SALT brings together public policy officials, capital allocators, and hedge fund managers to discuss financial markets.
REUTERS/Steve MarcusLONDON, Aug 1 (Reuters) - Billionaire investor Daniel Loeb has reduced the size of short bets on single named companies to limit the vulnerability of his hedge fund, Third Point, to short squeezes, he said in a letter on Tuesday.
"The short-selling environment is much more challenging than it has been historically," said Loeb in the letter.
Almost half of Loeb's net long exposure includes companies that will benefit from developments in artificial intelligence, the letter said.
Elsewhere at Third Point, Loeb's corporate credit team returned a net 8.7% for the quarter after market instability in the March banking crisis created opportunities for the fund, Loeb said.
Persons:
Daniel S, Loeb, Steve Marcus LONDON, Daniel Loeb, Ferguson, Nell Mackenzie, Amanda Cooper
Organizations:
Third, REUTERS, Pacific Gas and, Microsoft, HK, Offshore Fund, Web Services, Google, Thomson
Locations:
Las Vegas , Nevada, allocators