@saso_capital market needed a breatheR. Vera Rubin news reflects realities of not enough memory - arguably bullish aspects to that - kospi and Hynix/Samsung are all offshoots of the same sell-off … Avgo is being blamed by the media but either markets know something or it’s a regular breather
My conversation with @DanielSLoeb1, 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 Thing
@MarcosMillaYT Best exposure is levering at 117% on DRAM, if you have a 5-6% cost of margin your all in annual cost including mgmt fee is less than 100 Bips and you get pure memory exposure. EWY is only low 50s% memory and there is an adjacent currency bet.