Third Point 2014 Q4 Investor Letter

Third Point’s 2014 Q4 investor letter is out. It can be downloaded below. Dan Loeb‘s Third Point Offshore returned 5.7% in 2014 due to “a combination of poor trading during market volatility and bad judgment in exiting positions for reasons ranging from “overstaying our welcome” to impatience seeing our thesis through in choppy markets.” Nevertheless, Third Point Offshore managed to deliver an annualized return of 17.35 since its inception, vs. 7.7% gain for S&P 500 index during the same...