Unlike say Warren Buffett or Bill Ackman, investors who like to buy and hold until the pain becomes too acute, Dan Loeb has a reputation for being nimble, and opportunistic. He once told me that investing is simply all about figuring out when to do something that’s obvious, and when to do something that’s contrarian. At the outset of the pandemic, for instance, Loeb made what he deemed to be the obvious decision to invest in Disney, telling me it was a “tremendous company” with “a great brand” and he was very excited about being able to buy the stock at a discount that resulted from the negative impact that the quarantine had on the company’s parks, sports rights, cruise business, and theatrical releases. Loeb’s Third Point hedge fund owned stock in Disney worth more than $900 million at its peak, and then ultimately sold out of the position completely earlier this year. Meanwhile, shares in Disney rose around 70 percent between May 2020, about when he bought the first time, and August 2021, when he disclosed his first Disney stake. He made a killing.