Dan Loeb on Short Selling Revival, Third Point Evolution, and Ulbricht Pardon
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Topics in This Edition
Summary
The All-In Podcast episode features an extended interview with Dan Loeb, founder and CIO of Third Point. Segments cover the resurgence of short selling, Loeb's early career on chat boards and at Jefferies, the firm's shift toward business quality and credit strategies, multi-strat operations including private credit and insurance, and his philanthropy focused on education reform and criminal justice.
Editorial Assessment
The discussion is substantive and largely consistent with verified records on Third Point's strategies, Loeb's background, and the 2025 Ulbricht pardon. Viewers receive a candid account of event-driven investing evolving into thematic and credit-focused approaches amid AI and macro shifts. Missing elements include specific performance data or counterpoints on short-selling risks; framing highlights human judgment over pure quant systems. No major factual distortions, though AUM cited as 'almost 30 billion' exceeds the reported $24.1 billion figure from Q1 2026.
Key Moments
Third Point manages almost $30 billion in AUM as a multi-strat with credit, equity long-short, CLO, private credit, and insurance arms.
Recent filings and firm descriptions confirm multi-strategy platform; AUM reported at ~$24.1 billion in Q1 2026.
Loeb played a key role in securing Ross Ulbricht's full pardon after a double life sentence for Silk Road.
Trump granted unconditional pardon in January 2025, fulfilling campaign promise; Loeb and Charlie Kirk involved per public accounts.
Loeb chaired Success Academy charter network and advocates criminal justice reform including education accountability over unions.
Confirmed via Success Academy leadership page and Manhattan Institute remarks; served as chairman until 2018.
Short selling opportunities have returned after years of difficulty, with selective opportunities in homebuilders and other areas.
Third Point's Q1 2026 letter notes single-name shorts returning 7% gross; broader market context on meme stocks and valuation debates omitted.
Sources Consulted
- Dan Loeb: The Lost Art of Short Selling, and Why Stock Picking is Back
- Dan Loeb: The Lost Art of Short Selling, and Why Stock Picking is Back — All-In with Chamath, Jason, Sacks & Friedberg Transcript
- Dan Loeb Says ‘Lost Art of Short Selling’ Is Making a Comeback
- Dan Loeb Reveals DOJ Threat To Trump Over Ross Ulbricht Commutation In Final Hours Of First Term
- Dan Loeb reveals DOJ threatened Trump over Ross Ulbricht commutation
- Third Point | Home
- Leadership - Who We Are | Success Academy NYC
- Fourth Quarter 2025 Investor Letter
- Third Point Q1 2026 Investor Letter
- Dan Loeb's Third Point Sees 4.7% 2026 Return
- Legendary Investor Dan Loeb on AI, Credit, & Third Point's $25B Strategy
- Daniel S. Loeb - Wikipedia