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Dan Loeb's two favorite long-term stock ideas

Daniel Loeb, founder and CEO of Third Point LLC.
David A. Grogan | CNBC
Daniel Loeb, founder and CEO of Third Point LLC.

Dan Loeb's Third Point crushed the market over the last 20 years with a 16 percent annualized return versus the S&P 500 at 7 percent, according to an investor letter to clients Friday.

But this year, the hedge fund is just breakeven after fees.

But because of his long-term track record, Loeb's letters are revered by investors for their clear investment rationales and market commentary.

"We do not see indicators of a looming U.S. recession and so, while volatility is likely here to stay and multiples may be capped, we are seeing some compelling value opportunities in stocks," Loeb wrote in the letter.

Here are the two investment ideas he highlighted...

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