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

  • 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:  


  • It's David Einhorn Morning on CNBC!

    On a bevy of subjects

    - Thinks Bernanke should raise rates  


  • 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.  


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

    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.  


  • David Einhorn Ups Seagate Technologies Stake Almost 60%

    David Einhorn, founder of hedge fund Greenlight Capital, increased his holding of Seagate Tech (STX) 58.99 percent at the average price of $22.75 on June 1, according to GuruFocus Real Time Picks.

    Ireland-based Seagate Technologies the world’s leading provider of hard disk drives based on revenue, which Einhorn has been building a sizable position in recently. He originally bought 3,268,957 shares in the first quarter of 2011 at an average price of $14 per share. In the second quarter he added 8,236,416 shares at an average price of $16. In the third quarter he bought 2,943,600 shares at an average price of $13, and in the first quarter of 2012 he bought 89,153 shares at an average of $25. His most recent purchase on June 1 was of 8,575,900 shares and brought his holding to a total of 23,114,026 shares.  


  • David Einhorn's Comments on St. Joe

    From David Einhorn's first quarter letter:

    We have been short St. Joe (JOE) for more than half a decade. David first discussed our position at the Ira Sohn conference in 2007, and then gave a second, more detailed presentation of our updated thesis at the 2010 VIC. The presentation highlighted that a number of JOE’s real estate investments were impaired and should have been reflected as such in the company’s financial statements. JOE and the bulls disagreed. We assume that JOE’s auditors did as well, seeing as they signed off on the 2010 year-end results without requiring any impairment.  


  • David Einhorn Comments on Diamond Foods (DMND)

    From David Einhorn's first quarter 2012 letter:

    Last quarter, we noted that we had closed a brief and successful short position in Diamond Foods (DMND). Our thesis was that the company had engaged in significant accounting chicanery. When the stock fell by 66% a couple of months after the Partnerships established their position, we chose to cover and take a profit. We hadn’t changed our thinking about the accounting, but we were skeptical that anyone would do anything to actually curtail them is behavior. Imagine our surprise when DMND announced that its own audit committee had actually investigated, found the wrongdoing, restated earnings and dismissed the management. This sort of self-policing happens too infrequently and we think it deserves to be noticed and applauded.  


  • David Einhorn on Seagate Technology

    From David Einhorn's first quarter 2012 letter:

    Seagate Technology (STX) was the other significant winner during the quarter. It is STX's normal practice on earnings calls to provide financial commentary looking ahead only one quarter. However, in January, STX shared its financial outlook for all of calendar year 2012,forecasting revenues of $20 billion. The prior consensus was for less than $15 billion. A good chunk of the increased forecast comes from higher pricing enabled by the industry shortage following the floods in Thailand last year.  


  • David Einhorn on Apple Inc.

    From David Einhorn's Greenlight Capital first quarter 2012 letter:

    During the presentation at our annual Partners’ Dinner, we talked about a number of stocks that have suffered multiple compression, where businesses have performed nicely, but have not seen a corresponding uplift in their share price. Apple (AAPL) is the clearest example of this. In 2011, AAPL’s revenue grew 66% and earnings per share grew 78%. Both of these growth rates greatly exceeded market expectations and even our own expectations, which were considerably more optimistic than consensus. Nonetheless, the stock appreciated by only 25%. As a result of this mismatch, AAPL’s P/E multiple compressed by about one third.Several other names in our portfolio including General Motors (GM), Microsoft (MSFT), Delphi (DLPH) and Arkema (France: AKE) also suffered multiple compression in 2011. This trend reversed in the first quarter, with all of these companies enjoying rising share prices that reflect both current earnings performance and some P/E multiple catch-up from last year.  


  • Greenlight Capital: Q1 2012 Letter to Partners - May 30th, 2012

    Greenlight’s latest… While certainly not the first time Einhorn has dazzled me with his wit, couldn’t help but be particularly delighted by this clever poke in Buffett’s eye vis a vis gold.

    “The debate around currencies, cash, and cash equivalents continues. Over the last few years, we have come to doubt whether cash will serve as a good store of value. If you wrapped up all the $100 bills in circulation, it would form a cube about 74 feet per side. If you stacked the money seven feet high, you could store it in a warehouse roughly the size of a football field. The value of all that cash would be about a trillion dollars. In a hundred years, that money will have produced nothing. In a thousand years, it is likely that the cash will either be worthless or worth very little. It will not pay you interest or dividends and it won’t grow earnings, though you could burn it for heat. You’d have to pay someone to guard it. You could fondle the money. Alternatively, you could take every U.S. note in circulation, lay them end to end, and cover the entire 116 square miles of Omaha, Nebraska. Of course, if you managed to assemble all that money into your own private stash, the Federal Reserve could simply order more to be printed for the rest of us.”  


  • Investors Disappointed by Lack of Big Idea from Einhorn

    At the 2008 Ira Sohn Conference, David Einhorn gave a famously prescient take on Lehman Brothers before its collapse. Nothing like that happened like that this year, though he offered transparent ideas on some companies:

    NEW YORK (Reuters) - Investor David Einhorn built his reputation as a hedge fund industry superstar through targeted presentations that took on companies like Lehman Brothers, MBIA and Green Mountain Coffee Roasters.But on Wednesday, Einhorn was more scattershot in a 15-minute talk at the annual Sohn Investment Conference, where he was one of most highly anticipated speakers.  


  • Expedia (EXPE) - An Einhorn Pick I Like

    Intro: Expedia Inc. is an online travel company. The Company makes available, on a stand-alone and package basis, travel products and services provided by numerous airlines, lodging properties, car rental companies, destination service providers, cruise lines and other travel product and service companies. It also offers travel and non-travel advertisers access to a potential source of incremental traffic and transactions through its various media and advertising offerings on both the TripAdvisor Media Network and on its transaction-based websites. The company’s portfolio of brands include Expedia.com, Hotels.com, Hotwire.com, TripAdvisor Media Network, Expedia CruiseShipCenters, Egencia, eLong Inc. (eLong) and Venere Net SpA (Venere). In February 2011, TripAdvisor, an operating company of Expedia Inc., expanded its mobile travel offering with the acquisition of Palo Alto, California-based EveryTrail. In November 2011, Renren Inc. sold eLong Inc. to Expedia Inc.

    Renowned hedge fund manager David Einhorn reported his first quarter portfolio. In the first quarter, he sold a lot more stocks than he bought. He got into Howard Marks’ company Oaktree Capital (OAK), which came to the market a few weeks ago through IPO. Einhorn is heavy in the technology sector, which is almost half of his holdings. He bought into more tech companies such as Computer Science (CSC), Expedia Inc. (EXPE), DST Systems (DST).  


  • David Einhorn's Stock Mentions at Ira Sohn

    CNBC reports on what stocks David Einhorn mentioned at the Ira Sohn Conference: Dick's Sporting Goods (DKS), Amazon (AMZN) and Apple (AAPL).

      


  • David Einhorn Buys Computer Science, Expedia Inc, DST Systems, Sells Microsoft Corp, General Motors, Travelers

    Renowned hedge fund manager David Einhorn reported his first quarter portfolio. In the first quarter, he sold a lot more stocks than he bought. He got into Howard Marks’ company Oaktree Capital (OAK), which came to the market a few weeks ago through IPO. As of March 31, 2012, Greenlight Capital owns 37 stocks with a total value of $5.5 billion.

    With Apple (AAPL) as his largest holding, Einhorn is heavy in the technology sector, which is almost half of his holdings. He bought into more tech companies such as Computer Science (CSC), Expedia Inc. (EXPE), DST Systems (DST).  


  • David Einhorn Compares Fed's Policies to Excessive Jelly Donut Consumption, Invokes the Simpsons

    David Einhorn, founder of hedge fund Greenlight Capital, excoriates the Fed's policies in this article for the Huffington Post:

    A Jelly Donut is a yummy mid-afternoon energy boost.  


  • Best Buy's Disappointing Fourth Quarter Results Beginning of Inevitable Decline?

    Best Buy (BBY) released disappointing fourth-quarter financial results on Thursday. One unsuccessful quarter is not typically telling of a company’s overall business, unless it reflects the beginning of an inevitable decline, which is threatening Best Buy.

    Total revenue in Best Buy’s fourth quarter declined 2.4% compared to the previous year, including a 2.2% drop in domestic revenue and 2.9% drop internationally. Its net loss swung to $4.89 per share, compared to net income of $1.62 per share the previous year. The company was afflicted by a 21% decline in entertainment revenue and various charges, including restructuring charges related to store closures in the UK.  


  • Why First Solar Is An Ideal Play For The Mid-Term

    Sometimes going against the grain is the most profitable course you can take. Buying in when everyone else is selling can be risky – after all, the could have a ways to go before it bottoms out – but it can also be extremely profitable.

    Take First Solar (FSLR) for example. It fell almost 7 percent in after hours trading on Tuesday after reporting its fourth quarter performance. The company, which is the world’s largest maker of thin-film solar panels, was hit hard across the board as panel prices decreased by roughly 50 percent last year and the company was hit with charges that totaled nearly 20 percent of its market value.  


  • Stocks Cheaper Than When David Einhorn Bought

    David Einhorn is the president of the value-oriented investment adviser Greenlight Capital. Einhorn graduated from Cornell University, where he earned a BA in government from the College of Arts in 1991.

    Mr. Einhorn is recognized as a successful investor for short selling and making contrarian stock picks. He is a superstar in the hedge fund environment because of his timely call on Lehman Brother’s demise and his track record. Since 1996, Greenlight returned about 21% surpassing the market with double digits.  


  • David Einhorn’s Buys: More Tech and a Return to Yahoo (YHOO)

    David Einhorn’s new buys include even more tech stocks. Einhorn already owns boatloads of Apple (AAPL) and Microsoft (MSFT). Now he’s adding:

    · Dell (DELL)  


  • Is It Time to Invest with David Einhorn and Greenlight Capital RE?

    David Einhorn and his hedge fund Greenlight Capital have the best track record of any money manager in recent history. Between 1996 and 2007, Greenlight Capital averaged returns of 25% per year. The
    financial crisis brought this average down, despite Einhorn’s large bet against Lehman Brothers. Through the end of 2010, he averaged 21% per year.  





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