Keith Meister’s Corvex Takes Large Stake In Yum Brands: Sources (CNBC)
Earlier, Dan Loeb‘s Third Point took new positions in Yum Brands and Devon Energy while adding to stakes in Japan, according to a letter sent to investors Friday. While Loeb is bullish on the U.S., he noted that Third Point had “invested in more single name shorts this year than in all of 2014 combined,” the letter said, referring to bets he made against some companies. The letter said the firm was “constructive” on the U.S. because of improving economic data and the likelihood of continued low interest rates.
White vs Gold: What’s Next as DuPont and Trian Duke it Out (The Wall Street Journal)
DuPont Co. vs. Trian Fund Management LP is slated to come to a head in a May 13 shareholder vote. The coming days will see several rounds that help determine the outcome. Trian already landed a couple of blows this week when it won endorsements from shareholder advisers Institutional Investor Services Inc. and Glass Lewis & Co., which both said Trian’s Nelson Peltz should get elected.
Warren Buffett Losing Mojo On His Economic ‘moats’ (CNBC)
Warren Buffett has carved out a core stock-picking strategy of investing in companies with strong economic “moats,” businesses that have built, fortified and generated success from well-known brands that make it difficult for them to succumb to competitive forces. But for a number of holdings in his stock portfolio, the moats may be drying up and the walls could be breached.