KYLE BASS: 'I Would Bet On Dan Loeb Over Bill Ackman Any Day'

Texan hedge fund manager Kyle Bass just dissed Bill Ackman big time on CNBC.

“I would bet on Dan Loeb any day over Bill Ackman,” Bass said.

Bass, who runs Hayman Capital, is long Herbalife — a multi-level marketing company that sells weight loss products.

Ackman, who runs Pershing Square Capital, has been crusading against the company for nearly 20 months.

In December 2012, Ackman publicly revealed that he has a massive short against Herbalife. It’s his belief that the company operates as a “pyramid scheme” that targets poor people. His thesis is predicated on regulators, specifically the Federal Trade Commission, shutting the company down. (The FTC did open a probe earlier this year.)

Shortly after Ackman disclosed his short, Dan Loeb, who runs Third Point, snapped up a sizeable long position. Loeb called Ackman’s thesis “preposterous.” Soon after, Loeb exited his stake for a nice profit.

Bass criticised Ackman’s Herbalife presentation. He said that you could essentially “copy and paste” Ackman’s old Pre-Paid Legal thesis. Years ago, when Ackman was running Gotham Partners (his old hedge fund) he was long Pre-Paid Legal, a MLM.

After that, the show ended. The swipe was the last thing Bass said on live TV.

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