Loeb was born on December 18, 1961. He grew up in Santa Monica, California and attended Palisades Charter High School. He was graduated from Columbia University with an economics degree.
His father was a partner at the Los Angeles law firm of Irell & Manella LLP. He had made $120,000 when he was a student in the stock market, but lost it all on an investment. The loss taught him a lesson “overconcentrating positions” as he clarified after that.
From 1984 to 1987, Loeb worked at Warburg Pincus and after that, he was employed as a director of corporate development at Island Records. From 1991 to 1994, he worked as senior vice-president in the distressed debt department at Jefferies LLC. At Jefferies, he focused on bankruptcy analysis, trading bank loans.
In 1995, he has founded Third Point Management with $3.3 million from family and friends. He made $150 Million in 2005, $200 Million in 2006, and $270 Million in 2007. Third Point’s flagship fund returned 41.7% in 2010.
In 2012, his leveraged fund was one of the best-performing hedge funds. He is famous for working on both the buy and the sell sides. He made money betting on Greek sovereign debt and on a couple of activist positions and now, he is managing more than $10 billion.
Loeb has appeared many times in the magazine’s Forbes 400; as of 2013, his wealth was estimated at $21.65 billion to be the 328th richest person in the United States.
Loeb married Margaret Davidson Munzer on July 4. Loeb and his wife are avid art collectors who have frequently appeared on Art News’s annual list of 200 top art collectors.
“The only thing I care about is, making money for my investors”