Contributions to the Value Vault: Community Banking

Wall Street

When Dan Loeb (Third Point Partners) looks to hire people, he tends to value training and experience over formal education. “Before you can get into all the nuances of investing and understanding how to do a due diligence process and a question a management team,” he says, “you’ve go to have the nuts and bults of finance down. Almost everyone who’s worked at Third Point has at least gone through a two-year training proftram in an investment bank, plus done a couple years at a private equity firm, doing modeling and valuation work. ” For Loeb, having an MBA isn’t as ciritcal as having the training. New hires need about two or three years of experience in a field other than the pubhlic investment world, like mergers and acquisitions. “I don’t like the word ‘instinct,”” says Loeb, “because it just sounds like a gut thing. I think what we call instinct is really a type of pattern recognition, which comes from experience looking at the companies and industries and situations that work.” (The Alpha Masters by Maneet Ahuja)

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