LAS VEGAS — There was some billionaire-on-billionaire verbal violence Wednesday, with hedge-fund manager Daniel Loeb accusing Warren Buffett of not always practicing what he preaches.
In a one-on-one conversation with Skybridge chief executive Anthony Scaramucci at the Skybridge Alternatives conference, Loeb went off on a tangent when asked about his favorite books.
Loeb, after reciting a short list of self-help books, said he also enjoys reading the Berkshire Hathaway chairman’s annual investor letters because he enjoyed “contrasting his words with his actions.”
Bloomberg
Daniel Loeb in 2014
Buffett criticizes hedge funds, but effectively put together the first-ever hedge fund, Loeb said. Buffett also criticizes activist investors, but “was the first activist.” Buffett also wants people to pay more taxes, but does what he can to avoid them.
The mini-rant drew applause from the audience.
In a wide-ranging discussion, Loeb had praise for Japanese Prime Minister Shinzo Abe. Japan’s government has pressured companies to follow through on corporate reforms, he said, adding that he probably left $1 billion or more on the table by selling his stake in Sony too soon.
Loeb also scoffed at China bears, saying no one has yet made money shorting the country.
