WHEN: Today, Thursday, May 9th
WHERE: CNBC's "Street Signs"
Following is the unofficial transcript of breaking news from CNBC's Scott Wapner. All references must be sourced to CNBC.
SCOTT WAPNER: DAN LOEB JUST FINISHED HIS OFF-THE-RECORD DISCUSSION HERE AT SALT, BUT HE SPOKE TO ME ON THE RECORD EXCLUSIVELY WHEN HE WAS DONE AND HAD THE FOLLOWING THINGS TO SAY. THIRD POINT'S BEST IDEA RIGHT NOW IS JAPAN. TOLD ME THAT HE HAS BEEN IN ON THE YEN TRADE LIKE SO MANY OTHER INVESTORS HAVE. HE IS STILL LONG THE NIKKEI. CALLS THE STRUCTURAL REFORMS IN JAPAN, IN HIS WORDS, A HUGE GAME CHANGING THING. THAT IT HAS THE POSSIBILITY OF REALLY WORKING. THINKS THE TRADE HAS MORE ROOM TO GO AND THAT HIS EXCITEMENT COMES FROM ABE'S THREE ARROWS INITIATIVES TO REVITALIZE JAPAN IN TERMS OF A STOCK. THEY DO HAVE A POSITION IN JAPAN TOBACCO. I ASKED HIM ABOUT HERBALIFE. WHICH HE SAID RIGHT NOW THEY HAVE NO POSITION AT ALL IN HERBALIFE, THEY GOT OUT A FEW MONTHS AGO, IN HIS WORDS, MOVED ON TO OTHER THINGS. SAID HE INITIALLY GOT INTO THAT POSITION BECAUSE HE THOUGHT THE PRESENTATION BY BILL ACKMAN AND THE SUBSEQUENT STOCK DROP WAS, IN HIS WORDS, A BIG OVERREACTION. SO DAN LOEB IS NO LONGER IN HERBALIFE. HE SAID AT THE TIME THE RISK REWARD WAS A GOOD ONE AT THE LEVELS THAT HE GOT IN AND SAID HERBALIFE GENERATES AN ENORMOUS AMOUNT OF CASH FLOW. THE OTHER TRADE THAT HAS BEEN WORKING FOR THIRD POINT AND CONTINUES TO WORK IS LONG GREEK DEBT. HE CALLED IT A GOOD INVESTMENT. GOT IN LAST YEAR. THEY DOUBLED THEIR MONEY IN JUST A FEW MONTHS AND EVEN MORE THIS YEAR. BUT CLEARLY THE HEADLINE AS JAPAN HAS GOTTEN AN AWFUL LOT OF CONVERSATION ON BOTH SIDES OF THE ISSUE FROM MANY OF THE WORLD'S GREATEST INVESTORS, DAN LOEB THINKS IT'S THE BEST IDEA RIGHT NOW. HE HAS BEEN IN ON THE YEN TRADE AS I SAID. THEY ARE STILL LONG THE NIKKEI AND THINKS THAT THE STRUCTURAL REFORMS THERE ARE A HUGE GAME CHANGING THING. SO AGAIN, DAN LOEB JUST WRAPPING UP HIS PRESENTATION, WHICH WAS OFF THE RECORD INSIDE HERE, SPEAKING TO CNBC EXCLUSIVELY ON THE RECORD JUST A FEW MOMENTS AGO.
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