Apex hedge fund to CEO: Get off your yacht!

Microstrategy CEO Michael Saylor.
Stephanie Green | Bloomberg | Getty Images

Sandy Colen is doing his best Dan Loeb.

The chief investment officer of $1.23 billion hedge fund firm Apex Capital wrote a scathing letter on Feb. 3 to the board of business intelligence software company MicroStrategy, calling for a new CEO and various corporate changes.

But the real zinger of the letter is reminiscent of Third Point's Loeb, famous for taking on the perceived personal excesses of chief executives with his so-called poison pen.

"The recent stream of photos of Mr. Saylor's yachts in exotic locations (as posted on his Twitter feed) does little to assuage our fears that the company's senior management is not fully engaged in the day-to-day operations of the business or agonizing over inferior shareholder returns," Colen wrote in the letter in reference to company founder Michael Saylor's recent pictures of his boat.

For the record, Saylor has two pictures of a yacht in his Twitter feed. Here's one:

Saylor hasn't responded. "We decline to comment at this time," Warren Getler, an internal MicroStrategy spokesman, said when asked about Apex's criticism.

(Read more: Facebook to Become 'Yellow Pages' Equivalent: Saylor)

Colen feels strongly that MicroStrategy is undervalued.

"We are not activist shareholders per se, but the overwhelming evidence of shareholder neglect prompted us to take action and file the 13D letter with MicroStrategy," Colen said to CNBC.com in a follow up to the filing.

Apex owns 467,100 shares of MicroStrategy or 5.15 percent of the company's Class A stock and has invested in the company for two years. Its beef with MicroStrategy includes its lack of investor communications; "weak" corporate governance; and an "overcapitalized" balance sheet.