market folly

Dan Loeb's hedge fund firm Third Point is out with its third quarter letter.  In it, the firm reveals that they've added to their stake in Amgen (AMGN), established a sizable new position in eBay (EBAY), and have a significant direct investment in the newly public Alibaba (BABA). 

Additionally, they've exited their long of Sony.  They also reduced or exited positions in AIG, Hertz, Softbank, LNG.

Then, with the recent market volatility, they lifted some hedges and added back to positions that they had previously sold at higher levels.  Third Point writes, "Although consensus has shifted to lower growth, slower inflation, modest rates, and continued monetary expansion, we think the markets will resume an overall upward trajectory in the US through year-end."

Embedded below is Third Point's Q3 letter where they specifically talk about AMGN, EBAY, BABA and SNE:



You can download a .pdf copy here.