Dan Loeb Ignored 'Sell in May and Go Away' and It Paid Off
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Billionaire Dan Loeb said at the start of last month that he planned to disregard the market proverb to “sell in May and go away.”
His decision proved prudent. Third Point rose 1.9 percent last month and is up 5.7 percent in 2015, almost double the gain in the Standard & Poor’s 500 Index. Other managers who trade mostly stocks did even better. Larry Robbins’s main fund at Glenview Capital Management jumped 6.2 percent last month; David Einhorn’s Greenlight Capital rose 3.6 percent and Mark Kingdon’s stock fund at Kingdon Capital Management returned 4.7 percent, according to people with knowledge of the returns who asked not to be named because the returns aren’t public.