Dan Loeb explains in his investor letter: "Our gains (up 4.6% in Q2 to now 2.2% YTD) have also been the result of mitigating losses in individual investments (other than in Allergan, the year’s largest detractor). We believe that improved process initiatives we have practiced since 2009 – which have helped us annualize at nearly 16% net since then – have helped to avoi