Tags: Daniel Loeb | Warren Buffett | hypocrite | Berkshire Hathaway

Hedge Fund Manager Loeb Takes Aim at 'Oracle of Omaha' Buffett

Thursday, 07 May 2015 08:01 AM

Hedge fund mogul Daniel Loeb took aim at the "Oracle of Omaha," calling beloved billionaire Warren Buffett a hypocrite.

"I love how he criticizes hedge funds yet he really had the first hedge fund. He criticizes activists but he was the first activist," Loeb, who runs $17.5 billion hedge fund Third Point, said about Buffett who has been running conglomerate Berkshire Hathaway for 50 years.

Loeb, known in investment circles for his sharp tongue and top returns, made the comments at the SkyBridge Alternatives Conference, known as SALT, less than one week after Buffett hosted his company's shareholder meeting in Omaha.

Buffett, whose own strong record earned him his nickname, has in the past said that hedge funds could pose a threat to global markets and has a running bet with a New York-based hedge fund firm that hedge funds will underperform a low-cost index tracker over ten years. So far Buffett is winning the bet, he said at the weekend meeting in Omaha.

In Las Vegas, where Loeb was speaking to hundreds of hedge fund managers, investors, and lawyers in the Bellagio ballroom, the crowd was clearly on the fund manager's side, judging by the hearty applause his comments got.

"He has a lot of wisdom but there is a disconnect," Loeb said referring to the things Buffett says and what he actually does.

He quickly tried to walk back his comments by saying he took a "potshot" at the 84-year old investor and philanthropist who is widely seen as a hero by many other prominent hedge fund managers.


© 2019 Thomson/Reuters. All rights reserved.

   
1Like our page
2Share
StreetTalk
Hedge-fund manager Daniel Loeb said he enjoys reading Warren Buffett’s annual letters to shareholders of Berkshire Hathaway Inc., and finds the billionaire full of inconsistencies on topics like hedge funds and taxes.
Daniel Loeb, Warren Buffett, hypocrite, Berkshire Hathaway
260
2015-01-07
Thursday, 07 May 2015 08:01 AM
Newsmax Media, Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved