in other words, you looked at acman, you looked at an icahn, dan loeb. did somebody have a better performance? >> we saw generally the activist who's got on boards and got their own people on boards did the best. the two that stand out are both west coast names, value act run by jeff and mason right now. they're doing a lot of kind of big investments. they got on microsoft's board. they looked very good in our study and then kind of an older version of that relation run by ralph whitworth has performed pretty well in our universe of companies. >> they're you're following the jockey i guess and not necessarily the horse. david, fascinating article today. recommend it highly. david benoit with the "wall street journal." >> coming up, why one small business owner's decision to embrace mobile technology is creating a new financial life line for his company. >> the biggest 500 companies in america hold more than $2 trillion in combined profits overseas to avoid taxes. that's according to a study by two non-profit groups. the study also found that by keeping m

dan loeb's 30-pound, 4% for the year so far. what are the take-aways gary in your view? >> i call it the word liquidity. on the way down there was hardly any liquidity. that is why you had such vicious drops to the downside. interestingly it feels no liquidity as we rally up. i think market is trading thin and that's what these people were caught in. most are very invested and not diversified and they were caught up but if the market continues to rally they will make a bunch back. deirdre: brad, your longer term strategies. they're meant not to be even quarter to quarter. they're meant to be year holds. >> i think it says a couple of things. first of all, many of these investors are invested in some of the same opportunities. so, it argues to me, perhaps they're running out after large number of opportunities. if they're focusing on a couple of different plays, maybe there is not a ton of opportunities out there. second of all, they don't want volatility like this. they're willing to accept it, maybe forced to take bigger chances than they would ideally prefer to. that i

dan loeb will not like that. david: a lot more to come let's go to tom keene.e a timely read. into howre getting many pumpkins do we need at the house. i am going as revenue recognition for halloween. i will wear a bowtie. let's go to the morning must-read, a smart asset. coincidednt story, it with looming patent expirations on household name and medications on by major drug companies which brought about its audacious takeover spree the industry has ever seen that is the backdrop for what we saw yesterday which is something everybody knows within drug distribution, pharmaceuticals have struggled with we have this stuff in-house and we have to take the inventory off the balance sheet into sub companies or other companies and it is a big accounting battle. david: that is the allegation out of citron which shorted the stock. the real issue is were they related to the special pharmaceutical the streeters -- distributors? stephanie: the distributors are the issue. for all of us who have been sitting on the sidelines watching this herbal life battle, it is breaking d

and third point offshore, that's dan loeb, considered a real outperformer, a maven of the markets downthrough september. to be fair the s&p itself not doing a whole lot better and given the big decline this is certain sectors and names we've seen in the last few months, the short strategies are actually working better than the long ones. indeed,h fr data and this is through late august, not september, show a 5% upturn for short biased strategies. >>er to date. but when you look at some of the worst performers you can see what's going on there. there's been a lot of pain in commodities and as we talk about all the time and macrostrategies. you know, fortress had a rough couple years but merchant was one of the best performers of 2014. on the upside, names like passport capital. they have a special opportunities fund that's he can cli eclectic in its mix. short mine glencore. >> let's bring in herb greenbe g greenberg. hedge funds seems to talk about both sides of their mouth. when of the market does well, they say our job is not to go long the market, we have to be prudent. now you have

dan loeb is much more short-term.anie: in terms of management and ownership, would you not invest in a hedge fund where the founder does not have his own money in the fund? it is desirable they do. on the other hand -- "never"e: he never says or "always." thank you, howard marks. we will be back. ♪ david: there are lots of great interviews coming up from our markets and most influential summit perry stephanie will interview at 4:00 p.m. bill ackman and that will be fun. and will be joining us for the entire hour. stephanie: sab miller turns down a takeover offer from anheuser house. david: well congress approve the pacific trade deal? stephanie: scandal hits one of america's favorite past times, fantasy football. ♪ david: welcome to the second power of "bloomberg ." i am dated weston. stephanie: i am stephanie role. the founder of oaktree was with us and he is still here. guess who else? brendan greeley. brendan: we try to high-five. stephanie: i am a horrible high-fiber. brendan: that was impressive. stephanie: b

he and dan loeb teamed up and sent a demand letter to massey energy to do a $2 million buyback.ssey and he told me of the situation. he came across a tape. i called up barry and said -- i did notorry say that then. i am sorry now. i am happy as an investor. i was on the board of directors and the ceo supported your proposal buying $2 billion worth of stock at $55 a share, i would resign from the board. barry said -- why? i said i operate -- stocks have a memory. it is trading at 50. you go from five dollars to $50. the stock is up tenfold. what are you complaining about? the company is booked net worth of $1 billion. in company is not succeeded getting coal out of the ground for two consecutive quarters on budget, on time. had badrned out, they quarters, the stock collapsed, the rest is history. i disagree with worn. i am more warren's style. we should reduce our operating costs, go into runoff, return money to shareholders. buyback.wn on i may change my mind, but i am not going to campaign. >> you leave it for others to do that. leon: you have to decide what your style is. it i

. >> david einhorn and dan loeb on the list, all men lost money last month amid the market turmoil. green light capital fund dropped nearly 4% in september. now the firm is now off officially 17% year to date. green lights fund is 92% long and 66% short. as of now he is on pace to report his first down year since the financial crisis in 2008. also loeb dropped almost 5% in december while jana partners lost 4%. unless they get the gains back and that's representative of what's going on across the board. bonus season is not going to look as good. >> let's check out the markets. closing the last day with a bit of a bang but it's a different story when you look at the quarter as a whole. what lies ahead as we enter this last quarter of 2015. joining us is steve reese. he is global head of he equity strategy at jp morgan private bank and drew who is deputy chief u.s. economists at ubs. we been talking about the quarter and this is not just lousy returns for the quarter it's so bad it wiped you out all the way back to where we were in 2013. what do you tell clients? >> it's been a tough q