A hedge fund that made great profits in a historic post-election rally in Daniel Loeb’s third point, according to the Financial Times.
Citing regulatory documents and a letter to investors from the $13. 5 billion hedge fund, FT estimates that Third Point earned nearly $400 million from a bullish positioning of stocks before the election, even as other investors prepared for possible chaos.
Instead, a post-election rally for the S
Loeb told Third Point consumers a few weeks ago that he was maintaining his exposure to stock even as Election Day approached, according to a letter notified through the FT. Loeb expanded an additional video call with investors to say that “he wasn’t too concerned about the effect of elections on markets,” the FT reported.
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According to the FT, many hedge fund managers had moved away from the final results of the November 3 election after Donald Trump’s election in 2016, prompting an increase in stocks despite the consensus that a Trump victory would be bad for markets.
Between November 1 and 4, Third Point won 4. 3 percent as investors applauded Joe Biden’s election with a limited schedule for being the most likely Senate Republican.
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