Daniel Loeb
| Dan Loeb | |
|---|---|
| Born |
Daniel Seth Loeb December 18, 1961 Santa Monica, California, U.S. |
| Residence | New York City, New York, U.S. |
| Nationality | United States |
| Alma mater |
University of California, Berkeley Columbia University |
| Occupation | Investor, hedge fund manager, and philanthropist |
| Known for | Founding and leading Third Point Management |
| Net worth | US$2.9 billion (February 2017) |
| Spouse(s) | Margaret Davidson Munzer (m. 2004) |
Daniel Seth Loeb (born December 18, 1961) is an American investor, hedge fund manager, and philanthropist. He is the founder and chief executive of Third Point, a New York-based hedge fund focused on event-driven, value-oriented investing with $10.8 billion in assets under management, as of March 2016.
New York magazine noted that Loeb's "preferred strategy" is to buy into troubled companies, replace inefficient management, and return the companies to profitability, which "is the key to his success." Loeb was described as "one of the most successful activists" in 2014.
Loeb, the son of Ronald and Clare (née Spark) Loeb, was raised in Santa Monica, California where he attended Palisades Charter High School. At the school, he took AP classes, started a skateboard company and was nicknamed "Milo Minderbinder" by one of his teachers (after a character in the novel Catch-22 who had a fascination with the ). His father was a partner at the Los Angeles law firm of Irell & Manella LLP and general counsel for Williams-Sonoma. His father also served as an outside director of Mattel, Inc. for over 30 years and during one period became interim President of Mattel. His mother is a historian.
Loeb's great-aunt, Ruth Handler, created the Barbie doll and co-founded Mattel Inc. In 2009, Loeb told an audience "[I] associated success in business with Hot Wheels and Barbie dolls. I think it was a very powerful enforcer early on to like business."
Loeb attended the University of California at Berkeley for two years and subsequently graduated from Columbia University with an economics degree. By his senior year at Columbia, he had made $120,000 in the stock market, but lost it all on an investment in a firm called Puritan-Bennett Inc. The loss taught him a lesson, he later said, in "overconcentrating positions".
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