(Bloomberg) -- Hedge fund manager Dan Loeb, seeking to recover from years of underperforming the S&P 500 Index, said he's optimistic about his approach in the Donald Trump era, as many stocks still have room to advance after the post-election rally.

"I'm not sure that — given the increase in S&P earnings that we expect due to changes in policy as well as tax reform — that it's as overvalued as people think," Loeb said Friday in a conference call discussing results at Third Point Reinsurance, the Bermuda-based company where he oversees investments. "We're seeing plenty of good valuation situations."

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