Hedge fund manager Daniel Loeb, the founder of Third Point LLC, has hit back at those taking aim at activist investing. Loeb, one of the most prominent activist investors of his generation, defended the strategy in his second-quarter letter to investors. The strategy has generated bumper returns for investors over the years, but it has recently faced criticism from the likes of BlackRock CEO Larry Fink and Democratic presidential candidate Hillary Clinton. Loeb argues in his letter that a lot of the criticism is out of date. He said his generation of activist investors was different from the corporate raiders...