On Wednesday, we saw billionaire on billionaire verbal violence when Daniel Loeb, hedge fund manager, made accusations that Warren Buffett does not always practice what he preaches.
During a one-on-one conversation with Anthony Scaramucci, Skybridge Chief Executive Officer at the Skybridge Alternatives Conference, Loeb then went on a tangent after being asked about some of his favorite books.
After Loeb recited a brief list of self-help books, he then mentioned that he liked to read the annual Berkshire Hathaway letter because he found enjoyment in “contrasting his words with his actions.”
Buffett often criticizes hedge funds, but effectively Buffett was the first person to ever put together a hedge fund, said Loeb. Buffett also likes to criticize activist investors, but Buffett “was the first activist.” Buffett would also like individuals to pay more taxes, but does whatever possible to avoid paying them.
The audience applauded the mini rant.
In a discussion with a broad range, Loeb praised Shinzo Abe, the Japanese Prime Minister. The government in Japan has put pressure on companies so that they follow through on corporate reforms, said Loeb, and he also mentioned that he most likely left about $1 billion on the table because he sold his stake in Sony too quickly.
Loeb also scoffed at the China bears, stating that no one has made any money shorting the country just yet.