If only investor letters came out every day.
This afternoon, we got our hands on Third Point Partners’ most recent letter to investors written by the one and only Dan Loeb.
After some discussion of performance — the fund is up 6.8% for 3Q and 10.9% YTD — and how the fund has shored up its most successful positions, we got to some of the colour that makes us enjoy reading these letters so very much.
It all pertains to Third Point’s long position on Greek government bonds.
Loeb followed a dramatic quote from ancient Greek Historian Thucydides’ History of the Peloponnesian War (he had to read it as a first year at Columbia) with this message for Greece, brought to us by the late rapper, Tupac Shakur.
Tupac cares, and don’t nobody else care
And uhh, I know they like to beat ya down a lot
When you come around the block brothas clown a lot
But please don’t cry, dry your eyes, never let up
Forgive but don’t forget, girl keep your head up
And when he tells you you ain’t nuttin don’t believe him
And if he can’t learn to love you you should leave him
Cause sista you don’t need him
And I ain’t tryin to gas ya up, I just call em how I see em…
I’m tryin to make a dollar out of fifteen cents
That’s from ‘Keep Ya Head Up’, if you’re not a Tupac fan. What Loeb is trying to say that despite 170% debt to GDP, he is confident that the Greeks will restructure their debt, maintain their commitment to the EU, and continue to cut spending.
So keep your heads up.
Here’s the music video, in case you’ve never heard the song.