David Einhorn

Greenlight Capital

Last Update: 2013-05-14

Number of Stocks: 38
Number of New Stocks: 6

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

Countries:

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

Bookmark

Add to Personalized Guru List

Email Alerts

RSS Update

David Einhorn Watch

How Alibaba Dispute Could Affect Yahoo and David Einhorn
by Holly LaFon - May 13, 2011
Yahoo! (YHOO) is a company shrouded in questions recently, especially by value investors, many of whom believe the stock is undervalued. Last week, value investor David Einhorn decided that the company’s financial results and uncertain earnings growth potential were more than made up for by the value of its $2.5 billion ownership interests in China, and purchased a large stake. This week, Yahoo! Inc. faced a disruption in those China-based holdings that caused its stock to dive over 7%. Einhorn’s fund, Greenlight Capital, established a new position in Yahoo in the first quarter at $16.93 per share. He noted several reasons for the decision, but said that Yahoo’s 40% stake in Chinese search engine Alibaba Group’s still-private holdings “which are separate and distinct from its ownership in the publicly-traded Alibaba.com” were its “most valuable asset.”

Among the Chinese companies he referred to are Taobao, China’s leading eCommerce website which sold more merchandise than eBay last year, and Alipay, an online payment provider. Continue Reading »
Recent Thoughts on Market Valuations
by Alex Morris - May 09, 2011
It seems that most of what I read these days points to an overheated market. Here is a breakdown of what a couple well-known and respected managers (and one college professor) have said on the topic as of late:

GMO Quarterly Update (4/29/11) – At the end of the quarter, the S&P 500 stood at 1325. Over the last 10 years, the same index has produced an average of $56.6 of real earnings. Taken together, this means that the index finished the quarter with a cyclically adjusted price to earnings of 23.5 and suggests that the market is currently about 40% overvalued according to this popular and robust method … These factors taken together make it appear that we are approaching levels from which large drops in asset prices could easily occur. Continue Reading »
David Einhorn Hedge Fund Buys Yahoo!, Best Buy
by Holly LaFon - May 05, 2011
In his first-quarter investor letter, hedge fund investor David Einhorn disclosed that he had made two peculiar new additions to his portfolio – Yahoo! Inc. (YHOO) and Best Buy Inc. (BBY). The letter does not say how large the new positions in these companies are, but Einhorn describes them as “significant.” The amount of shares he bought will be reported in his upcoming 13-F filing. Einhorn’s firm, Greenlight Capital, paid $16.93 per share for Yahoo!. Yahoo! stock surged more than 3% to as high as $18.26 on Monday after Einhorn’s letter came out.

In the letter, Einhorn discusses the new Yahoo! position: Continue Reading »
Greenlight Capital Q1 Letter
by CanadianValue - May 02, 2011
Dear Partner:

Greenlight Capital, L.P., Greenlight Capital Qualified, L.P. and Greenlight Capital Offshore (collectively, the “Partnerships”) returned (2.5)%, (2.9)% and (3.2)%1 net of fees and expenses, respectively, in the first quarter of 2011. Continue Reading »
A Gold Stock For Value Investors
by matsandalex - Apr 14, 2011
Gold has long been the exact opposite of what value investors look for in an investment. Subsequently, gold stocks have been ignored by large parts of the value investing community.

However, some value investors do have macroeconomic concerns, and they would like U.S. dollar protection. David Einhorn owns SPDR Gold Trust (GLD) and value investor Mario Gabelli continues to load up on Newmont Mining (NEM). Continue Reading »
David Einhorn's Recommended Reading List
by Jacob Wolinsky - Mar 08, 2011
a Continue Reading »
David Einhorn's Testimony Before The Financial Crisis Inquiry Commission
by Jacob Wolinsky - Feb 28, 2011
Some very smart investors/economists etc. gave testimony before the Financial Crisis Inquiry Commission discussing the causes of the sub-prime meltdown, collapse of Lehman Brothers, the role of rating agencies, and other causes of the financial crisis . While, some of the testimonies are very interesting to listen to, most are quite lengthy (Warren Buffett's testimony lasted two hours), and I prefer reading rather than listening to the audio. H/T to my friend Steve of http://www.santangelsreview.com who transcribed David Einhorn's testimony before the commission, which took place in November 2010. In the interview, Einhorn details his thinking in late 2008; how he saw the disaster coming and shorted several major financial institutions.

Below is the entire testimony in scribd format, if you prefer to listen to the audio, the link is here-David Einhorn, Greenlight Capital • MP3 Continue Reading »
Fooling Some of the People All of the Time, A Long Short by David Einhorn
by Jacob Wolinsky - Feb 19, 2011
“Remember, you can fool some of the people all of the time. Those are the people we need to concentrate on. “

This caption appears below a picture of executives talking at a conference table in David Einhorn’s updated book, Fooling Some of the People All of the Time, A Long Short. The book is about a company called Allied Capital, a midcap stock involved with numerous financial shenanigans. Continue Reading »
Hedge Fund Greenlight Capital Buys S, BP, LYB, POT, SEMG, GDX, IM, BDX; Sells CIT, HNT, VRGY
by gurufocus - Feb 14, 2011
David Einhorn of Greenlight Capital Inc. reported his Q4 portfolio. As of 12/31/2010, Greenlight Capital Inc owns 39 stocks with a total value of $4.9 billion. These are the details of the buys and sells. Continue Reading »
Three David Einhorn Stocks You Can Get Cheaper Than He Did
by Steven Kiel - Feb 08, 2011
The Dogs of the Dow is a popular investing approach for many where investors buy the worst performing members of the Dow and hold them for a year. I’ve also heard the Dogs of Seth Klarman, and the Dogs of Warren Buffett. Here, I present to you the Dogs of David Einhorn. Einhorn is one of my favorite investors to follow. His long term track records speaks for itself and his reasoning for his decisions are always well explained, whether you agree with the decision or not. Since inception in 1996, Greenlight Capital has returned 21.5% annually.

These three stocks can all be bought today for a price lower than what Einhorn paid for them. Continue Reading »
Einhorn Takes Stake In Georgia Bank
by matsandalex - Feb 03, 2011
David Einhorn's hedge fund Greenlight Capital Greenlight Capital recently revealed a new position in State Bank Financial (STBZ). In his 13G filings with the SEC, Einhorn disclosed a 6.6% ownership stake in STBZ with 2,100,000 shares.

The position is relatively small for Greenlight at over $30 million. As a point of reference, one of Einhorn's larger positions is Ensco (ESV) where Einhorn owns over $300 million of stock. Continue Reading »
Critique of David Einhorn's Sprint Purchase
by matsandalex - Jan 26, 2011
David Einhorn, manager of Hedge Fund Greenlight Capital recently disclosed new positions in Sprint Nextel as one of the largest holdings in his fund.

Einhorn has been one of the more consistent and successful managers over the last decade. “Since inception in May 1996, Greenlight Capital,L.P. has returned 1,635% cumulatively or 21.5% annualized, both net of fees and expenses.” Continue Reading »
David Einhorn’s Hedge Fund Exits African Barrick Gold, Foster Wheeler, Lanxess
by gurufocus - Jan 20, 2011
This is a follow up article about what renowned hedge fund manager David Einhorn traded in the fourth quarter. He sold out his positions in African Barrick Gold, Foster Wheeler, Lanxess, and Rheinmetall AG.

The information came from Greenlight Capital Q4 Letter. We have reviewed his top positions and new purchases. You can check the details of his portfolios here. This portfolio was from Q3. The detailed A4 portfolio will be released in about 3 weeks. Continue Reading »
Hedge Fund Greenlight Capital Discloses Top Holdings: Arkema, ESV, PFE; Buys BP plc, Sprint Nextel
by gurufocus - Jan 19, 2011
Hedge Fund Greenlight Capital just released its fourth quarter shareholder letter. The fund is run by renowned hedge fund manager David Einhorn. The fund disclosed new positions in BP and Sprint Nextel, with Ensco, Pfizer and Vodafone as the largest holdings.

Due to its defensive position, Greenlight Capital LP slightly outperformed the market with a much smaller volatility. “Since inception in May 1996, Greenlight Capital,L.P. has returned 1,635% cumulatively or 21.5% annualized, both net of fees and expenses.” Continue Reading »
Greenlight Capital Q4 Letter
by CanadianValue - Jan 19, 2011
Always excited to see what Einhorn is up to. Couple of new positions detailed as follows:

During the quarter we established a new position in BP plc (BP), one of the world's largest integrated energy companies, at an average price of $41.18 per share. The Deepwater Horizon oil spill in April 2010 caused a significant decline in BP's share price. BP has reserved nearly $40 billion pre-tax to account for costs related to this accident and has thus far sold $22 billion of non-core assets (with a stated target of up to $30 billion in divestitures), leaving the balance sheet in excellent shape. Pro forma for these asset sales and after taking into account our estimate of BP's eventual oil spill related expenses, we expect BP will still be able to earn nearly $20 billion per year from continuing operations. At less than 7x pro forma earnings, we purchased BP at a 25% discount to its peers. The company is well positioned to reinstate a dividend in early 2011 and generate higherproduction growth with its high-grade asset base. BP shares ended the year at $44.17 per share. Continue Reading »
Face To Face With David Einhorn: King World News
by gurufocus - Jan 12, 2011
Eric King of King World News just conducted an interview with David Einhorn. When asked about the Fed’s zero interest rate policy and other Fed actions being dangerous longer-term Einhorn responded, “I think that they’re quite dangerous. We just went through a period with mortgage borrowers and with mortgage borrowers what we saw, particularly relating to the adjustable rates and so forth, the teaser rates, is when the rates are at a particular level the borrowers are able to service the debt.

[url=http://kingworldnews.com/kingworldnews/Technical_Guide.html] Continue Reading »
David Einhorn’s Favorite Long Pick of 2011
by Insider Monkey - Jan 04, 2011
In an interview with Insider Monkey earlier yesterday, hedge fund manager David Einhorn said hisfavorite long pick this year is Dutch insurer Delta Lloyd Group (Euronext: DL). Einhorn says the company is doing very well but is trading at about half of book value and about 6 times earnings. “That’s probably the only stock we have that I think can double and it would still be cheap“, said Einhorn.

Delta Lloyd is a financial services group organized around three activity sectors: insurance – life insurance is about 71.9% of gross premiums issued and general insurance is about 28.1%, fund management, and banking services. The life business is the company’s largest segment and it focuses on pension buyouts from corporations. Continue Reading »
Deal Breaker's Bess Levin: Heads Up Play With David Einhorn
by guruek - Dec 22, 2010
Deal Breaker's Bess Levin had a interview with David Einhorn lately. You definitely wants to click through and read:

Excerpt:
If you’re going to commit financial fraud, you probably don’t want to find yourself sitting at a table across from David Einhorn, who will know what you’re up to and share it with the world. Similarly, if you’ve never played poker and have only ever had a 15 minute tutorial on the game, you probably should avoid playing with the Greenlight Capital founder, whose vastly superior skills will demonstrate just how much you suck. As I like to live on the edge, yesterday in an undisclosed location, I choose not to heed the wisdom of the latter. Over several hands, Einhorn and I discussed the new edition of his 2008 book, “Fooling Some Of The People, All Of The Time.”
Continue Reading »
David Einhorn on St. Joe Company and Apple
by guruek - Dec 16, 2010
Bloomberg’s Betty Liu interviewed David Einhorn today, the firm provided the brief clip of the interview on the web and a re-cap write-up of the interview at Bloomberg.com. Here are his comments on St. Joe Company and Apple:

On St. Joe Company: Continue Reading »
BusinessInsider: A Deep Look Into David Einhorn's Investment Technique
by guruek - Dec 16, 2010
Business Insider has a good article entitled “[url=]A Deep Look Into David Einhorn's Investment Technique[/url]”.

The article cited Einhorn’s book Fooling Some of the People All of the Time: A Long Short (and Now Complete) Story on the subject of his investment technique:
Continue Reading »