30 Years of Finding Alpha | Dan Loeb

Watch on YouTube ↗  |  May 28, 2026 at 16:17  |  1:13:09  |  ILTB Podcast
Speakers
Dan Loeb — Founder and CEO, Third Point

Summary

Dan Loeb discusses his evolution from deep-value event-driven investing to quality and thematic investing, with a strong focus on AI and semiconductors. He shares specific current positions: long Nvidia, Twitter debt, XAI debt, and a small re-entry in Danaher. He also covers corporate governance, activism lessons, and the FTX mistake.

  • Dan Loeb explains his shift from event-driven to quality and thematic investing.
  • He is bullish on AI semiconductor supply chain, especially Nvidia, calling it the most attractive sector.
  • Third Point holds large credit positions in Twitter and XAI debt, citing attractive risk/reward.
  • Dan re-entered Danaher after selling during COVID, though in a small way.
  • He discusses the importance of corporate governance and his activist campaigns like Sotheby's and Sony.
  • The FTX investment is highlighted as the toughest lesson, emphasizing the need for basic due diligence.
Trade Ideas
Dan Loeb Founder and CEO, Third Point 40:36
Twitter debt offered 12% yield.
Twitter debt was purchased at 96-97 cents on the dollar yielding approximately 12%. Third Point was comfortable with the underlying business value and fundamentals, making it their largest credit position at the time. The risk/reward was attractive given the embedded equity value and franchise strength.
Twitter debt HIGH
Dan Loeb Founder and CEO, Third Point 40:49
XAI debt was a compelling credit.
XAI's debt financing was an attractive opportunity because despite minimal cash flows and $2 billion in revenues against a $20 billion enterprise value, Third Point's cross-disciplinary knowledge (credit plus private investing) gave them confidence the business was real. The debt was a fulcrum security with good risk/reward.
XAI debt MED
Dan Loeb Founder and CEO, Third Point 42:29
Nvidia is a buy at current multiples.
Nvidia remains attractive because it trades at 15x 2027 or 12x 2028 earnings for the most dominant, fast-growing company at its size. Valuations are not bubbly like the dot-com era; cash flows are enormous and capex is being funded off balance sheets. There is still a catch-up trade available as AI adoption is just scratching the surface.
NVDA HIGH
Dan Loeb Founder and CEO, Third Point 43:16
AI semiconductor supply chain is most attractive.
The entire AI semiconductor supply chain, including semiconductors, semi-cap equipment, memory, and hyperscalers, is the most attractive sector today. Fundamentals are super strong, capex is being reinvested with high returns, and the multi-year build-out is just beginning. This is where the bulk of Third Point's capital is invested.
SMH HIGH
Dan Loeb Founder and CEO, Third Point 54:10
Re-entered Danaher on recent selloff.
Danaher is a high-quality business with a superb operating system (DBS) that drives continuous improvement. Third Point sold during COVID-related distortions but recently re-entered on the pullback, albeit in a small way. The company's ability to shift from general industrials to healthcare and its culture of accountability make it a long-term quality compounder.
DHR LOW
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This ILTB Podcast video, published May 28, 2026, features Dan Loeb discussing Twitter debt, XAI debt, NVDA, SMH, DHR. 5 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Dan Loeb  · Tickers: Twitter debt, XAI debt, NVDA, SMH, DHR