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Hedge Fund Manager Loeb Takes Aim at ‘Oracle of Omaha’ Buffett

In this May 5, 2014 file photo, Berkshire Hathaway Chairman and CEO Warren Buffett gestures during an interview with Liz Claman on the Fox Business Network in Omaha, Neb. The stock price of Berkshire Hathaway topped $200,000 for the first time Thursday morning, Aug. 14, 2014. Class A shares of Berkshire jumped past the milestone to an all-time trading high of $201,625. (AP Photo/Nati Harnik, File)
In this May 5, 2014 file photo, Berkshire Hathaway Chairman and CEO Warren Buffett gestures during an interview with Liz Claman on the Fox Business Network in Omaha, Neb. (AP Photo/Nati Harnik, File)

(Reuters) – Hedge fund mogul Daniel Loeb on Wednesday took aim at the “Oracle of Omaha,” calling beloved billionaire Warren Buffett a hypocrite.

“I love how he criticizes hedge funds yet he really had the first hedge fund. He criticizes activists but he was the first activist,” Loeb, who runs $17.5 billion hedge fund Third Point, said about Buffett who has been running conglomerate Berkshire Hathaway for 50 years.

Loeb, known in investment circles for his sharp tongue and top returns, made the comments at the SkyBridge Alternatives Conference, known as SALT, less than one week after Buffett hosted his company’s shareholder meeting in Omaha.

Buffett, whose own strong record earned him his nickname, has in the past said that hedge funds could pose a threat to global markets and has a running bet with a New York-based hedge fund firm that hedge funds will underperform a low-cost index tracker over ten years. So far Buffett is winning the bet, he said at the weekend meeting in Omaha.

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