TPNTF - Third Point Q3 2020 Investor Letter

• Third Point is an SEC-registered investment adviser based in New York. The firm was founded in 1995 by Daniel S. Loeb, who serves as Chief Executive Officer. Third Point focuses on event-driven, value-oriented investing.
• During the Q3, Third Point returned 11.7% in the Offshore Fund.
• The behavioral and business changes that surged during the COVID-19 lockdown have, by now, been well-mapped: work (and exercise) from home, online retail, multiplayer gaming, video on demand, online payments,and an explosion in biotech research and drug development.
• Regardless of which party wins the Presidential election or whether Democrats obtain a majority of Senate seats, we expect that future stimulus spending will likely outweigh increases in taxation and regulation that are assured under a Democratic majority and thus have maintained our positions and exposures as we approach the election.

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