David Einhorn (Greenlight Capital)

[winston]

In an interview with hedge-fund blog Market Folly, David Einhorn said: "We are looking for situations where we think something is mispriced.

We want to find out what the misunderstanding is.

Sometimes it's a conspiracy to misinform people. Wall Street has this agenda."

Einhorn is the founder of Greenlight Capital, one of the most successful start-up hedge funds of the last generation.


Source: Growth Stock Wire

[iam802]

Einhorn Enters $1M Buy-In Poker Tournament

http://www.bloomberg.com/video/einhorn- ... ajZbQ.html

June 22 (Bloomberg) -- Greenlight Capital Inc. co-founder David Einhorn entered next month’s $1 million buy-in tournament at the World Series of Poker, donating any profits to the charity City Year. (Source: Bloomberg)

[winston]

Top manager Einhorn is now shorting the new bubble in these stocks

Greenlight Capital Inc., the hedge-fund firm run by David Einhorn, said in a letter to clients today "there is a clear consensus that we are witnessing our second tech bubble in 15 years.

Source: Bloomberg

http://thecrux.com/top-manager-einhorn- ... se-stocks/

[winston]

Tech Stocks with David Einhorn’s New Short Criterion of 90% Downside

By Holly Lafon

Source: GuruFocus

http://www.thetradingreport.com/2014/05 ... -downside/

[winston]

Einhorn Finds Dinner Chat With Bernanke ‘Frightening’

David Einhorn, manager of the $10 billion Greenlight Capital Inc., said he found a recent dinner conversation with former Federal Reserve Chairman Ben S. Bernanke scary.

http://www.bloomberg.com/news/2014-05-0 ... id=mostpop

[winston]

David Einhorn
Age: 45

Chairman of the Board of Greenlight Capital Re Ltd (GLRE)

David Einhorn (Trades, Portfolio) is the Chairman of Greenlight Capital Re, a reinsurance company named after his hedge fund, Greenlight Capital.

Einhorn started his hedge fund in May of 1996 and has delivered annualized returns of 19.5 percent, net of fees and expenses. During the same period (May 1996 – December 2013), the S&P 500 returned an annualized 7.8 percent including reinvested dividends.

Einhorn graduated summa cum laude from Cornell University with a B.A. from the College of Arts and Sciences. He is a guru that we follow at GuruFocus and has a long/short value-oriented strategy. Einhorn believes that an investment approach emphasizing intrinsic value will achieve consistent absolute returns and safeguard capital regardless of market conditions.

He is a noted activist investor, taking positions in companies, and then pushing management to implement changes. On the short side, he was able to detect the wrongful accounting of Allied Capital in 2002 and also shorted Lehman Brothers a year before they went bankrupt.

Greenlight Re, the reinsurance company, is headquartered in the Cayman Islands. Reinsurance is the process by which the reinsurer takes on all or part of the risk covered under a policy issued by an insurance company in consideration of a premium payment. Einhorn has an experienced team of executives in place to run the company from an operational standpoint.

The float and excess capital of Greenlight Re is handled by the hedge fund company to provide superior returns. The float of an insurance company is the cash on hand from premiums paid that have not had to be paid out yet. By having profitable underwriting on the insurance side, the float acts as free leverage for investments.

The top five long holdings of his hedge fund are Apple (AAPL), Micron Tech (MU), Marvell Tech (MRVL), Cigna (CI), and Oil States International (OIS). The company is relatively new and started underwriting in 2006. Greenlight Re had a tough stretch of underwriting losses from 2010-2012, but is operating with an underwriting profit again.

Greenlight Re has a market cap of $1.25 billion, making it a small cap stock. The price-to-book (P/B) ratio is 1.18. P/B ratios are commonly used when measuring the value of companies run by investing gurus. The book value is the value of the assets minus liabilities. Book value per share has been growing at a rate of 8.39 percent over the past five years, and the median P/B over the same time period has been 1.2. Berkshire Hathaway currently has a P/B ratio of 1.40.

So far this year, the stock has been bought by four of the gurus we follow. Chuck Royce is the largest holder with 1,184,685 shares, representing about 3.2 percent of the shares outstanding. In total, there are 7 gurus currently holding the stock.

Source: GuruFocus

[winston]

David Einhorn of Greenlight Capital is probably best-known for correctly predicting the collapse of Lehman Brothers.

He is generally considered one of the smartest hedge-fund managers on Wall Street.

Einhorn is short Pioneer Natural Resources, one of the leading U.S. shale oil companies.

These companies are also called "frackers" because of the hydraulic fracturing ("fracking") technique they use to produce oil.

Einhorn is particularly bearish on Pioneer – calling it the "motherfracker" – but is bearish on shale oil companies in general.

As he explained, "None of them generated excess cash flow, even when oil was at $100 a barrel."

He singled out Pioneer as "dramatically overvalued," saying that "Pioneer burns cash… Why is the market paying $27 billion for this company?"

Einhorn also mentioned EOG Resources, Concho Resources, Whiting Petroleum, and Continental Resources as some other examples of companies "that spend too much money and generate too little cash."

Shares of these companies are down 5%-9% since Einhorn spoke on Monday.

Source: Growth Stock Wire

[winston]

10 Stocks Billionaire David Einhorn Is Buying

By Emily Stewart

http://www.thestreet.com/story/13051831 ... _ven=YAHOO

[winston]

Einhorn's Greenlight takes new long positions, exits some shorts: letter

BY SVEA HERBST-BAYLISS AND JENNIFER ABLAN

Source: Reuters

http://www.reuters.com/article/2015/11/ ... R1Q7QkF.97

[winston]

Here’s what David Einhorn is shorting now…

He’s betting against stocks of heavy-equipment manufacturers because he expects a long-term slump in commodity prices.

The hedge fund manager has been shorting oil frackers, such as Pioneer Natural Resources Co., and said stock prices of such companies “are finally starting to reflect their challenged business models.”

The hedge fund manager hasn’t been bearish on all commodities. He said Tuesday that he expects the price of natural gas to recover over the next year. He also maintains a large stake in gold, which he’s held for years, sticking with the view that central banking stimulus efforts will stoke inflation.

Source: Bloomberg

http://thecrux.com/david-einhorn-we-bel ... upercycle/