There's nothing quite as exciting as a nasty dispute between a company's management and one of its largest shareholders. There's also no dispute between a company's management and one of its largest shareholders quite as exciting as a dispute between a company's management and hedge fund manager Dan Loeb.

Loeb has gained fame for his letters accusing management teams of incompetence using such language as "inexplicable insouciance" (Go ahead. You can look it up. I had to the first time, too.). In a letter to the directors of Nabi Pharmaceuticals last year, he wrote:

"You hide your heads in the nearest warm aperture in an apparent ostrich defense and ignore your shareholders."

In a letter to the (now former, thanks to Loeb) CEO of Star Gas Partners, Loeb wrote:

"It is time for you to step down from your role as CEO and director so that you can do what you do best: retreat to your waterfront mansion in the Hamptons where you can play tennis and hobnob with your fellow socialites. The matter of repairing the mess you have created should be left to professional management and those that have an economic stake in the outcome. "

On February 16th, Loeb fired off a letter to the Chairman, President and CEO of Pogo Producing Company, Paul G. Van Wagenen. Loeb's fund Third Point LLC owns 7.9% of the company. Here are some of my favorite parts:

"Needless to say, we are disappointed by the results but not surprised--given the Company's sad history of failing to meet projections...Not only does Pogo allocate capital poorly, but it seems unable to operate within its stated budgets...Hiring Goldman, Sachs & Co. and TD Securities Inc. to help the Company explore strategic alternatives is a positive step, but we have no faith in the current board's ability to oversee such a process..."

Loeb ended the letter by saying that he intended to wage a proxy fight at the 2007 annual meeting. While most Wall Street insiders can only shake their heads and smile at Loeb's verbally abusive tactics, they certainly draw attention to his causes. The media spotlight that his beautifully-worded tirades draw to the performance of management leads many investors to Loeb's conclusion: These guys have got to go.

Loeb's penchant for verbal sparring does not end with the executive he targets. It also extends to those unfortunate enough to seek employment at his firm without playing by his rules. Take a look at some of the highlights of this gem of an email exchange. When a prospective hire declines Loeb's request for his "3 best current European ideas," things get interesting.

Loeb: "We find most Brits are a bit set in their ways and prefer to knock back a pint at the pub and go shooting on weekends rather than work hard. Lifestyle choices are important, and knowing one's limitations with respect to dealing in a competitive environment is too. That is Lesson One at my shop. It is good that we learned about this incompatibility early in the process, and I wish you all the best in your career in traditional fund management."

Lewis: I am half-American and half-French, and having spent more than half my life on this side of the pond I think I know a little something about how one conducts business in the U.K. and Europe.

Loeb: Well, you will have plenty of time to discuss your "place in society" with the other fellows at the club. I love the idea of a French/English unemployed guy, whose fund just blew up, telling me that I am going to fail.

At Third Point, like the financial markets in general, "one's place in society" does not matter at all. We are a bunch of scrappy guys from diverse backgrounds (Jewish, Muslim, Hindu etc.) who enjoy outwitting pompous asses, like yourself, in financial markets globally.

Your "inexplicable insouciance" and disrespect is fascinating; it must be a French/English aristocratic thing. I will be following your "career" with great interest.