Dan Loeb, activist investor and Wall Street icon, says the hallmark of a good investment idea is something everyone else wants to dismiss. The man who stood up to the likes of Salesforce, Colgate, Nestle, Disney and Shell with high-profile activist campaigns wants to buy credit when everyone else is fearful, and equity when the pack has given up or is looking the other way. Dan Loeb, interviewed by Goldman Sachs MD Tom Anglin at the Sohn Hearts & Mind conference in Sydney on Friday.
So, when put on the spot for a stock pick, his No. 1 criteria was an idea where the rest would say (as he put it), “Yeah, I don’t want to be anywhere near that”. Forget about Nvidia or artificial intelligence – everyone knows they are amazing opportunities, he says. Loeb likes doing things the hard way: buying Greek debt at 14¢ in the dollar when everyone expected the country to go broke, or investing in American utility PG&E when it was coming out of bankruptcy and drowning in lawsuits and fires. But we all know him for taking on boards and management team
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