Daniel Loeb is a philanthropist and hedge fund manager who is best known for his strategy of investing in companies that are doing poorly, replacing inept management and seeing them through to a new era of financial success. He always is keeping an eye out for companies that he can help to turn around. His list of successes in that regard is quite long and includes such companies as Yahoo!, Sotheby’s, Sony, Nestle and Ligand Pharmaceuticals. In 2014, this founder of Third Point Management was listed as one of the year’s most impactful activists.
Daniel Loeb was born in December of 1961 and grew up in the California city of Santa Monica. He graduated from Palisades Charter High School, where he founded his own skateboarding company as a teenager. After high school, he went on to attend both the University of California at Berkeley and Columbia University.
His keen interest in the stock market attracted the attention of teachers as early as high school, and one of them consequently gave him the “Catch-22”-inspired nickname Milo Minderbinder. He began to invest more and more heavily in the stock market, and before he had graduated from college, he earned over $100,000 through his investments. Unfortunately, he lost that money after a stock that he had heavily invested in failed, but he regarded this as an important lesson in the value of diversifying one’s stock portfolio.
Some of Loeb’s interest in economics came from his family, particularly his great-aunt Ruth Handler, who created the Barbie doll and helped to found the massive toy company Mattel. His intimate knowledge of this company and its ups and downs gave him an early knack for understanding the ebb and flow of businesses. Since 2004, Daniel Loeb has been married to Margaret Davidson Munzer, and the two of them have three children together.
Daniel Loeb is an avid surfer with a particular fondness for the waves of the Caribbean and Indonesia, and since studying art at Columbia University, he is an enthusiastic collector of fine art. He topped the “Business Insider” list of Wall Street’s 25 Most Serious Art Collectors. He has also intently studied Transcendental Meditation and practiced Ashtangi yoga, and he financially supports New York’s Jewish Enrichment Center.
Daniel Loeb has seen a net worth of more than three billion dollars, and he has used his great wealth in a variety of helpful ways. He is the founder of the Margaret and Daniel Loeb Third Point Foundation, which supports educational measures and offers scholarships to worthy students living in poverty. He has donated heavily to organizations that are dedicated to the eradication of diseases, including Alzheimer’s, leukemia and ovarian cancer, and he is an ardent supporter of the Michael J. Fox Foundation. A faithful steward of his resources, his financial gain is to the benefit of many others.