Below are some key highlights from Third Point's latest Q2 letter, in which we find that Dan Loeb, despite some early market turbulence and thesis drift, has again managed to do what 95% of his peers have been unable to do, outperforming the S&P YTD and returning 10.7% through June 30, up 4.6% in the second quarter.
From the Second Quarter 2017 Investor Letter:
Review and Outlook
The Immiseration of Europe by the United States
Diana Johnstone
https://www.counterpunch.org/2017/07/28/collateral-damage-u-s-sanctions-aimed-at-russia-strike-western-european-allies/
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Following the approval from overwhelming majorities in both the House (419-3) and Senate (98-2), President Trump has just confirmed that he will sign the Russia sanctions bill into law. The confirmation comes despite days of speculation after Anthony Scaramucci told CNN that Trump could sign the sanctions bill or "veto the sanctions and negotiate an even tougher deal against the Russians."
We've spent a lot of time of late discussing Europe's new MiFID II regulations that will go into effect in January 2018 and require investment banks to charge institutional clients separately for trading commissions and research. As we've noted (here and here), initial offer prices are coming in relatively high at around $450,000 per bank...all of which led us to the following conclusions:
Authored by Mike Krieger via Liberty Blitzkrieg blog,
There is a true law, a right reason, conformable to nature, universal, unchangeable, eternal, whose commands urge us to duty, and whose prohibitions restrain us from evil. Whether it enjoins or forbids, the good respect its injunctions, and the wicked treat them with indifference. This law cannot be contradicted by any other law, and is not liable either to derogation or abrogation.