David Einhorn

David Einhorn

Last Update: 06-03-2016

Number of Stocks: 43
Number of New Stocks: 5

Total Value: $5,897 Mil
Q/Q Turnover: 15%

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

David Einhorn Watch

  • David Einhorn Comments on Mylan

    We initiated a position in Mylan (NASDAQ:MYL), a global generic pharmaceuticals company. MYLshares fell 29% in the first three quarters of 2015 and over 45% from their mid-year highsafter generics rival Teva abandoned a hostile takeover bid for the company. During the fall,the market became overly focused on a series of overhangs including potential earningsdilution from a proposed and ultimately failed buyout of Perrigo (a private-label OTC business); corporate governance concerns including an unusual takeover-defense mechanism;and widespread unease about the pharmaceutical sector amidst scrutiny of specialty pharmaceutical manufacturers like Valeant.


    We acknowledge eventual headwinds for the company’s branded EpiPen product, whichcould encounter competition from generics in late 2016. However, we see medium-termupside from a competitor recall, an announced share repurchase, and board review ofcorporate governance complaints. Ultimately, we expect MYL to earn close to $7 per share in2018, driven by a robust pipeline of respiratory, injectable and biologic drugs and by furthercapital deployment including share repurchases. We initiated our position at an average priceof $45.32, about 9x 2016 consensus EPS estimates. MYL shares ended the quarter at $54.07.

      


  • David Einhorn Comments on E ON SE

    We established a position in Macy’s (M), the operator of about 900 Macy’s, Bloomingdale’sand Bluemercury stores, at an average price of $45.69. Earlier in 2015, with the stock at $70,an activist argued that the store real estate could be separated to unleash a valuation in excessof $125 per share. Management determined a whole-company REIT wouldn’t provide therequired operational flexibility.


    Now, with the stock closing the year at $34.98, the math might make more sense. While it’sunlikely that management will reverse course on its own, it wouldn’t surprise us if a privateequity firm teamed up with a REIT to buy the company and unlock the value privately.

      


  • Einhorn Looks Back at Tough Year With 20% Losses



  • Gurus Are Buying These Stocks Trading Below Peter Lynch value

    According to GuruFocus' All-in-One Screener, the following are the stocks that are trading below the Peter Lynch value, and which more than five hedge fund gurus have in their portfolios.


    Goodyear Tire & Rubber Co. (GT) is trading at about $29 per share, and the Peter Lynch value gives the stock a fair price of $125.6, giving the stock a margin of safety of 77%.

      


  • Buffett Trims Chicago Bridge & Iron, Goldman Sachs, Walmart

    Warren Buffett (Trades, Portfolio) has been called "The Oracle of Omaha" for his impressive investing prowess. He follows a value investing strategy that is an adaptation of Benjamin Graham's approach. Following are the stocks in which he reduced his stakes during the third quarter.


    He reduced his stake in Chicago Bridge & Iron Co. (CBI) by 78.74% with an impact of -0.34% on the portfolio. The current stake is 0.06% of his total assets and 1.89% of the company’s outstanding shares.

      


  • Is There Value in Apple?

    Apple (NASDAQ:AAPL) is a company that is incredibly difficult to value because of its short product cycles. Earnings are high, true, but they could fall back quickly if and when next year’s product isn’t a hit. Costs are always harder to scale back as quickly.


    Gurus I greatly respect like David Einhorn (Trades, Portfolio) and Carl Icahn (Trades, Portfolio) have taken up their allocations to 20%-plus levels. Meanwhile, I have consistently underestimated how well Apple would do given its meteoric rise over the past decade.

      


  • 5-Year Lows: Kennametal, Buckle, Carpenter Technology, Suburban Propane Partners

    According to GuruFocus' list of five-year lows, these guru stocks have reached their five-year low prices: Kennametal Inc., Buckle Inc., Carpenter Technology Corp., Suburban Propane Partners LP.


    Kennametal Inc. (NYSE:KMT) reached $19.20

      


  • David Einhorn's Gamble on P/Es That Are Relatively Low

    David Einhorn (Trades, Portfolio)'s Greenlight Capital disclosed an equity portfolio valued at some $6.03 billion as of the end of the third quarter. The equity portfolio is mainly invested in Technology (35%), Consumer Discretionary (21%) and Industrials (19%) stocks.


    His three largest positions are: Apple (NASDAQ:AAPL), General Motors (NYSE:GM) and Michael Kors (NYSE:KORS), representing 20.5%, 8.1% and 4.9%. The guru increased his position in the three stocks. In Apple, he increased his exposure by 53%, in General Motors by 12% and in Michael Kors by 95% as of the end of September.

      


  • Guru of the Year: Nominate Your Favorite Investor

    As the year winds down, it’s time again for GuruFocus readers to pick their favorite investing manager to be crowned Guru of the Year. In the past, readers have chosen legends such as Carl Icahn (Trades, Portfolio), Charlie Munger (Trades, Portfolio) of Berkshire Hathaway (NYSE:BRK.A)(NYSE:BRK.B) and David Einhorn (Trades, Portfolio). Post your vote in the comments section below and check back to see who will be 2015’s Guru of the Year.


    Though value investors have relatively little concern for short-term performance and results, it’s clear that some gurus have had a better year than others. Bill Ackman (Trades, Portfolio)’s Pershing Square has generated headlines for its large stake in Valeant Pharmaceuticals (NYSE:VRX), which has been accused of improper business practices and accounting related to its partnership with a specialty pharmacy called Philidor Rx Services. Ackman has increased his position in the stock that has lost about half its value in the past few months, while other guru investors such as Wallace Weitz (Trades, Portfolio), Kyle Bass (Trades, Portfolio) and Jana Partners (Trades, Portfolio) have exited their holdings.

      


  • GM Posts Strong 3rd Quarter, Reaches Agreement With Navistar

    Automaker General Motors Co. (GM) has recently reached an agreement with Navistar International Corp. (NAV) to expand its Chevrolet commercial truck portfolio.


    Last quarter results

      


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