David Einhorn

David Einhorn

Last Update: 11-16-2015

Number of Stocks: 42
Number of New Stocks: 4

Total Value: $6,032 Mil
Q/Q Turnover: 18%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

David Einhorn Watch

  • Humana, Dow Chemicals Among Stocks Larry Robbins Keeps On Buying

    Glenview Capital Management, a privately held investment management firm, was founded in 2000 by Larry Robbins (Trades, Portfolio). He manages a portfolio of 82 stocks with a total value of $25.250 million, and the following are the stocks he has been buying at least two quarters

    Applied Materials Inc. (AMAT)


  • General Motors Shines in Automotive Industry

    General Motors (NYSE:GM) is a popular stock among many hedge fund managers, with Warren Buffett as the largest guru shareholder. According to GuruFocus data, GM makes up 1.25% of Buffett's portfolio. General Motors, which designs, builds and sell cars, trucks and automobile parts, reported its third quarter earnings on Oct. 20, with higher-than-estimated earnings in such a robust environment, but its revenue fell below the estimations of analysts. Wall Street analyst estimated revenue of $39.2 billion but GM reported $38.8 billion lower by 1%. The stock has increased by 3.02% on year-to-date basis, but underperformed as compared to Consumer Discretionary SPDR (ETF) [XLY].

    Financial performace


  • David Einhorn's Greenlight Capital Releases Third-Quarter Letter

    David Einhorn (Trades, Portfolio)'s Greenlight Capital has released its third-quarter letter. In the letter Einhorn discloses the firm is down 17.4% so far this year. In the letter Einhorn discuss the largest drivers of Greenlight Capital 17% loss. The firm's investments in SunEdison (NYSE:SUNE) and Consol Energy (NYSE:CNX) have placed a large role in the firm's net loss of 17%.

    Greenlight Capital's third-quarter letter


  • Looking at David Einhorn’s Hits and Misses as Fund Drops 16%

    In the third quarter, the pain at David Einhorn (Trades, Portfolio)’s hedge fund Greenlight Capital Inc. intensified. The 14.2% decline dragged his nine-month loss on the value of his investments to 16.9%, compared to a 12.3% drop for the S&P 500, meaning 2015 is shaping up to be his first year in the red in five years.

    The poor performance at the $12.3 billion firm was not entirely attributable to Greenlight’s long positions. Einhorn had only 20.9% net long exposure as of June 30, as he conservatively positioned his portfolio for a more negative economic environment and invested in other instruments.


  • Micron Technology a Unique Long-Term Investment Opportunity

    Over the last two years, the only company I have found interesting is Micron Technology (NASDAQ:MU). I began following it four or five months ago when I noticed that it was falling. In the past I had noticed that investors such as David Einhorn (Trades, Portfolio) and Seth Klarman (Trades, Portfolio) were investing in it, and both bought it at much higher prices than what it is trading now. Einhorn declared after the stock prices fell that it was still a good investment. I am sure that it is a better buy now than when it was over $30. Indeed, after a long fall and having studied Micron for some months, I decided a few weeks ago that it was too cheap to let it pass and started buying it, fortunately at much lower levels than Einhorn.

    I don't like to invest in a stock only because someone I admire owns it. I need to be convinced of it myself and focused on studying it. Fundamentally it looks cheap; what needed to be qualitatively analyzed is if the fundamentals can be sustained. As the conclusion of my investigations, I will discuss here a set of conditions that currently make Micron a unique buying opportunity. I will not focus on numbers such as EPS or fundamental metrics, because I believe that any sophsticated investor can find those out relatively easy. Rather, I will focus on the main factors that make Micron a sustainable long-term investment.


  • David Einhorn's Best Performing Stocks Year to Date

    David Einhorn (Trades, Portfolio) is president of Greenlight Capital, which is a value-oriented investment advisor. 

    With help from the All-In-One Screener, the following are the stocks in his portfolio with the highest return since the beginning of the year.


  • David Einhorn Digs Coal

    According to a press release from Consol Energy (NYSE:CNX) on June 30 certain funds managed by Greenlight Capital have agreed to purchase 5,000,000 shares of the newly issued CNX Coal Resources LP (NYSE: CNXC) at the IPO price of $15.00 per share in a private placement. The IPO was completed in July with CNX selling a 21.1% stake of CNXC to the public and an additional 21.1% stake to Greenlight Capital in the private placement. Consol Energy continues to own 53.4% of the company and 100% of the General Partner which has a 2% interest.

    What is CNX Coal Resources LP? It is a growth-oriented master limited partnership, sponsored by Consol Energy. CNX Coal Resources owns a 20% undivided interest in Consol Energy's Pennsylvania thermal coal mining complex (Bailey, Enlow Fork and Harvey mines). They have been granted the right of first offer to acquire the remaining 80% undivided interest in the complex if they choose. The complex has generated about 80% of Consol Energy's coal sales in 2015. The complex consists of three underground mines and related infrastructure that produce high-BTU bituminous thermal coal that is sold primarily to electricity generators in the eastern United States.


  • David Einhorn Adds to Positions in General Motors, Bank of New York Mellon

    Value-oriented hedge fund manager David Einhorn (Trades, Portfolio)’s Greenlight Capital produced annual returns of 29% in its first decade of existence. Returns have been lower in recent years, but they have remained in positive territory.

    In the second quarter Einhorn both bought and sold shares as usual, but his acquisitions were larger and more noteworthy.


  • David Einhorn Continues to Add Micron Technology to His Position - Should You?

    Let's take a look at Micron Technology Inc. (NASDAQ:MU), a $27.18 billion market cap company, which provides semiconductor solutions worldwide. The stock delivers a negative return of more than 52% on a year-to-date basis. This crash is alarming for me, but it seems that some hedge fund managers take the opposite direction. Perhaps the reason behind this bullish sentiment is the fact that the stock has outperformed the market in 2013 and 2014.


  • Watch the Apple Event Live

    Apple (NASDAQ:AAPL) has introduced some of the world’s most innovative products and landed in the portfolio of many prominent value investors. It is the fourth most-held tech stock of gurus followed by GuruFocus, and the 14th most-held S&P 500 stock overall. Some gurus have also made it the top position in their portfolios, such as David Einhorn (Trades, Portfolio), and Carl Icahn (Trades, Portfolio), for whom it forms the first holding behind his own company.

    Consequently, many will be watching the Apple Event Wednesday to get the first look at what new products, upgrades and announcements the company has in the pipeline.


  • Market Continues to Look Expensive After Low August Returns

    August was undoubtedly a tough month for the market, with share prices plunging on Aug. 18 and leading to a selloff on Aug. 21, reaching what some consider the first meaningful correction in years.

    At the close of trading on Aug. 21, the S&P 500 fell 3.2% or 64.84 points to 1,970.89. According to the S&P Dow Jones Indices, the index lost $1.14 trillion in value that week. The DJIA was down 530.94 points to 16,459.75. Macro concerns that may have led to the selloff include Greece’s ongoing financial troubles, including its default on an IMF loan on June 30. China’s economic instability, however, gradually overtook Greece in the headlines, and was also blamed for spooking investors, as the country unexpectedly devalued its currency.


  • Greenlight Capital Re Is A Fantastic Bargain

    David Einhorn (Trades, Portfolio) is one of the more recognizable names in the investment industry. His firm, Greenlight Capital, has consistently posted market-beating returns over most of the past decade. While it’s costly to invest directly into his funds, there is a way to cash in on his investing prowess.

    Greenlight Capital Re (GLRE) is a publicly traded reinsurance company that Einhorn controls. The company insures property-and-casualty risks. It can then use its earnings and insurance float to largely follow his hedge fund’s strategy. However, this hasn’t been working out very recently.


  • David Einhorn's Greenlight Capital Raises Stake in Leading U.S. Memory Chip Maker Micron

    In this article, let's take a look at Micron Technology, Inc. (NASDAQ:MU), a $15.74 billion market cap company, which provides semiconductor solutions worldwide. Although the company delivers a negative return of more than 58% year-to-date, David Einhorn (Trades, Portfolio) holds 37.95 million shares, ups his stake by 14% on the quarter. The value of the stake amounts to $714.97 million. The second largest shareholder of the company is Seth Klarman (Trades, Portfolio), with 19.7 million shares, valued at $371.26 billion, held as of the end of the Q2 2015.

    More bullish sentiment


  • M&R Capital Management Buys Allergan in Q2 2015

    At the end of the second quarter of 2015, the hedge fund M&R Capital Management Inc, reported a total value of its portfolio of $422.9 million with a increase of $15,000 over the previous quarter.

    During Q2 2015, the hedge fund bought nine new stocks and increased 30 of its stakes. The following are the most heavily weighted buys during the quarter.


  • Micron, A David Einhorn Stock, Has Fallen 40% This Quarter. Is it a Buy?

    Micron Technology Inc. (NASDAQ:MU) provides semiconductor solutions worldwide in the form of Dynamic Random Access Memory (DRAM) and NAND flash memory products. Per GuruFocus, a number of notable investors own MU including David Einhorn, Seth Klarman, Joel Greenblatt, and more. David Einhorn (Trades, Portfolio) has a sizable position and recently made some interesting comments. Per the Wall Street Journal, Einhorn predicted that MU will be worth more than Netflix “sometime in the next few years” (Einhorn is bearish on Netflix). From what we can tell, Einhorn began purchasing MU in 2013 Q3 and his average price per share is $18.58/share. His latest batch of purchases was in 2015 Q2 is estimated to be at $26.66/share. Of course, we don’t know what hedges, if any, he used.

    David Einhorn (Trades, Portfolio) MU holding trend:


  • The Energy Enigma – Delivering Alpha Unfiltered

    The oil price recovery has done a U turn, and we are headed back down.

    Is this an opportunity for investors or is David Einhorn (Trades, Portfolio) correct and that shale producers are better as short candidates.


  • David Einhorn Boosts Investment in Consol Energy

    David Einhorn (Trades, Portfolio) boosted his stake in Consol Energy Inc. (NYSE:CNX) by 43.85% on Monday, according to Real Time Picks.

    Einhorn’s position after the buy totaled 29,609,565 shares, or 12.9% of the company, from 20,583,070 shares held at the end of the first quarter. He initiated the holding in the third quarter of 2014 and added shares in the following two quarters.


  • A Look at June's Hedge Funds Returns

    The $3 trillion hedge-fund industry tumbled probably due to two important effects. On the one hand, Greece’s debt situation and on the other hand the recent performance of the Chinese stocks. In simple words, June was a bad month for stocks and for hedge funds, too.

    The Hedge Fund Research HFRI Weighted Composite Index dropped 1.3% and that percentage is its worst monthly loss since June 2013. In June, the HFRI Macro Index fell 2.4% and ended with the year to date gains of that index. In line with this, the SPDR S&P 500 ETF Trust (SPY) returned a negative 2.5% in June, but the total returns for the index for the year through Jul 14 was 2.3%.


  • Ohio-based Bank´s Results Were in the Median of Regional Banking Peers

    In this article, let's take a look at Fifth Third Bancorp (NASDAQ:FITB), a $17.08 billion market cap company, which is a diversified financial services company, based in Cincinnati, which operates 1,340 branches in 12 states, with a focus on Ohio, Michigan and Illinois.

    A top bank


  • Greenlight Capital's (David Einhorn) Q2 Investor Letter

    The Greenlight Capital funds (the “Partnerships”) returned (1.5)%,1 net of fees and expenses, in the second quarter of 2015, bringing the year-to-date net return to (3.3)%. During the second quarter, the S&P 500 index returned 0.3%, bringing the index year-to-date return to 1.2%.

    On April 15 after the close, Netflix (NFLX) announced its results for the first quarter and conducted a conference call. NFLX shares had already risen 39% in 2015 and were trading at more than 100x 2016 estimates with analysts expecting adjusted earnings for the quarter of $0.63. NFLX achieved just $0.36. Prior to the call, the June quarter consensus stood at $0.86; by the next morning consensus was $0.30. All told, analysts slashed estimates for the next three years. Further, we had just finished watching season three of NFLX’s leading original content show, House of Cards, which appeared to be scripted to compete with Ambien.


  • David Einhorn, Daniel Loeb Both Boost Green Brick Partners Holding

    David Einhorn (Trades, Portfolio) of Greenlight Management and Daniel Loeb (Trades, Portfolio) of Third Point both announced Monday that they increased their respective positions in Einhorn’s company Greenbrick Partners Inc. (NASDAQ:GRBK).

    Einhorn grew his holding by 54.25% to 24,127,590 shares. He had started a small position in the company in the first quarter of 2010, but expanded it to almost half of the company in the fourth quarter of 2014, when he also became chairman.


  • Market Valuations and Expected Returns – June 26, 2015

    The market was up more than 30% in 2013, the best year since the go-go years of 1990s. 2014 was another strong year for the market. The S&P 500 index was up more than 13%. Since the market recovery in 2009, the stock market has been up for 6 consecutive years. Yet in January 2015, the stock market benchmark S&P 500 lost 3.10%. In February, the market regained its strength by increasing 5.49%. Throughout March, the market went down by 1.74%. In April and May, the market was up by 0.85% and 1.05% separately.

    Bernard Baruch once said, “A market without bears would be like a nation without a free press. There would be no one to criticize and restrain the false optimism that always leads to disaster.”


  • David Einhorn’s Three Favorite High Yield Dividend Stocks

    David Einhorn (Trades, Portfolio) is one of the most successful long/short hedge fund managers. He has averaged returns of nearly 20% a year since starting his hedge fund Greenlight Capital in 1996.

    David Einhorn (Trades, Portfolio) owns several dividend stocks with yields over 3%. This article examines the 3 dividend stocks that make up the largest percentage of David Einhorn (Trades, Portfolio)’s portfolio with dividend yields over 3%.


  • Why GM Is A Buy

    It has been a few years since General Motors Company (NYSE:GM) resurected from the ashes of its former incarnations bankruptcy. It is still the leading automaker in the States and slowly U.S. taxpayers are forgiving the company its previous mistakes. In October 2010 the automaker integrated AmeriCredit to continue to offer credit to customers. Currently, Fiat Chrysler Automobiles CEO Sergio Marchionne is pursuing GM to merge with the Italian automaker. Sergio Marchionne has a reputation as a briliant manager who is highly skilled at creating shareholder value. His arguments are laid out in a presentation called Confessions of a Capital Junkie. His main point is that automakers are achieving RoIC below their average cost of capital. Long term that is a huge problem, and he thinks the solution lies in a few mega companies. By his estimates a combination of Fiat with another major automaker would result in between $2.8 billion to $5 billion in benefits per year. Fiat and GM’s combined Ebitda is around $19 billion, so that is signficant. GM CEO Mary Barra, meanwhile has indicated to be uninterested.


  • Micron May Be the Biggest Guru Bargain Of All

    Micron Technology (NASDAQ:MU) was founded in Boise, Idaho and manufacturers and markets a basic commodity for the computer industry – DRAM, NAND Flash memory, CMOS image sensors, along with other semiconductor components. was founded in Boise, Idaho and incorporated in October 1978.

    From a consistency standpoint, Micron fails to deliver, but you don’t get paid based on the past. In the last five years, Micron has worked hard to improve margins and efficency. It has doubled revenue, increased both gross and operating margins and has built a great base of relationships to drive the company forward for years to come.


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