David Einhorn

David Einhorn

Last Update: 2014-08-14

Number of Stocks: 40
Number of New Stocks: 5

Total Value: $7,177 Mil
Q/Q Turnover: 11%

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

David Einhorn Watch

  • Three CEOs Reporting $100 Thousand Insider Buys

    This past week we saw CEOs from three different companies reporting insider buys with transaction amounts costing over $100,000. Fifth Street Finance (FSC)

    CEO Leonard Tannenbaum added 20,000 shares to his stake on June 20. These shares traded at an average price of $9.94 per share for a total purchase amount of $198,000 for Tannenbaum. Since his buy, the price per share has dropped approximately -0.5%. As of his most recent purchase, the CEO holds nearly 2 million shares of Fifth Street Finance.  


  • CEO of Fifth Street Finance Corporation Leonard M. Tannenbaum Bought 20,000 Shares

    Fifth Street Finance Corp. is a Delaware Corporation. Fifth Street Finance Corporation has a market cap of $1.23 billion; its shares were traded at around $10.04 with a P/E ratio of 10.10 and P/S ratio of 6.10. The dividend yield of Fifth Street Finance Corporation stocks is 11.50%. Fifth Street Finance Corporation had an annual average earnings growth of 36.7% over the past 5 years. Articles on GuruFocus.COM CEO of Fifth Street Finance Corporation (FSC) Leonard M Tannenbaum bought 20,000 shares on June 20, 2013 at an average price of $9.94. The total transaction amount was $198,800.

    Leonard Tannenbaum is currently the Shairman of the Board of Directors and CEO of Fifthh Street Finance Corp. After founding his first private investment firm in 1998, Mr. Tannenbaum has continued to found more private investment firms, including Fifth Street Finance Corp, and has served as a managing member of each firm.  


  • David Einhorn's Most Active Insider Stocks

    As Peter Lynch has been quoted as saying many times: “Insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise.” So when insiders and gurus both buy into a company, it’s time to take notice. As a previous article written by GuruFocus discusses, insider buys of undervalued companies can sometimes lead to large gains, and value Gurus tend to buy stocks that are undervalued. So by finding the stocks that Gurus and insiders are buying, you increase your chance of finding a winner.

    As of March 31, David Einhorn held 38 stocks valued at over $6.5 billion. The following three companies are Einhorn’s most active insider buying stocks.  


  • David Einhorn's Top New Buys Still Appear Undervalued

    We can’t say for sure what David Einhorn’s exact analysis process is, but some of his largest adds of the first quarter still appear undervalued. Einhorn’s Greenlight Capital hedge fund rose 8.8% this year through May 31, 2013 compared to 10% for the S&P 500, and most of his new purchases of the first quarter have appreciated modestly. Given what a proven stock picker Einhorn is, the holdings could still have more room to increase.

    Oil States International (OIS)  


  • David Einhorn Loves These 4 Dividend Stocks

    On May 15, a full range of professional fund managers released their quarterly statements. Today I look at the best dividend stock buys of David Einhorn. He is the head of Greenlight Capital and serves around $6.5 billion in assets. In total he has 38 stocks of which six were bought within the recent quarter. Below is a list of his 20 biggest transactions within the recent quarters.

    His biggest move was related to Apple. He increased the position by 83.45%, a change to his portfolio of 7.37%.  


  • Einhorn Increases AAPL and Decreases Nine

    David Einhorn is president of Greenlight Capital (a value-oriented investment advisor). GuruFocus notes in his investment philosophy that Einhorn believes an investment approach emphasizing intrinsic value will achieve consistent absolute investment returns and safeguard capital regardless of market conditions.

    Einhorn’s current portfolio consists of 38 stocks (6 new), valued at over $6.553 billion. In the most recent quarter, David Einhorn increased his holdings in one stock and decreased his holdings in nine companies. Highlighted below is Einhorn’s one increase as well as his top five decreased holdings.  


  • David Einhorn Buys Ira Sohn Recommendation, 5 Others

    When not busy suing Apple and probably lamenting the sell-off in gold, of which his Greenlight Capital Management has a major holding, David Einhorn bought six new stocks in the first quarter of 2013. The hedge fund manager returned 6.1% in the first quarter, lagging the S&P 500 Index, which continued its rally another 10%.

    In April, Einhorn was also honored as one of Time Magazine’s 100 Most Influential People.  


  • David Einhorn’s Stopped Shorts

    David Einhorn has been known to pull down celebrated companies from their lofty heights with a single presentation showcasing their ill-boding fundamental and market flaws based on research from his hedge fund, Greenlight Capital. Chipotle (CMG), Herbalife (HLF) and Green Mountain Coffee Roasters (GMCR) have all been Einhorn targets.

    While GuruFocus does not catalogue the short positions of most gurus because they are not required to disclose them, it can be informative to look at the ones they report occasionally in their quarterly letters.  


  • David Einhorn Comments on Oil States International

    We initiated a long position in Oil States International (OIS), a solutions provider for the oil and gas industry, at an average price of $77.16 per share. OIS has four business segments: Well Site Services, Tubular Services, Offshore Products, and Accommodations.

    We believe that the company trades at a significant discount to the sum of its parts. Though the shares trade at slightly less than 7x 2013 EBITDA (a multiple typically associated with its lower multiple businesses), the majority of its profits come from Accommodations, which is a high-growth, high return-on-capital segment that deserves a much higher valuation. At 8.6x 2013 EBITDA, an appropriate multiple given a sum of the parts analysis of OIS’s business mix and where comparable companies trade, OIS would be worth close to $120 per share. We believe that OIS could unlock significant shareholder value by converting the Accommodations unit into a REIT and separating it from the rest of the company; if completed, it would suggest a valuation of $155 per share.  


  • David Einhorn Comments on Evonik

    We initiated a long position in Evonik (Germany: EVK) [color=#444444; font-family: arial, sans-serif; font-size: small; line-height: 16px](GR:EVK), [/color]a global chemical business, through a private placement at an effective price of €29.13 per share, ahead of a public listing in April. EVK has a high quality portfolio of chemical assets in the U.S., Europe and Asia, including market leadership in methionine, a high margin, high structural growth business that tracks the demand for animal feed. EVK’s business is less cyclical than that of its European peers as demonstrated by its positive EBITDA growth each year even during the recession. EVK is currently in the middle of a capital investment cycle that we believe will enable it to grow its earnings power from €2.50 in 2012 to €4.00 per share in 2015/2016. We think that its combination of secular growth, superior asset quality, and low cyclicality makes EVK the premier European chemical company, which deserves a re-rating to a premium multiple.

    From David Einhorn's 2013 first quarter investor letter.  


  • David Einhorn Comments on Marvel (MRVL)

    (MRVL) reversed its 2012 decline as investors began to pay attention to MRVL’s prospects for share gains in controllers for hard disk drives and flash memory drives, as well as its new processor for cell phones and tablets. The company should see significant fixed operating leverage in 2013, as it has been carrying the cost of the investments in these products without any corresponding revenue until now. The company has also continued to buy back stock aggressively, adding to the potential earnings leverage.

    From David Einhorn's first quarter 2013 letter.  


  • David Einhorn Comments on Vodafone

    In addition to MRVL and the Yen, Vodafone (VOD)(VOD) was another material winner during the quarter. It is now clear that Verizon does in fact want to buy VOD’s 45% interest in Verizon Wireless. We can hear them now. We believe that a premium sale followed by a successful return and/or redeployment of the proceeds could unlock substantial value latent in VOD stock. VOD without Verizon Wireless might also become a good acquisition target for AT&T. During the quarter VOD shares advanced from £1.54 to £1.87.

    From David Einhorn's first quarter 2013 letter.  


  • David Einhorn Comments on Green Mountain Coffee Roasters

    The other significant loser in the quarter was Green Mountain Coffee Roasters (GMCR). We would love to be the “Credentialed Bear” that gets invited to ask tough questions at its annual shareholder meeting, but we aren’t waiting by our iPhones. Shares of GMCR increased from $41.34 to $56.76 in the quarter.

    From David Einhorn's first quarter 2013 letter.  


  • David Einhorn Comments on Apple

    (AAPL) shares fell from $532 to $443 during the quarter. The biggest problems with our AAPL investment are disappointing earnings and a diminished forecast. When AAPL announced its year-end result, it made clear that it would earn less in the March quarter than it did a year ago. Forward estimates have been falling for a while. Last July, consensus estimates for fiscal 2014 were $64 per share; estimates now stand at $44. When we thought the company would earn $64 per share, the shares seemed cheap even as they reached $700 in September. Of course, that required AAPL to meet that forecast.

    Our thesis is that AAPL has a terrific operating platform, engendering a loyal, sticky and growing customer base that will make repeated purchases of an expanding AAPL product offering. Unfortunately, there have been a series of disappointments including slower sales growth, lower margins, and increased competition. There have also been delays in new carrier wins, next generation product introductions, and new product category launches. While all of these have had an understandably negative impact on AAPL’s share price, we take a longer view and believe our thesis is intact.  


  • Greenlight Capital David Einhorn's First Quarter Letter to Investors

    From David Einhorn's Greenlight Capital, as of May 8, 2013:  


  • Billionaire David Einhorn Takes Profits In Marvell Tech

    The title sounds bad right? Einhorn has owned Marvell Technology (MVRL) since he first started buying up the stock during the third quarter of 2011. Recent news broke that Einhorn sold off some 1.27 million shares of Marvell at around $10.16 per share, worth some $12.9 million. Should investors consider this sale as the change in his opinion about Marvell? Should we turn bearish on Marvell now?

    Much of the news that hit the wire when Einhorn sold some of his Marvell stake over blew the story, when in reality, he was merely freeing up some capital in what turns out to be a selloff of less than 2.5% of his entire Marvell stake. The shares sold off by Einhorn and Greenlight are just a small fraction of its total stake in the semiconductor company; his sentiment about the stock appears to be quite bullish based on his history with the stock and his recent investor letter.  


  • David Einhorn Discusses the Implications of the Actions of the Federal Reserve

    The following is David Einhorn's introduction to an article that he wrote for the Huffington Post several months ago with respect to the policies of Ben Bernanke and the Federal Reserve:

      


  • Billionaire David Einhorn's Big Moves: Apple (AAPL), Google (GOOG) And More

    Be sure to check out our detailed stock analysis (click here).

    Billionaire David Einhorn, founder of value-oriented hedge fund Greenlight Capital, managed to return some 21.5% annually through 2010 (since he started Greenlight in 1991). Greenlight and Einhorn employ a fundamental approach to investing, focusing on intrinsic value. During the fourth quarter last year, Einhorn reiterated his confidence in a couple of his top picks by adding to his positions, notably keeping a certain tech giant as his top pick, while also betting on a couple other tech companies. Let's take a look at some of Einhorn's most notable trades (check out Einhorn's top picks).  


  • When David Einhorn Talks, Markets Listen... Usually

    An article on our favorite short-seller, David Einhorn, from Bloomberg Businessweek:

      


  • Billionaire David Einhorn's Big Moves: Apple (AAPL), Google (GOOG) and More

    Billionaire David Einhorn, founder of value-oriented hedge fund Greenlight Capital, managed to return some 21.5% annually through 2010 (since he started Greenlight in 1991). Greenlight and Einhorn employ a fundamental approach to investing, focusing on intrinsic value. During the fourth quarter last year, Einhorn reiterated his confidence in a couple of his top picks by adding to his positions, notably keeping a certain tech giant as his top pick, while also betting on a couple other tech companies. Let's take a look at some of Einhorn's most notable trades.

    Einhorn increased his Apple (AAPL) position, upping his shares 15%, keeping the tech giant as his top stock pick, which now makes up 10.8% of Greenlight's portfolio.  





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