Dan Loeb's Third Point Sells PRQ Equity and Debt

We have just obtained Daniel Loeb's Third Point LLC second quarterly letter. Loeb has approximately $8.7 billion under management. In the letter, Loeb discusses Europe and various equity and credit positions the hedge fund holds. Loeb does not mention his fourth largest position, Chesapeake Energy anywhere in the letter. Below are some brief excerpts followed by the full letter in scribd:

Long Equity: Yahoo! Inc. (NASDAQ:YHOO) Update

Third Point’s investment in Yahoo! Inc. (NASDAQ:YHOO) appreciated 4% during the second quarter. Due to
Yahoo! Inc. (NASDAQ:YHOO) ’s concentrated size in our funds, this modest appreciation still made it...