLoeb1 well - but in the few conversations we've had - I have always come away with a nugget. Will take a listen this weekend!

@DanielSLoeb1 All Loeb does is repeat buzzwords. Lightweight.

@DanielSLoeb1 Anyone else get so amped when one of these drops heading into the weekend?

@DanielSLoeb1 woah shoutout location for filming lmao v pretty

@DanielSLoeb1 Small thing but I love that he mentioned the book Essentialism I reccomend it to every founder we invest in and everyone within our fund

@DanielSLoeb1 Well, Daniel is being extremely conservative on US equities. He liquidated a large part of his portfolio and significantly reduced many positions… interesting!

@DanielSLoeb1 Very much looking forward to this one!

@DanielSLoeb1 The pace of these has been incredible. Appreciate all the work that goes into them. Been a fan for years.

@DanielSLoeb1 About time Dan Loeb did a feature and interview. For too long he was such a recluse from interviews when his contemporaries would gladly share knowledge and wisdom. This will be a highly value episode. Dan has been more public in recent years to much benefit.

@DanielSLoeb1 Great job guys! Thank you for sharing this. 🙌🏼

@DanielSLoeb1 top analyst 20 yrs ago = can understand crazy complex things & build complex models really fast top analyst today = gavin baker type banger

@DanielSLoeb1 With super mediocre returns the last 5 years

The part that jumps out to me is “the importance of kindness”. You can find plenty of smart investors. Finding someone who can compound capital, relationships and reputation over decades is much rarer.

@DanielSLoeb1 Beast

@DanielSLoeb1 Looking forward to this one! 🔥

@DanielSLoeb1 Great insights great pod Patrick. You should talk to Brett Barth and Evan Roth, founders of BBR Partners. The last of the truly independent scaled RIAs, serving UHNWI. Compelling story, fwiw.