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Loeb's Third Point Says Hedge Funds in 'Catastrophic' Period

  • Hedge funds in first innings of 'washout,' firm says in letter
  • Increasing complexity in markets is here to stay, firm says
Dan Loeb.

Dan Loeb.

Photographer: Jacob Kepler/Bloomberg
Updated on

Third Point, founded by Dan Loeb, said hedge funds are in the first stage of a “washout” after “catastrophic” performance this year.

“There is no doubt that we are in the first innings of a washout in hedge funds and certain strategies,” the New York-based firm said in a quarterly letter posted late Tuesday on its website.