Constellation Software Director & Vice Chair; Markel Group Director & Nom/Gov Chair; Weinberg Center Presiding Director; Buffett Essays Publisher
"Life begins at 60." --Buffett
Joined March 2013
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Larry Cunningham, Director, Prof., Author retweeted
My conversation with @DanielSLoeb1, his first ever podcast and one I've been wanting to do for years.
Dan started Third Point in 1995 with $3 million. Today the firm manages over $24 billion across equities, credit, venture, and insurance.
Along the way he wrote some of the most iconic activist letters.
We discuss:
- Why deep value stopped working
- The power of writing
- The Twitter and XAI credit trades
- Lessons from FTX and Danaher
- The Sony and Sotheby's stories
- What makes a great analyst today
- The importance of kindness
I feel lucky we all get to learn from one of the greats.
Enjoy!
Timestamps:
0:00 Intro
2:48 Macro Views and Tech Trends
5:13 The Roots of Third Point
10:30 Evolving to Quality and Thematic Investing
19:07 Market Psychology and Inefficiencies
24:10 Good and Bad Corporate Governance
29:19 Activism
31:23 Sotheby's
41:37 AI
44:28 Sony
52:50 Danaher's Operating System
56:31 Building an Insurance Business
59:25 FTX
1:05:17 What Makes a Great Analyst Today
1:07:24 The Next Decade
1:10:00 Kindest Thing
Shareholder Proposals, the SEC, and an Unusual Proxy Season
With the SEC stepping back from active involvement in the shareholder-proposal process this proxy season, companies and proponents are operating in a more uncertain, self-directed environment. That shift has sharpened focus on how the system is actually working in practice.
Against that backdrop, recent coverage of the Weinberg Center’s shareholder proposal survey has focused on a few themes: sustained critiques of the SEC’s no-action process, renewed debate over whether shareholder proposals function primarily as engagement tools or as burdens, and close attention to the survey’s unusually broad, cross-constituency data set.
Importantly, the survey’s assessment of SEC performance reflects experience over the prior four to eight proxy seasons, not the current one. In that sense, the findings provide a baseline against which this season’s unusual dynamics — unfolding largely without SEC involvement — can now be evaluated.
What has been most striking is not disagreement — though it persists — but where there is agreement, particularly among constituencies that rarely see eye to eye on the SEC’s past performance and on structural asymmetries in the system.
Full survey and coverage here: papers.ssrn.com/sol3/papers.…
Most surprising consensus: low marks for the SEC. Most interesting discovery: asymmetries between shareholder proponents and companies required to respond.
On shareholder proposals, views differ sharply across shareholders, companies, and advisors—but there's agreement on core issues, including critical assessments of the SEC.
All this and more in the Weinberg Center’s new survey of 500+ participants. papers.ssrn.com/sol3/papers.…
Larry Cunningham, Director, Prof., Author retweeted
🎧 Big Wins for Your Bookshelf (and Your Portfolio)
Looking to level up your investing game this February? We’ve got some fantastic news for our US-based listeners! 🇺🇸
Three of our powerhouse titles are featured in the @audible_com February Monthly Deal. If you’re an Audible Premium Plus member, you can snag these unabridged essentials at a massive discount all month long:
The Essays of Warren Buffett by @CunninghamProf – The definitive collection of wisdom from the Oracle of Omaha Warren Buffett.
Pathfinders by @JLCollinsNH – Inspiring stories of financial independence and the routes taken to get there.
Just Keep Buying by @dollarsanddata – A data-driven deep dive into why saving and investing doesn’t have to be complicated.
One finding: there is broad agreement on the facts of the shareholder proposal process—and deep disagreement on the normative answers.
Take the large-scale national survey about the shareholder proposal rule--very important for shareholders and companies. About 12 minutes to complete. surveymonkey.com/r/Sharehold…
