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InsightArticleNovember 13, 20254 min read
Third Point Q3 2025: Dan Loeb Tries Not to Say “I Told You So”
By Genevievecjackson@gmail.com
A Quarter That Was Better Than It Looks
Dan Loeb reported a 3.2 percent net gain for the quarter, which sounds like the kind of number you politely clap for before asking where the bar is. But the truth is this was a very intelligent 3.2 percent. The kind where your portfolio is making money for the right reasons, not because you accidentally owned the latest AI cult stock that doubled in a week for reasons no one understands.
This was competence, not hype. Which, in 2025, practically makes Loeb an endangered species.
Read Third Point's letter here
AI Winners Without Drinking the Kool Aid
Loeb’s stance on AI is the investing equivalent of being the sober friend at the party: still having fun, still catching the energy, but not waking up the next day with a face tattoo and three new positions in companies with no revenue.
He remains bullish on the infrastructure of AI rather than the interpretive dance around it. That means owning the companies that supply the chips, fabs, equipment, and the literal electricity needed to keep the chatbots hallucinating on schedule.
Demand for compute is not slowing down. If anything, it is behaving like a teenager discovering energy drinks for the first time. Every model gets bigger. Every dataset gets heavier. And every data center manager is crying into a spreadsheet trying to figure out how to keep the lights on.
Loeb is long the companies selling the shovels and generators to this new gold rush. Not a terrible place to be.
Credit: The Grown Up Part of the Portfolio
While equities stole the headlines, Third Point’s credit team quietly posted a 3.7 percent net return. That is not fireworks. It is competence. And given what is happening in credit right now, competence might be the highest form of alpha.
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