Sunday, November 27, 2005

Master of the Universe: 3rd Point's Dan Loeb

It's official.

Hedge fund managers are now living la vida loca.

Hedge fund honcho Dan Loeb just signed a contract for an apartment in NYC that'll cost him $45 million.

Talk about a pad: a 10,000-square-foot penthouse in the old Mayflower Hotel at 15 Central Park West.

It's been quite a year for Loeb, the feisty and voluble founder of the $3.6 billion hedge fund Third Point LLC.

Loeb made headlines several times this year after the Street threw the spotlight on several rambunctious letters Loeb had written to CEOs of companies he was buying massive stakes in.

The letters are as mordant as they are comical, if you ask us:
A review of your record reveals years of value destruction and strategic blunders which have led us to dub you one of the most dangerous and incompetent executives in America...It is time for you to step down from your role as CEO and director so that you can do what you do best: retreat to your waterfront mansion in the Hamptons where you can play tennis and hobnob with your fellow socialites...

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