Dan Loeb: The Lost Art of Short Selling, and Why Stock Picking is Back
All-In with Chamath, Jason, Sacks & Friedberg
All-In Podcast, LLC
4.0 • 10.4K Ratings
🗓️ 5 June 2026
⏱️ 31 minutes
🧾️ Download transcript
Summary
(0:00) Dan Loeb joins the Besties!
(0:34) Investor journey: From message boards to a multibillion dollar hedge fund
(3:15) Third Point's early days: mentors and market turmoil
(8:47) Strategy shift: Event-driven to quality and AI
(16:01) The art of short selling and a homebuilder trade
(22:15) Criminal justice reform and the Ross Ulbricht pardon
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Transcript
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| 0:00.0 | Legendary activist investor, Dan Loeb. |
| 0:03.0 | He, of course, is the CEO and CIO of Third Point. |
| 0:06.5 | The lost art of short selling has come back, and it's absolutely critical. |
| 0:11.0 | It doesn't matter what you do. You have to be really selective. |
| 0:14.0 | People talk about stock pickers market. This is a bond and credit pickers market. |
| 0:18.0 | When we were small, our main tool was a shame and humor. Dan Loeb turning up the |
| 0:23.2 | heat on Nestle over the weekend. The shift has really been more towards a dare to be great message. |
| 0:29.0 | Activism without proxy contest is like Catholicism without hell. You're very active on the |
| 0:35.7 | Twitter as well. Oh, well. You found your voice. |
| 0:38.7 | A lot of emotion brewing there. |
| 0:41.1 | Can we actually start with that? |
| 0:42.5 | Before Twitter, you were actually quite active, but they were in very different places. |
| 0:47.9 | I mean, you were in Wall Street Beds before Wall Street Bets existed. |
| 0:50.8 | Can you just walk us through your evolution as a public persona? |
| 0:56.0 | Sure. I mean, there was this brand new technology that came out called the Internet. |
| 1:03.0 | And really shortly thereafter, long before Reddit or any of these other things, |
| 1:08.0 | there were a series of chat boards. |
| 1:11.0 | There was Yahoo, there was something called Silicon Investor, a few other ones, and people |
| 1:17.6 | would congregate and kibbits. |
| 1:19.4 | It was done mostly anonymously, and it was an interesting place to exchange ideas. It was really the Wild West. People could pretty much |
| 1:29.8 | say or do anything, but there was a lot of substance there, too. It's not actually that much |
| 1:33.6 | different than from today. Did you engage at all in any trolling, per se? Well, some people |
... |
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