Activist hedge fund manager Dan Loeb shared his views on the market and the economy under President Donald Trump in his fourth quarter 2016 letter to investors Wednesday.

Here are the important excerpts on topics such as the election, fund's performance, earnings growth, market risks and volatility.



On the election:

"Finally, the U.S. Presidential election was the most significant event of the year and the most important paradigm shift since the financial crisis. We did not anticipate Trump's win although his election served to crystalize trends that had been taking place for some time but had been largely ignored. Starting the morning after the election, we took immediate steps to reorganize the portfolio around investments that we believe will benefit from Trump's stated policy objectives."

On the fund's performance: