David Einhorn

David Einhorn

Last Update: 02-13-2015

Number of Stocks: 42
Number of New Stocks: 12

Total Value: $7,524 Mil
Q/Q Turnover: 28%

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

David Einhorn Watch

  • David Einhorn Comments on Green Mountain Coffee Roasters

    We added to our short position in Green Mountain Coffee Roasters (GMCR). Although the company again missed the consensus estimate for sales, bullish analysts scrambled to lower forward revenue forecasts while insisting that all is well in mudville. Attention quickly shifted away from the results when new CEO Brian Kelley announced on the Q3 earnings call that GMCR would hold its first ever investor day in September. When asked what prompted the decision, Mr. Kelley said, "I think a number of people on our team have found that an investor day that is crisp, but thorough on the key issues can be very valuable to help people understand our company. And I think it's – that's the core purpose is to help you understand our company better.

    "The evening before the invitation-only event on September 10, the New York Times reported that there was a large discrepancy between the number of K-Cups the company says it has sold and the numbers implied using data from the tracking firm IRI. For years there have been questions about misconduct within GMCR's distribution and accounting departments. This new information raised the possibility that this activity is continuing, with GMCR potentially booking hundreds of millions of dollars of non-existent K-Cup sales.  


  • David Einhorn Comments on Chipotle Mexican Grill

    But even in conventionally valued stocks where the fundamentals have largely gone our way, it has been hard to make money on shorts. In many cases we’ve lost money. Let’s consider Chipotle Mexican Grill (CMG). In recent years through the end of 2011, CMG and other upstarts in the fast-casual restaurant segment achieved substantial growth by offering consumers a higher quality menu than is typically found in fast-food chains. In contrast, Taco Bell (the largest Mexican fast-food chain) had lackluster and often negative growth. In early 2012, Taco Bell expanded its offerings to include new gourmet-style dishes as part of its Cantina Bell menu and introduced Doritos Locos Tacos. We believed that these innovations would enable Taco Bell to recapture market share from CMG. This is exactly what happened:

    Notably, CMG’s comparable store sales benefit by about 2.5% per year because the company has a large number of new stores entering the comp base each year, which naturally ramp their volumes. Since Taco Bell has a mature store base, its comparable store sales don’t share that tailwind.  


  • David Einhorn Comments on Vodafone

    Vodafone (VOD) shares advanced from £.88 to £2.16. The highlight was the announced sale of its 45%minority interest in Verizon Wireless for $130 billion. Upon completion, VOD will be predominantly a European wireless carrier with a network and spectrum that leave it better positioned for growth than its peers. At 4.5x 2014 EBITDA, the VOD "stub" trades at a notablediscount to its sector and is a possible acquisition candidate.

    From David Einhorn’s Greenlight Capital third quarter 2013 letter.  


  • David Einhorn Comments on Apple

    Apple (AAPL) shares advanced from $397 to $477 as earnings estimates stopped falling and the market turned its attention to AAPL’s new products. The newly introduced iPhone 5s gives customers a compelling reason to upgrade. It looks like it will be a hit, and we believe that AAPL will find novel ways to use Touch ID and iBeacon to monetize its user base and ecosystem via new service offerings and apps. AAPL’s current non-hardware e-commerce business (sales from iTunes, AppStore and iBook Store, plus software and services) is $16 billion a year and growing. Not only is it growing faster than Amazon, AAPL makes more money in non-hardware e-commerce alone than Amazon makes in its entire business. That gap will likely widen in AAPL’s favor as AAPL rolls out new offerings and services. We believe that near-term share performance will track the success of the new phones, while the longer-term share price will reflect the market’s eventual understanding of AAPL’s strong ability to earn high-margin and recurring revenue streams.

    From David Einhorn’s Greenlight Capital third quarter 2013 letter.  


  • Greenlight Capital (Einhorn) - Q3 2013



  • David Einhorn's Thoughts on Vodafone, Green Mountain Coffee - Overview

    Many billionaires came out today to comment on the government disaster trifecta: the shutdown, looming debt ceiling and potential debt default. In the course of the conversation, they also gifted the public with their thinking on some of their stock holdings. One of the most-followed, David Einhorn of hedge fund Greenlight Capital, devoted a portion of his Bloomberg interview discussing two in particular: Vodafone and a Green Mountain short.

    Green Mountain Coffee Roasters (GMCR)  


  • David Einhorn Discusses Debt Ceiling, Green Mountain, Other Holdings

    Hedge fund manager David Einhorn says that a divided government is good. He also comments on why he is still short Green Mountain (GMCR), and discusses another long position, Vodafone (VOD).

      


  • The Long and Short of It: A Short History

    “The average man doesn’t wish to be told that it is a bear or bull market. What he desires is to be told specifically which particular stock to buy or sell. He wants to get something for nothing. He does not wish to work. He doesn’t even wish to have to think.” -- Jesse Livermore

    “To enjoy the advantages of a free market, one must have both buyers and sellers, both bulls and bears. 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.” -- Bernard Baruch  


  • The Long and Short of It

    The market is a wacky phenomenon that by all accounts acts independent of the way in which we perceive its supposed direction. In simple words, you can’t guess what it will do next. We cannot wish it into complying with our desires. The last several years have been extremely difficult for many investors, concerned about the overvaluation in stocks, macroeconomic issues, etc. What’s more perplexing is the noise from that entity known as Wall Street that cries that stocks are cheap and that all is well, while others sing the opposite story. Deep within, many of us have serious doubts and are waiting for something to happen, not knowing what that something may be. A pullback? A major downturn? A crash? Maybe it will keep going up and we will miss out while sitting on the sidelines.

    Benjamin Graham warned us of this very fact. His story of Mr. Market in “The Intelligent Investor”, shows a bipolar organism with a mind of its own that is not telling anyone what it is thinking. Mr. Market prices stocks at sometimes wildly different prices each day, and Graham summarizes with:  


  • David Einhorn's Top 5 Second Quarter Positions

    During the second quarter David Einhorn of Greenlight Capital bought seven new stocks. The guru’s portfolio now carries 30 stocks and is valued at $5.33 billion.

      


  • David Einhorn Buys ING US Inc, Liberty Global, Sells Virgin Media, Cigna, Seagate

    Influential hedge fund manager David Einhorn just reported his second quarter portfolio. He was a net seller for the quarter, as he has sold out many positions. He did buy a few new positions, too. David Einhorn bought ING US, Liberty Global, IAC/InterActiveCorp, Liberty Global PLC etc. during the 3-months ended 06/30/2013, according to the most recent filings of his investment company, Greenlight Capital.

    As of 06/30/2013, Greenlight Capital owns 30 stocks with a total value of $5.3 billion. These are the details of the buys and sells.  


  • 3 Stocks David Einhorn Is Optimistic About

    David Einhorn’s Greenlight Capital letter surfaced last week, condensing holdings performance, short positions, new and closed long positions of the quarter and his market assessment. With the hedge fund manager’s initial victory wrangling Apple (AAPL) into sharing more cash with shareholders evening out as threat of competition and market saturation injected fear into the stock, and a market-performing short portfolio dragging down gains from a market-beating long portfolio, Einhorn added a 1.2% net gain to bring the year to date total to 7.1%.

    But Einhorn is more worried about the market going forward. He has cut exposure over concern that its continued gains in the face of lackluster earnings may create instability, reducing his fund’s risk of volatility and preparing for resulting opportunities.  


  • Greenlight Capital (David Einhorn) Q2 Investor Letter



  • 3 Stocks of David Einhorn Trading at Their 52-Week Low Price

    David Einhorn is a value-oriented investor who consistently mentions price and valuation when discussing his holdings. In the first quarter, his Greenlight Capital funds returned 5.8%, as opposed to 10.5% for the S&P 500. While Marvell Technology Group (MRVL) and Yen puts led his gainers, massive position Apple (AAPL) sunk to his biggest loser.

    Apple’s continued to slide in the second quarter. It and several of Einhorn’s other positions are at their lowest price point in a solid year: Barrick Gold Corp. (ABX) and Symmetricom Inc. (SYMM).  


  • Insider Buys at 52-Week Low Prices

    During the past week, four companies have reported insider buys as their prices have dropped to or neared a 52-week low. Looking at insider buys at 52-week lows can be interesting because (to paraphrase Peter Lynch) an insider will only put their personal money into the company if they think the stock price will go up.

    The following four companies reported insider buys at their 52-week lows:  


  • 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)  


  • Weekly CEO Buys Highlight: TSLA, TRIO, BXMT, FSC, CSV

    According to GuruFocus Insider Data, these are the largest CEO buys during the past week. The overall trend of CEOs is illustrated in the chart below:

    Tesla Motors Inc. (TSLA): CEO, 10% Owner Elon Musk Bought 1,084,129 Shares

    CEO and 10% Owner of Tesla Motors Inc. (TSLA) Elon Musk bought 1,084,129 shares on 05/30/2013 at an average price of $97.76. Tesla Motors Inc, was incorporated in the state of Delaware on July 1, 2003. Tesla Motors Inc. has a market cap of $12.13 billion; its shares were traded at around $97.76 with and P/S ratio of 11.61.  


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User Comments

Utonates@gmail.com
ReplyUtonates@gmail.com - 4 months ago
hihi i http://www.gurufocus.com/stock/TSE:8308&summary mentioned that David Einhorn (Trades, Portfolio) bought huge stakes in Resona holdings but why is it not reflected in his portfolio?




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