Dan Loeb spoke at the CSIMA conference today. Below are some very short and informal notes from a source of ours. Loeb did not say that he was long UPS according to two sources with direct knowledge of the matter. There was a rumor that Loeb said he liked UPS and saw it going to $150 – he did not even mention the stock today…. More below:

  • Said he likes 3G, not beer business, bet on their ability to do more accretive deals
  • Google shareholder structure not optimal for a Carl Icahn type to come in
  • Japan governance getting better, but will be very slow
  • Not many management teams own a lot of stock, act more like trustees (re Sony)
  • Someone asked about Rackspace Hosting position w/Jana, said that’s not activist position, haven’t talked to Jana
  • Said he has a lot of respect for Bill Ackman, has done great things
  • Discussion was more philosophical/process, talked about finding ideas, evaluating downside

Dan Loeb Not Long UPS, Likes Ackman, 3G