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David Einhorn

David Einhorn

Greenlight Capital
Last Update: 2013-05-15

Number of Stocks: 38
Number of New Stocks: 6

Total Value: $6,553 Mil
Q/Q Turnover: 13%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:
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David Einhorn Watch

  • David Einhorn Comments on General Motors

    by - Oct 24, 2012
    At the recent Value Investing Congress, David updated our view of Green Mountain Coffee Roasters (GMCR), elaborated on our General Motors (GM) and Cigna (CI) theses, and disclosed our short position in Chipotle Mexican Grill (CMG).

    ...  Continue Reading »


  • David Einhorn Comments on Green Mountain Coffee Roasters

    by - Oct 24, 2012
    From Greenlight Capital's third quarter letter.

    At the recent Value Investing Congress, David updated our view of Green Mountain Coffee Roasters (GMCR), elaborated on our General Motors (GM) and Cigna (CI) theses, and disclosed our short position in Chipotle Mexican Grill (CMG).  Continue Reading »


  • David Einhorn's Greenlight Capital Q3 Investor Letter

    by Holly LaFon - Oct 24, 2012
    David Einhorn - David Einhorn's Greenlight Capital Q3 Investor Letter David Einhorn of hedge fund Greenlight Capital chides governments for monetary easing policies, defends gold and talks about his favorite investments in his third quarter investor letter:

    Dear Partner: The Greenlight Capital funds (the "Partnerships") returned 9.4%1, net of fees and expenses, in the third quarter of 2012, bringing the year to date net return to 13.2%.  Continue Reading »


  • Stocks Trading for Less Than David Einhorn Paid for Them

    by Holly LaFon - Sep 26, 2012
    David Einhorn - Stocks Trading For Less Than David Einhorn Paid For Them David Einhorn has achieved a 21.5% annualized return at his firm, Greenlight Capital, since he founded it in 1996, by investing in undervalued long positions and short positions. Four of his holdings are currently trading for less than he paid for them: Marvell Technology Group (MRVL), WellPoint (WLP), Humana (HUM) and Genworth Financial (GNW).

    Marvell Technology (MRVL)  Continue Reading »


  • Is David Einhorn Short Lululemon?

    by matsandalex - Sep 19, 2012
    Yesterday shares of Lululemon (LULU) fell sharply due to rumors that hedge fund manager David Einhorn has started shorting the stock.

    Einhorn has made a name for himself with high-profile short positions such as Lehman Brothers and Green Mountain Coffee.  Continue Reading »


  • David Einhorn Buys More BioFuel Energy Corp

    by Holly LaFon - Sep 10, 2012
    David Einhorn - David Einhorn Buys More BioFuel Energy Corp David Einhorn increased his stake in BioFuel Energy Corp. (BIOF) by 62.85% at the average price of $3 on 09/06/2012, according to GuruFocus Real Time Picks. He owns 2,212,274 shares. The stock price has changed by 55%. The purchase brings his total holding of the company to 13.6%.

    Denver-based BioFuel Energy Corp. is a publicly traded company founded in 2005 that produces and sells ethanol, distillers grain and corn oil through two production facilities in Nebraska and Minnesota. BioFuel Energy Corp. has a market cap of $16.2 million; its shares were traded at around $4.42.  Continue Reading »


  • The David Einhorn Family Business Earning a 43% Internal Rate of Return

    by CanadianValue - Aug 28, 2012
    Interestingly, David Einhorn has seeded a venture capital investment firm that is run by his brother and father and is focused on providing capital to Midwest companies:

    MILWAUKEE — When the hedge fund manager David Einhorn was just another investment analyst in the mid-1990s, his family gave him $500,000 to get his fund, Greenlight Capital, off the ground. Now that he is a billionaire after a career of doing battle with large corporations, he has returned the favor.  Continue Reading »


  • Why I Did Not Follow Einhorn and Invest in Marvel Semiconductors (MRVL)

    by Vipul Patel - Aug 25, 2012
    David Einhorn - Why I Did Not Follow Einhorn And Invest In Marvel Semiconductors (MRVL) Following David Einhorn’s addition of shares of Marvell this quarter, I decided to take a look at it, if it makes sense for me to invest in it.

    I’m a value investor and out-of-favor, contrarian plays usually attract my attention. Here is my analysis and deep dive into the analysis for MRVL.  Continue Reading »


  • David Einhorn's Top Picks from Health Care Sector

    by Holly LaFon - Aug 14, 2012
    David Einhorn - David Einhorn's Top Picks From Health Care Sector David Einhorn is the head of Greenlight Capital, a hedge fund. He has positioned his portfolio to benefit from a repeal of Obamacare by buying mostly health care stocks. “While the stocks are already cheap, there is the additional unpriced upside in the possibility that the election changes the political landscape, resulting in a possible modification or repeal of Obamacare,” he said in his second quarter letter.

    These are his largest new buys in the second quarter: CIGNA Corp. (CI), Coventry Health Care (CVH), UnitedHealth Group (UNH), Humana (HUM) and WellPoint (WLP).  Continue Reading »


  • David Einhorn Speaks at Greenlight Capital Re Investor Day [Video]

    by Holly LaFon - Jul 31, 2012
    David Einhorn - David Einhorn Speaks At Greenlight Capital Re Investor Day [Video] David Einhorn speaks at Greenlight Capital Re (GLRE), where he has been director since 2004:

    The video is here:  Continue Reading »


  • David Einhorn Ups Stake in Semiconductor Maker Marvell Technology

    by Holly LaFon - Jul 26, 2012
    David Einhorn - David Einhorn Ups Stake In Semiconductor Maker Marvell Technology David Einhorn, head of hedge fund Greenlight Capital, made another large purchase of Marvel Technology Group (MRVL), according to GuruFocus Real Time Picks. This time he upped his stake by more than 61%, buying 11,222,932 shares on July 16. The purchase brought his stake to a total of 18,372,247 shares.

    Marvell is a semiconductor manufacturer focused on Ethernet, cable and DSL-related communications devices. The company’s stock price has declined 26% over the last year and about 18% year to date.  Continue Reading »


  • David Einhorn on Best Buy (BBY)

    by GuruFocus - Jul 24, 2012
    Best Buy (BBY) was particularly irksome. We thought that the core debate was whether or not the company could compete with Amazon. The answer at this point is that maybe it can and maybe it can't. (Despite the consensus view, our store surveys have repeatedly shown that there is no price benefit for consumers to browse at BBY and then purchase at Amazon.) There has been some deterioration in BBY's domestic performance, which we attribute to a lack of a "must have" consumer electronics product, rather than an erosion of BBY's competitive position. While we held the shares, three unexpected problems emerged: First, BBY depleted $1.3 billion of its cash resources by paying a double-digit multiple for Carphone Warehouse's share of the Best Buy Mobile profit stream. The market promptly revalued those earnings to BBY's mid-single digit multiple. Second, in the most recent quarter, BBY's international profits collapsed. In particular, comparable sales in its Chinese business fell 28% as the Chinese economy appears to have hit a wall. Finally, the company dismissed its CEO over his personal conduct, and also removed the Chairman for failing to respond properly to the CEO's misbehavior. As a result, the company has an interim CEO and is trying to come up with a strategy. We worried that this could lead to additional business disruption so we exited with a loss.  Continue Reading »


  • David Einhorn on Dell (DELL)

    by GuruFocus - Jul 24, 2012
    Dell (DELL) proved to be a disappointment. We had thought that the growth in the non-PC business would be enough to offset the deterioration in the PC business. The non-PC growth was smaller than we'd hoped and the PC deterioration was worse than we'd anticipated. While DELL has a good balance sheet, it appears likely that management will try to use much of the cash to try to buy its way into better businesses. At a minimum, this will erode some of the value cushion that the cash balance creates. We exited with a loss.  Continue Reading »


  • David Einhorn on CVH

    by GuruFocus - Jul 24, 2012
    CVH is a regional managed care company with operations in the mid-Atlantic, Midwest and parts of the South. The company offers commercial risk-based insurance and has an expanding business in the government-sponsored Medicaid and Medicare programs. Problems with a recently-acquired three-year contract to provide managed care services to the Medicaid population in Kentucky caused the company to significantly reduce earnings guidance for 2012. This led to a large drop in the stock price. We believe the issues related to the Kentucky contract are manageable and finite, and CVH will return to breakeven or a profit on this contract in 2013 from a loss this year. Our average purchase price of $31.22 represents 8x our forecast for 2014 earnings net of $6 per share of cash and reflects our estimate of the negative impact of Obamacare. CVH closed the quarter at $31.79 per share.  Continue Reading »


  • David Einhorn on Cigna (CI)

    by GuruFocus - Jul 24, 2012
    CI is a managed care company with three primary divisions: Cigna HealthCare, Cigna Group Disability and Life, and Cigna International. Cigna HealthCare, which comprises about 70% of CI's profits, offers medium and large companies traditional risk-based insurance, in addition to administering plans for those that prefer to self-insure. Cigna HealthCare recently bought HealthSpring to enter the fast-growing Medicare Advantage market. Cigna Group Disability and Life is a low-growth, stable business. Cigna International, which provides insurance policies for individuals, as well as insurance and administrative services for multinational companies and governments, is growing at more than 20% per year. We believe that CI deserves a higher multiple because the plan administration business is a service business that doesn't take risk, and the other divisions do not warrant discounted values. Our purchase price of $45.42 per share valued CI at less than 8x estimated 2012 EPS and approximately 6x our forecast of post Obamacare 2014 EPS. CI shares closed the quarter at $44.00 each.  Continue Reading »


  • David Einhorn on Marvell Technology Group (MRVL)

    by GuruFocus - Jul 24, 2012
    Marvell Technology Group (MRVL) was the other significant loser, as its shares fell from $15.73 to $11.28 during the quarter. MRVL gave tepid guidance and Wall Street has modestly reduced its estimates of earnings per share from $1.25 to $1.15 this year and from $1.45 to $1.40 for next year. MRVL has about $4 per share in cash and now trades at roughly 5x next year's earnings net of the cash on the balance sheet. Most of the cash is excess, and the company has commenced what we hope will be an aggressive share repurchase program. We have used the reduced stock price as an opportunity to increase our stake in the company.  Continue Reading »


  • David Einhorn Second Quarter Letter: Exit Dell, BestBuy, Buys Cigna and Coventry Health Care

    by GuruFocus - Jul 24, 2012
    David Einhorn - David Einhorn Second Quarter Letter: Exit Dell, BestBuy, Buys Cigna And Coventry Health Care David Einhorn just released his second quarter client letter. He bought into the managed care sector, including Cigna (CI) and Coventry Health Care (CVH). He also exited from Dell (DELL) and Best Buy (BBY).

    These are some excerpts:  Continue Reading »


  • It's David Einhorn Morning on CNBC!

    by CanadianValue - Jul 10, 2012
    On a bevy of subjects

    - Thinks Bernanke should raise rates  Continue Reading »


  • Valuing David Einhorn's Portfolio - The Discounted Cash Flow Model

    by Holly LaFon - Jul 05, 2012
    David Einhorn - Valuing David Einhorn's Portfolio - The Discounted Cash Flow Model Discounted Cash Flow, a feature on GuruFocus’ new Valuations Tab, is a more encompassing method of valuing businesses than isolated ratios because it takes into account book value, current free cash flow, business growth rate and terminal value. The model arrives at an intrinsic value of a business that includes balance sheet value, future business earnings and earnings growth.

    Calculating the entire value of the business in this way gives a number that is comparable to the stock price. For instance, if a company has a DCF value of $10 and the stock is trading for $15, the stock is undervalued.  Continue Reading »


  • Reuters: Einhorn Makes Another Successful Short Bet, This Time with U.S. Steel

    by Holly LaFon - Jun 19, 2012
    David Einhorn, manager of hedge fund Greenlight Capital, has made several outstanding and much-discussed short investments. One has been overlooked, according to Reuters:

    Hedge fund manager David Einhorn, best known for his prescient short bet against Lehman Brothers and recently, Green Mountain Coffee Roasters, hasn't received the same attention for another notable bearish call - United States Steel.  Continue Reading »


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