Dan Loeb’s Third Point Calls for More Change at Nestlé (The Wall Street Journal)
Activist investor Dan Loeb’s Third Point LLC is keeping pressure on Nestlé SA, saying the giant consumer company needs to do more to realign its portfolio, including getting out of its stake in cosmetics giant L’Oréal SA. The activist, writing to his own investors, says Nestlé has taken some “important” steps recently, pointing to new board members the company announced and plans to increase margins, but believes more is needed.
Icahn, Deason Push for Xerox to Explore Sale (The Wall Street Journal)
Xerox Corp.’s XRX 1.37% first- and third-biggest investors, billionaires Carl Icahn and Darwin Deason, have formed an alliance and plan to encourage the printer and copier giant to explore a potential sale, according to people familiar with the matter. The two investors, who together control more than 15% of Xerox’s shares, had already been separately calling for changes at the Norwalk, Conn., company on slightly different topics, but this would be the first time either has come out publicly for a potential sale.
Hedge Fund Makes $1bn Bet on Barclays Rebound (Financial Times)
Tiger Global, the US hedge fund, has quietly invested more than $1bn in Barclays in a bet that backs chief executive Jes Staley’s plans to turn the British bank from being one of the sector’s worst stock market performers to one of its best. The purchase, which has not been disclosed publicly, makes Tiger Global a top 10 investor in Barclays and indicates that the $24bn New York-based fund believes the bank’s shares are poised for a rebound. Tiger Global bought most of its roughly 2.5 per cent stake in Barclays when the bank’s shares dropped to a 52-week low of less than 180p in November, according to a person familiar with the matter.
Legendary Hedge Fund Investor Attributes His Success to Studying Philosophy (CNBC)
Legendary hedge fund investor Bill Miller says he is successful in large part because he studied philosophy. Miller, who managed a fund at Legg Mason that beat the S&P 500 for 15 years straight through 2005, was first introduced to the subject while getting his undergraduate degree in economics from Washington and Lee University in 1972. “I had taken exactly one philosophy course in college, but it led me to read a lot more philosophy when I was in the army during the Vietnam War,” says Miller to Johns Hopkins’ online news outlet, the Hub. “I decided to apply to a PhD program once my time in the military was ending.”