Billionaire investor Dan Loeb said he’s increasing his short bets in anticipation of more market disruption.
It’s a good time for us to "have more balance on the short side," Loeb said Thursday on an earnings conference call for his Third Point Reinsurance Ltd. He added that he sees more opportunities where "companies are going to go down or materially underperform."
Loeb’s Third Point Offshore hedge fund was about flat for the first four months of the year, boosted by an 0.7 percent gain last month. The S&P 500 Index lost about 1 percent in the four months.
Third Point Re, based in Bermuda, had a net loss of $26 million during the first quarter, compared with $104.2 million in net income a year earlier, the firm said in a statement Wednesday.
This article was provided by Bloomberg News.